Notes Unless otherwise indicated, the years referred to in this report are fiscal years. Numbers in the text and tables may not add up to totals because of rounding. Supplemental Data on Major Entitlement Programs:

This Congressional Budget Office (CBO) analysis of the President's budgetary proposals for fiscal year 2005 was prepared at the request of the Senate Committee on Appropriations. The report updates CBO's preliminary analysis, which was released on February 27, 2004. That analysis incorporated estimates from the Joint Committee on Taxation that subsequently have been slightly revised. Those updated revenue estimates as well as other minor corrections are reflected in this report.

The analysis was produced by the staffs of CBO's Budget Analysis, Macroeconomic Analysis, and Tax Analysis Divisions under the supervision of Robert Sunshine, Robert Dennis, and Thomas Woodward, respectively. The baseline revenue estimates and the estimates of certain revenue proposals were prepared by CBO; most of the estimates of the President's revenue proposals were prepared by the Joint Committee on Taxation.

Barry Blom of CBO's Projections Unit wrote Chapter 1 under the supervision of Jeff Holland, with assistance from Mark Booth, John Peterson, David Weiner, and the staff of the State and Local Government Cost Estimates Unit. Ben Page of the Macroeconomic Analysis Division wrote Chapter 2 and Appendixes A and B with assistance from Bob Arnold, Paul Burnham, Ufuk Demiroglu, Tracy Foertsch, Mark Lasky, Shinichi Nishiyama, Larry Ozanne, and Frank Russek.

Leah Mazade edited the report, and Christian Spoor proofread it. Maureen Costantino prepared the report for publication. Lenny Skutnik printed the initial copies, and Annette Kalicki produced the electronic versions for CBO's Web site.

Douglas Holtz-Eakin
Director
March 2004