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The Resource Budget Issues: July 2000 Update of GAO's Long-Term Fiscal Simulations

Budget Issues: July 2000 Update of GAO's Long-Term Fiscal Simulations

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Summary
Upon request, the General Accounting Office (GAO) updated its long-term economic model using the latest economic and budget assumptions from the Congressional Budget Office (CBO). Since 1992, GAO has provided the Congress with a long-term perspective on alternative fiscal policy paths. This perspective is important for broad fiscal policy as well as for budget decisions on individual programs. At the macro level, the budget needs to provide a long-term framework grounded on a linkage of fiscal policy with the long-term economic outlook. This requires a focus on both overall fiscal policy and the composition of federal activity. Long-term simulations are useful for comparing the potential outcomes of alternative fiscal policies within a common economic framework. Such simulations can help Congress assess the long-term implications of fiscal policy decisions that are made today. This is especially true where a longer time horizon is necessary to understand the fiscal and spending implications of the government's commitment. For example, the profound demographic changes forecast for our population, beginning just beyond the 10-year budget window, will have enormous consequences for Social Security and Medicare as well as the budget and the economy as a whole
Language
eng
Work
Instance
Label
Budget Issues: July 2000 Update of GAO's Long-Term Fiscal Simulations
Title
Budget Issues: July 2000 Update of GAO's Long-Term Fiscal Simulations
Contributor
Subject
Language
eng
Summary
Upon request, the General Accounting Office (GAO) updated its long-term economic model using the latest economic and budget assumptions from the Congressional Budget Office (CBO). Since 1992, GAO has provided the Congress with a long-term perspective on alternative fiscal policy paths. This perspective is important for broad fiscal policy as well as for budget decisions on individual programs. At the macro level, the budget needs to provide a long-term framework grounded on a linkage of fiscal policy with the long-term economic outlook. This requires a focus on both overall fiscal policy and the composition of federal activity. Long-term simulations are useful for comparing the potential outcomes of alternative fiscal policies within a common economic framework. Such simulations can help Congress assess the long-term implications of fiscal policy decisions that are made today. This is especially true where a longer time horizon is necessary to understand the fiscal and spending implications of the government's commitment. For example, the profound demographic changes forecast for our population, beginning just beyond the 10-year budget window, will have enormous consequences for Social Security and Medicare as well as the budget and the economy as a whole
Cataloging source
DTICE
Index
no index present
Literary form
non fiction
http://library.link/vocab/relatedWorkOrContributorName
GENERAL ACCOUNTING OFFICE WASHINGTON DC ACCOUNTING AND INFORMATION MANAGEMENT DIV
http://library.link/vocab/subjectName
  • Federal budgets
  • Economic models
  • Congress
  • Long range(time)
  • Planning programming budgeting
  • Fiscal policies
  • Economics and Cost Analysis
  • Government and Political Science
Label
Budget Issues: July 2000 Update of GAO's Long-Term Fiscal Simulations
Instantiates
Publication
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Extent
10 pages
Form of item
online
Governing access note
APPROVED FOR PUBLIC RELEASE
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Note
Hein Online
System control number
  • (OCoLC)227931287
  • (OCoLC)ocn227931287
Label
Budget Issues: July 2000 Update of GAO's Long-Term Fiscal Simulations
Publication
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Extent
10 pages
Form of item
online
Governing access note
APPROVED FOR PUBLIC RELEASE
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Note
Hein Online
System control number
  • (OCoLC)227931287
  • (OCoLC)ocn227931287

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