Book Description

The Clinton Administration has proposed an ambitious program to encourage economic growth by cutting the budget deficit and increasing government spending that could have long-term payoffs. The Congressional Budget Office (CBO) estimates that the Administration's proposals would reduce the deficit from $308 billion in 1993 to $205 billion in 1997. In contrast, with no change in budgetary policies, the deficit would swell to $322 billion in 1997. CBO's analysis is based on the proposals and estimates described in the Administration's document "A Vision of Change for America," which was released on February 17, 1993. In early April, the President will present a formal budget containing detailed and revised budget proposals as well as updated budget estimates. Because the April budget is likely to modify or clarify some of the Administration's proposals, CBO's current analysis must be viewed as preliminary. The Administration's proposals may also be modified by the Congress, which is currently considering the budget resolution for fiscal year 1994.