“This report by CBO presents an analysis of the proposals in the President’s budget request for fiscal year 2015, as submitted to the Congress on March 4, 2014. The analysis is based on CBO’s economic projections and estimating models (rather than the Administration’s), and it incorporates estimates of the effects of the President’s tax proposals that were prepared by the staff of the Joint Committee on Taxation (JCT). In conjunction with analyzing the President’s budget, CBO has updated its baseline budget projections, which were previously issued in February 2014. Unlike its estimates of the President’s budget, CBO’s baseline projections largely reflect the assumption that current tax and spending laws will remain unchanged, and therefore the projections provide a benchmark against which potential legislation can be measured. Under that assumption, CBO estimates that the federal deficit would total $492 billion in 2014 and that the cumulative deficit over the 2015–2024 period would amount to $7.6 trillion.”