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Budget FY1999: A Chronology with Internet Access98-199 Contents for this section
Congressional Publications and Prepared Testimony 7/15/98 -- CBO releases
The Economic and Budget Outlook for Fiscal
Years 1999-2008: A Preliminary Update. 13p. "The Congressional Budget Office (CBO)
projects that the federal budget for fiscal year 1998 will record
a total surplus of $63 billion, or 0.8 percent of gross domestic
product (GDP) . If current policies remain unchanged, the surplus
is expected to rise to $80 billion in 1999 and reach $251 billion
(nearly 2 percent of GDP) by 2008. Excluding the surplus in
Social Security and the net outlays of the Postal Service (both
of which are legally classified as off-budget), CBO's new
projections show an on-budget deficit of $41 billion in 1998,
which gives way to surpluses in 2002 and in 2005 through
2008." Also available in PDF format: 6/25/98 -- CBO releases
The Economic Effects of Federal Spending on
Infrastructure and Other Investments. 6/24/98 -- GAO releases
Budget Issues: An Overview of Federal Debt.
22p. 6/15/98 -- GAO releases
Budget Trends: Federal Investment Outlays,
Fiscal Years 1981-2003.
5/23/98 -- Estimates
of Federal Tax Liabilities for Individuals and Families by Income
Category and Family Type for 1995 and 1996 released by CBO. Many data tables cover
1989-1996. 51 p. 5/20/98 -- FY1999 Budget Resolution, Chairman's Mark released by the House Budget Committee. "In our effort to keep the budget in balance and promote continued prosperity, we must pursue policies and reforms that will pay down the public debt, preserve and protect Social Security, and shrink the growth of government by one percent over 5 years so we can relieve families of the marriage penalty." http://www.house.gov/budget 5/20/98 -- Long-Term
Budgetary Pressures and Policy Options released by CBO. " ... the good budgetary
news will not last forever. The large baby-boom generation will
begin to retire in about 10 years, and as the demographic
structure of the population changes, federal revenues will grow
more slowly, and outlays for Social Security, Medicare, and
Medicaid will rise. Moreover, because spending per enrollee in
Medicare and Medicaid is expected to climb faster than the
average wage, the share of income spent on those programs will
increase even without any change in demography. Because of those
pressures, the Congressional Budget Office (CBO) projects that
deficits will reemerge and grow in the years after 2008 unless
current policies are changed." 5/19/98 -- The "1998
Green Book" (also known as Background
Material and Data on Programs Within the Jurisdiction of the
Committee on Ways and Means) released by the House Ways and Means Committee.
Internet search techniques from the Committee: "The 1998
Green Book can be searched as a database and viewed in a text or
.pdf format. Type 'green book' in the Search Terms field to
retrieve all sections of the Green Book. (Please note that due to
the large size of many of the sections, it may be necessary to
increase the Disk Cache setting in your web browser when viewing
the Green Book)." 5/5/98 -- Letter to the Honorable John R. Kasich accompanying the Monthly Budget Review dated 5/6/98. "CBO now estimates that the surplus for 1998 is likely to be $43 billion to $63 billion--$35 billion to $55 billion larger than the $8 billion projected in March. In addition, the strength of revenues this year suggests that the surplus is also likely to be larger in succeeding years than was previously anticipated--by $20 billion to $30 billion in 1999 (resulting in a surplus of $30 billion or more instead of the $9 billion projected in March) and by smaller amounts thereafter." http://www.cbo.gov/showdoc.cfm?index=470&sequence=0&from=7 Monthly Budget Review
(May 1998) 4/27/98 -- The Line Item Veto Act After One Year released by CBO. "After a year, opinion about the act remains sharply divided. Proponents view the President's cancellation authority as a significant tool for eliminating wasteful spending or tax provisions and maintaining fiscal discipline. Opponents see it as an unconstitutional delegation of legislative authority to the executive branch." http://www.cbo.gov/showdoc.cfm?index=454&sequence=0&from=7#pt1 4/1/98 -- Compendium
of Budget Accounts: Fiscal Year 1999 was released by GAO, 107 p., and two appendixes,
5 p. "We developed this compendium to give users a
convenient way to sort through the fiscal structure of the
federal government and to determine the level of budgetary
resources--used, estimated, or requested by fiscal year-- for
individual accounts." 3/18/98 -- FY1999
Budget Resolution, Chairman's Mark released by the Senate Budget Committee Majority
Staff. Explains the purpose of a budget resolution, provides a
brief overview of the federal budget, underlying economic
assumptions, procedures, and discussion of each of the spending
and revenue budget functions. 3/4/98 -- An Analysis of the President's Budgetary Proposals for Fiscal Years 1999: Preliminary Report. "CBO estimates that the President's policies will reduce projected baseline surpluses by $43 billion between 1999 and 2003--and will temporarily dip the budget back into red ink by a small amount in 2000. Nonetheless, the overall picture is one of continuing surpluses through 2003. Yet the good news embodied in the projections by both CBO and the Office of Management and Budget could easily be reversed. If revenue growth this year is just one-half of one percent lower than expected, the budget could remain in deficit. Alternatively, continued robust economic growth could push up estimated surpluses. In any case, deficits or surpluses over the next several years that differ from current projections by upwards of $100 billion are entirely possible." http://www.cbo.gov/showdoc.cfm?index=361&sequence=0&from=7 Federal Reserve
Chairman Alan Greenspan Testimony before the House Budget Committee: "There
is no guarantee that projected surpluses over the next few years
will actually materialize. However, we can be more certain that,
absent action, the budgetary position will erode after the next
decade as the baby boom generation moves into retirement, putting
massive strains on the social security and medicare programs.
Without question, the task of stemming that erosion will become
increasingly difficult the longer it is postponed. Indeed,
especially in light of these inexorable demographic trends, I
have always emphasized that we should be aiming for budgetary
surpluses and using the proceeds to retire outstanding federal
debt." 3/3/98 -- Congressional
Budget Office Revised Baseline Budget Projections for Fiscal
Years 1999-2008.
"CBO expects that the budget surplus for this year will be
nearly $8 billion. Assuming that current policies do not change
and that the economy stays on the anticipated course, surpluses
are projected to rise eventually to $138 billion in 2008." 2/27/98 -- Budget
Function Classifications: Origins, Trends, and Implications for
Current Uses released
by GAO. AIMD-98-67. "Our objectives were to (1) discuss the
origin and evolution of budget function and subfunction
classifications, (2) describe recent federal spending trends in
the context of this framework, and (3) comment on the
implications of using this framework for modern
applications." 2/24/98 -- Monetary
Policy Testimony and Report to the Congress (also known as Humphrey-Hawkins). Federal
Reserve Board Chairman Alan Greenspan before the House
Subcommittee on Domestic and International Monetary Policy of
Banking and Financial Services: "The robust economy has
facilitated the efforts of the Congress and the Administration to
restore balance in the unified federal budget. As I have
indicated to the Congress on numerous occasions, moving beyond
this point and putting the budget in significant surplus would be
the surest and most direct way of increasing national
saving." 2/19/98 -- House
Appropriations Committee.
Detailed spreadsheet of the President's FY1999
Labor-HHS-Education budget request compared with FY1998 budget
estimates. 2/6/98 --A
Summary of President Clinton's Fiscal Year 1999 Budget
released by the Democratic
Staff of the House Budget Committee. 2/3/98 -- Treasury
Secretary Robert Rubin Testimony before the Senate Budget Committee: "We
believe the surpluses should be reserved until Social Security is
placed on a sound financial footing for the 21st century." --
Reinventing the Era of Big Government? A
Review of the Clinton Budget for Fiscal Year 1999 released by the Majority Staff of the House
Budget Committee. 1/29/98 -- Federal
Reserve Chairman Alan Greenspan Testimony before the Senate Budget Committee. 1/28/98 -- The
Economic and Budget Outlook: Fiscal Years 1999-2008. Provides CBO budget and economic data. See its
Appendix E for historical data. 1/28/98 -- CBO Director June O'Neill Testimony before the Senate Budget Committee. http://www.cbo.gov/showdoc.cfm?index=318&from=3&sequence=0 1/15/98 -- Unauthorized
Appropriations and Expiring Authorizations released by CBO. "The purpose of the report
is to help the Congress adopt authorizing legislation that should
be in place before it considers the 13 regular appropriation
bills for fiscal year 1999 (which begins October 1, 1998)." 12/31/97 -- Budgetary
Implications of the Balanced Budget Act of 1997 released by CBO. "The cost or savings
figures cited in this memorandum represent the estimated changes
in spending or revenues attributable to the Balanced Budget Act,
compared with baseline projections of what would have happened
under prior law." Released by CBO. 12/18/97 -- General
Explanation of Tax Legislation Enacted in 1997
(also known as the "Bluebook") released by the Joint Tax Committee. Provides an
"explanation of the final tax legislation enacted in 1997,
as well as a table showing estimates of the effects of tax
legislation enacted in 1997 on Federal fiscal year receipts for
1997-2007." Presidential Action and Executive Budget-Related Documents Statements of
Administration Policy (SAPs) on Appropriations and
Non-Appropriation Bills Scheduled for House or Senate Action. 5/27/98 -- FY1999 Mid-Session Review released by OMB. "The Administration projects that the surplus for 1998 will be $39 billion, the largest surplus in dollar terms in all of U.S. history and the largest as a percentage of GDP since 1957. Furthermore, the Administration's projections indicate that this budget surplus could grow over the next four years to $148 billion by fiscal year 2000 ..." Via Adobe Acrobat. http://www.access.gpo.gov/su_docs/budget99/pdf/msr.pdf 5/1/98 -- President signs FY1998 supplemental legislation, P.L. 105-174 (H.R. 3579). http://www.pub.whitehouse.gov/uri-res/I2R?urn:pdi://oma.eop.gov.us/1998/5/4/2.text.1 4/14/98 -- OMB Director
Frank Raines resignation
(effective May 20) to become Fannie Mae CEO; nomination of OMB
Deputy Director Jack Lew as successor. 4/5/98 -- Budget Information for States released by GPO. Part of the President's budget documents, this OMB publication provides "proposed state-by-state obligations for the major Federal formula grant programs to state and local governments ... allocations are based on the proposals in the President's budget." http://www.access.gpo.gov/su_docs/budget99/bis_info.html 3/31/98 -- Consolidated Financial Statements of the United States Government. Comprehensive financial statements that have been subjected to an audit. Released by the Department of the Treasury. http://www.fms.treas.gov/cfs/ 2/20/98 -- Rescissions. The President transmitted 24 proposed rescissions, totaling $20 million, affecting programs in the Departments of Agriculture, Interior, and Transportation. See , Supplemental Appropriations and Rescissions for FY1998. See also Federal Register, 02/27/98, p. 10075-102. 2/19/98 --
Financial Report to the Citizens. Charts and graphs presenting budgetary and
economic data. Released by the Financial Management Service,
Department of the Treasury. 2/10/98 --
Economic Report of the President. Commentary and extensive economic and budget
statistical tables in Appendix B. Volume available through GPO. 2/2/98 -- General
Explanations of the Administration's Revenue Proposals
(also known as the Treasury's "Green
Book").
Includes sections for current law, reasons for change, and the
Administration's proposals covering child care, energy
efficiency, environment, retirement savings, education, tax
credits, simplifying tax laws, taxpayers' rights, and revenue
measures. Issued by the Treasury Department, 150+ pages. 2/2/98 -- President's
Budget Documents. Includes
the following volumes of the Budget of the United States
Government, FY1999: Appendix, Analytical Perspectives, A
Citizen's Guide to the Federal Budget, Historical Tables, Budget
System and Concepts, Federal Credit Supplement, Object Class
Analysis, Object Class Analysis--Detail, and Balances of
Budget Authority. (Budget Information for States
released in April.) Also accessible are spreadsheet files in .wk1
and .wk4 formats. (One can hold down the shift key and click on
the title to download the spreadsheet file. The files can be
viewed using most standard spreadsheet programs.) Documents and
CD-ROMs are available through GPO. For a description of each
document and access go to 1/27/98 -- State of the Union Address and Background Material. Includes transcript and audio and video access to the State of the Union address. Background material covers foreign policy, child care, juvenile crime and drug use, education, public health, environment, health care, and the President's Initiative on Race. http://www.whitehouse.gov/WH/SOTU98/ Budget, Deficit, and Economic Information and Data Budget Time Line Congressional Budget Process --
An Explanation (Senate Budget Committee) Financial Management Service (U.S. Treasury). Access to the Monthly Treasury Statement, Treasury Bulletin, and Annual Report of the U.S. Government. http://www.fms.treas.gov/fmsnews.html President's Budget Documents Economic Report of the President (Appendix B) contains extensive statistical tables on the economy, employment, population, income, and government finance. Historical Tables include detailed data tables on the budget, deficit, debt, composition of receipts and outlays, and outlays by agency and by budget enforcement category (mandatory and discretionary). Also included are outlays and budget authority by function and subfunction, data on Social Security, Medicare, health, and government employment. The Citizen's Guide to the Budget is a good source for tables, charts and pie charts. http://www.access.gpo.gov/su_docs/budget99/index.html#budget House and Senate Budget
Committees Home Pages House Ways and Means Committee Home Page Publishes the Green Book with
background material and historical statistical data on the major
entitlement programs, and this site provides Internet access in
text, PDF, and book formats. Senate Finance Committee Home
Page Congressional Agencies Congressional Budget Office
(CBO) Home Page General Accounting Office (GAO)
Government Printing Office (GPO)
Legislation Congressional offices:
Legislative Information Service (LIS) Public: THOMAS Library of Congress (LOC) Home
Page Glossaries of
Appropriations and Budget Terms Income and Poverty Statistics Fedstats Federal statistics from 70 agencies
searchable by keywords, subjects, agencies, and an A-Z index.
Regional statistics also available. Economic and Social Statistics Briefing Rooms (Charts and Graphs) Current economic and social statistics.
Click on the graphic if you want to enlarge it. Schedule of 1998 Release Dates for Economic Indicators Monthly: Agency: Economic Clock (Census) A-Z subject index includes the most
recent economic, unemployment, income, and poverty data. Dismal Scientist National, state, and local economic data, definitions, and analysis.
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