Mid-Session Review, Budget of the United States Government, Fiscal Year 2009 (54 pages, PDF). Information contains revised estimates of budget receipts, outlays, and budget authority for fiscal years 2008 through 2013 and other summary information.
economic, legislative, and other changes since the Presidents Budget was released in February. For 2008, the budget deficit is now estimated to be $389 billion, $21 billion lower than estimated in February. At 2.7 percent of gross domestic product (GDP), the 2008 deficit is projected to be only slightly above the average of the past 40 years, 2.4 percent of GDP. Excluding the tax rebates and other provisions in the enacted bipartisan economic stimulus package, the 2008 deficit would be only 1.9 percent of GDP. Although projected to rise to $482 billion or 3.3 percent of GDP in 2009, the deficit is still projected to be below the recent peak of 3.6 percent of GDP in 2004. The deficit is projected to fall sharply after 2009, with the deficits in 2010 and 2011 only slightly higher than projected in February. These projected deficits are both manageable and temporary if spending is kept in check, the tax burden remains low, and the economy continues to grow. Last year, the President announced a goal of balancing the budget by 2012; and, with the Presidents pro-growth economic policies and commitment to fiscal restraint, the budget remains on track to attain balance by 2012.”
