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The Cyclically Adjusted and
Standardized Budget MeasuresApril 2008
Numbers in the text and tables may not add up to totals because of rounding.
Unless otherwise indicated, 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.
PrefaceThis report offers alternative measures of the budget that incorporate adjustments 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 and Impoundment Control Act of 1974 that CBO submit to the Committees on the Budget periodic reports about fiscal policy and provide baseline projections of the federal budget. The report is based on information presented in CBO’s An Analysis of the President’s Budgetary Proposals for Fiscal Year 2009, published in March of this year.
Frank Russek wrote the report, with assistance from Adam Weber, under the supervision of John Peterson and Robert Dennis. Leah Mazade edited the report, and Maureen Costantino prepared it for publication. Lenny Skutnik printed the copies, Linda Schimmel handled the print distribution, and Simone Thomas prepared the electronic version for CBO’s Web site.
ContentsWhy Adjust Measures of the Budget Deficit or Surplus?
The Cyclically Adjusted Deficit or Surplus
The Standardized-Budget Deficit or Surplus
Details of CBO’s Projections of the Standardized-Budget Deficit
1. Measures of the Federal Budget Deficit
2. Details of the Standardized-Budget Deficit in Billions of Dollars
3. Details of the Standardized-Budget Deficit as a Percentage of Potential Gross Domestic Product
4. Details of the "Other Adjustments" to the Standardized-Budget Deficit
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