Notes Numbers in the text and tables of this report may not add up to totals because of rounding. All of the years referred to are federal fiscal years. Spreadsheets showing historical values for the variables of the cyclically adjusted and standardized budgets are available by clicking here:

This report offers alternative measures of the budget that adjust for cyclical and other factors. It is one of a series of reports that the Congressional Budget Office (CBO) issues each year to fulfill the requirement of section 202(e) of the Congressional Budget Act of 1974 for CBO to submit to the Committees on the Budget periodic reports about fiscal policy and to provide baseline projections of the federal budget. Most recently, in response to that requirement, CBO issued The Budget and Economic Outlook: An Update (September 2004).

Frank Russek wrote this report, with assistance from Adam Gordon and Tumi Coker, under the supervision of John Peterson and Robert Dennis. John Skeen edited the report, Maureen Costantino prepared it for publication, and Annette Kalicki produced the electronic versions for CBO's Web site.

Douglas Holtz-Eakin
Director
September 2004