President Barack Obama released his fiscal 2014 budget this morning. These tables summarize his proposals and the economic assumptions behind them.
The totals in the first table compare the president's Cabinet department and agency proposals for fiscal 2014 with his request for fiscal 2013 and actual levels from fiscal 2012. Figures for budget authority (appropriations) and for outlays (actual amounts spent) include both mandatory and discretionary spending.
The second table compares the outlay and budget authority totals from the first table with revenue, deficit and debt figures projected out to fiscal 2018.
The economic forecasts table compares projections released in the Obama administration's budget with the most recent forecasts from the Congressional Budget Office (CBO) and the Blue Chip consensus of private economists, as well as the administration's July 2012 forecast. It projects annual percentage changes in inflation-adjusted gross domestic product (GDP) and the Consumer Price Index (CPI), and annual average for the unemployment rate and the interest rates on certain Treasury bills and notes. The administration forecast assumes enactment of the president's budget request and as a result is not strictly comparable with the others.
Budget graphics are available here.
About the Data
Figures for the first two tables are from the historical tables included in the president’s budget. The economic forecasts come from four different sources: the analytical perspectives section of the president’s budget, the Congressional Budget Office’s Budget and Economic Outlook, the administration’s fiscal 2013 Mid-Session Review, and Blue Chip Economic Indicators.
At the time the President’s 2014 Budget request was developed, none of the full-year appropriations bills for 2013 was enacted, so 2013 figures in this year’s historical tables are based on the policies put forward in the president’s fiscal 2013 request.