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F I SCA L Y E A R 2019

EFFICIENT, EFFECTIVE, ACCOUNTABLE

AN

AMERICAN

BUDGET
Mid-Session Review

BUDGET OF THE U.S. GOVERNMENT
OFFICE OF MANAGEMENT AND BUDGET | OMB.GOV

F I SCA L Y E A R 2019

EFFICIENT, EFFECTIVE, ACCOUNTABLE

AN

AMERICAN

BUDGET
Mid-Session Review

BUDGET OF THE U.S. GOVERNMENT
OFFICE OF MANAGEMENT AND BUDGET | OMB.GOV

EXECUTIVE OFFICE OF THE PRESIDENT
OFFICE OF MANAGEMENT AND BUDGET
WASHINGTON, D.C. 20503

THE DIRECTOR

July 13, 2018

The Honorable Paul D. Ryan
Speaker of the House of Representatives
Washington, D.C. 20515
Dear Mr. Speaker:
Section 1106 of Title 315 United States Code, requests that the President send to the
Congress a supplemental update of the Budget that was transmitted to the Congress earlier in the
year. This enclosed supplemental update of the Budget, commonly known as the Mid-Session
Review, contains revised estimates of receipts, outlays, budget authority, and the budget deficit

for fiscal years 2018 through 2028.
Sin^eiely,

Mick Mulvaney
Director

Enclosure

Identical Letter Sent to The President of the Senate

TABLE OF CONTENTS

Page
List of Tables ��������������������������������������������������������������������������������������������������������������������������������������������vii
Summary ����������������������������������������������������������������������������������������������������������������������������������������������������1
Economic Assumptions ������������������������������������������������������������������������������������������������������������������������������5
Receipts ����������������������������������������������������������������������������������������������������������������������������������������������������11
Expenditures ��������������������������������������������������������������������������������������������������������������������������������������������15
Summary Tables ��������������������������������������������������������������������������������������������������������������������������������������19

http://www.budget.gov

v

LIST OF TABLES

Table 1.	

Page
Changes in Deficits from the February Budget �����������������������������������������������������������������4

Table 2.	

Economic Assumptions �������������������������������������������������������������������������������������������������������7

Table 3.	

Comparison of Economic Assumptions ������������������������������������������������������������������������������9

Table 4.	

Changes in Receipts ����������������������������������������������������������������������������������������������������������13

Table 5.	

Changes in Outlays �����������������������������������������������������������������������������������������������������������18

Table S–1.	

Budget Totals ���������������������������������������������������������������������������������������������������������������������21

Table S–2.	

Effect of Budget Proposals on Projected Deficits �������������������������������������������������������������22

Table S–3.	

Baseline by Category ��������������������������������������������������������������������������������������������������������23

Table S–4.	

Proposed Budget by Category �������������������������������������������������������������������������������������������25

Table S–5.	

Proposed Budget by Category as a Percent of GDP ��������������������������������������������������������27

Table S–6.	

Mandatory and Receipt Proposals ������������������������������������������������������������������������������������29

Table S–7.	

Proposed Discretionary Funding Levels in the 2019 Mid-Session Review ��������������������47

Table S–8.	

2019 Discretionary Overview by Major Agency ���������������������������������������������������������������49

Table S–9.	

Estimated Spending from 2019 Balances of Budget Authority:
Discretionary Programs �������������������������������������������������������������������������������������������������52

Table S–10.	 Outlays for Mandatory Programs Under Current Law ��������������������������������������������������53
Table S–11.	 Federal Government Financing and Debt ������������������������������������������������������������������������54

vii

SUMMARY
Since President Trump took office in January
of 2017, the Administration has focused on promoting policies that foster economic growth,
wage increases, and job creation. That is why
the Administration prioritized MAGAnomics
policies to kick-start economic growth and job
creation through reforming the tax code; fixing the regulatory structure; reducing burdensome federal health care mandates and
opening up affordable coverage options; ensuring free, fair, and reciprocal trade; and implementing fiscal discipline through spending restraint. Americans have already experienced
many benefits of MAGAnomics, including: 3.2
million jobs created since the President was
sworn in, unemployment falling to 4 percent,
job openings hitting a record high, and increased consumer and business confidence.
One of the President’s immediate and highest priorities upon entering office was fixing
the outdated tax structure that had not been
reformed in more than 30 years. The outdated
structure was driving companies overseas,
preventing small businesses from expanding, and discouraging additional investment
in the United States. President Trump and
the Administration worked hand-in-hand
with Congress to enact the historic Tax Cuts
and Jobs Act (TCJA). Throughout the negotiations on the TCJA, the Administration focused on how to help middle-class families
and distressed communities, as well as make
the U.S. more competitive to attract needed
capital investment for small businesses. The
TCJA lowered taxes for families, doubled the
child tax credit and the standard deduction,
and expanded the use of 529 plans to include
tuition for kindergarten to 12th grade at public, private, or religious schools. A study by
the Council of Economic Advisers found that
American households would see their annual
income increase by an average of $4,000 due
to corporate tax reform alone, once the adjustment to that reform had run its course. The
TCJA also created Opportunity Zones to encourage private investment in distressed communities. Opportunity Zones are a way to ensure that economic growth is experienced even
in distressed communities.

Since the passage of the TCJA in December,
the American economy has been revitalized.
More than six million American workers have
benefitted by receiving higher wages, bonuses,
or increased retirement contributions from the
companies they work for, and companies have
also announced additional capital investment
of more $217 billion. The Labor Department
reported that the U.S. had 6.7 million job openings compared with 6.3 million Americans
who were unemployed, so that March, April,
and May were the first months in which job
openings exceeded the number of jobless
Americans. Additionally, companies repatriated more than $300 billion back to the United
States in the first quarter of fiscal year 2018,
setting a new record.
The American economy is growing at a rate
above predictions, and the unemployment rate
fell to the lowest level in nearly 50 years. At
the beginning of the Trump Administration,
the Blue Chip consensus forecast of real
GDP growth (year-over-year) for 2018 was
2.4 percent; it has now grown to 2.9 percent.
Additionally, we continue to see upward revisions of private forecasts of economic growth.
Consensus forecasts through November 2017
were between 2.3 to 2.4 percent in 2018 and
2.1 percent in 2019. Since November, private
forecasts have been revised steadily upward.
As of last month, the Blue Chip consensus
forecast is now for 2018 growth of 2.8 percent,
and 2019 growth of 2.3 percent, upward revisions of 0.5 and 0.2 percentage points respectively since the passage of TCJA.
Official forecasts revisions suggest an even
bigger bump. The CBO projected growth of 2.0
and 1.5 percent in 2018 and 2019. That has
now been revised substantially—up to 3.3 and
2.4 percent, respectively, following implementation of the TCJA. Meanwhile, last summer,
before the tax debate got seriously underway,
the FOMC median forecast was for growth of
just 2.1 and 1.9 percent in 2018 and 2019. That
has since been revised up by 0.6 and 0.5 percentage points, respectively, with most of the
upward revision occurring in December, as the
tax bill made it over the legislative finish line.
1

2
In April, the IMF released its April 2018
World Economic Outlook (WEO). Global
growth for 2018 was revised up 0.2 percentage points from its October WEO release to
3.9 percent year-over-year. The IMF attributes
roughly half of the global growth revision to
changes in U.S. fiscal policy. When honing in on
the United States, the IMF’s April 2018 update
to its October 2017 World Economic Outlook
revised up its growth forecast by 0.6 percentage points from October to 2.9 percent yearover-year. The IMF’s April upwards revision to
its October global growth forecast in the wake
of the passage of the TCJA follows the OECD’s
own March upwards revision to its November
global growth forecast. For the U.S., its 2018
outlook increased by 0.4 percentage points to
2.9 percent and its 2019 outlook increased by
0.7 percentage points to 2.8 percent.
The Trump Administration has also focused
on liberating small businesses from regulatory red tape created under eight years of the
Obama Administration. While small businesses
were concerned about taxes and regulations under the Obama Administration, their concerns
have noticeably diminished after the Trump
Administration prioritized regulatory reform.
An important development in this effort occurred just days after his inauguration when,
on January 30, 2017, President Trump issued
Executive Order 13771: “Reducing Regulation
and Controlling Regulatory Costs.” Among other things, this executive order requires that,
whenever a Federal department or agency issues a new regulatory action, it must identify
at least two deregulatory actions.
Last year, the Administration greatly exceeded this goal as agencies issued 67 deregulatory
actions while only imposing 3 new actions, resulting in a 22:1 deregulatory ratio. In fact in
2017, 1,579 regulatory actions were withdrawn
or removed from active status, which included
a 40 percent drop in economically significant
regulations, and 35 percent drop in other significant regulations relative to 2009.
Furthermore, President Trump has implemented a renewed focus on cost-benefit analysis and transparency in the United States
regulatory agenda.
For 2017, the heads of agencies had to ensure that the total incremental cost of all new

MID-SESSION REVIEW

regulations, including repealed regulations,
was no greater than zero, unless otherwise required by law. This new directive proved to be
immediately successful.
In 2017, federal agencies achieved $8.1 billion in the present value of net regulatory cost
savings, the equivalent of $570 million per year.
These savings go beyond the Administration’s
goal of imposing zero regulatory costs in 2017.
In contrast, the previous administration imposed between $5.7 billion and $15.2 billion
in annualized regulatory costs in just its final
eight months in office.
The Trump Administration will continue
to place emphasis on reducing unnecessary,
duplicative, and burdensome regulations. In
calendar year 2018, federal agencies are committed to achieving $9.8 billion in net savings
in present value terms, or $690 million per
year. In addition, agencies projected they will
continue to drive the deregulatory effort by issuing three deregulatory actions for each new
regulatory action.
The Trump Administration is proud of the
work we have done as we continue to cut red tape
for American businesses, drastically improve
our economy, and provide a more free society.
Moreover, President Trump has worked to
protect Americans by relieving the suffocating restraints of unfair foreign trade practices
that have long been ignored by Congress. The
United States is a generally open economy,
compared with the rest of the world. For example, China’s tariff on imported flat screen
TVs is 30 percent and the European Union’s
14 percent, while the U.S. only charges 3.9
percent on its imports. The U.S. tariff on wild
rice is 1.1 percent, compared with China’s and
India’s, at 65 percent and 70 percent, respectively.
Much like draining the swamp that is
Washington, D.C., the President has been driving to change the behavior of trading partners
around the world acting in bad faith by using
existing U.S. trade laws to thwart unfair trade
practices and improving deals that simply do
not work for America. The President’s objective of shifting the world economy to a new
equilibrium, one with more reciprocity in trade
agreements and reductions in global barriers,
would deliver a substantial boost to U.S. and
world growth.

Summary

During his first days in office, President
Trump announced that the United States
would withdraw from the Trans-Pacific
Partnership. Further, the Administration
is working to address China’s unfair trade
and intellectual property policies through
a range of actions. In addition, the Trump
Administration secured amendments to the
KORUS trade agreement with South Korea,
including provisions to increase American automobile exports. The Trump Administration
also conducted 82 antidumping and countervailing duty investigations in 2017, a 58
percent increase in investigations over 2016.
President Trump will continue work to ensure
that there is free, fair, and reciprocal trade.
While focusing on the economic health of
the Nation, the Trump Administration continues to work toward getting the Nation’s fiscal
house in order. The Administration inherited
a tremendous debt and deficit problem, including an increase in the debt of more than
$9 trillion over the eight years of the Obama
Administration, which was clearly on an unsustainable path. The President’s budgets
have made difficult choices in order to rein
in spending, lower the growth of the national
debt, and focus Government on its most important job: protecting the Nation.
The President supported Congressional efforts to replace Obamacare and his most recent Budget would save nearly $700 billion by
replacing Obamacare with legislation modeled closely after the Graham-Cassidy-HellerJohnson (GCHJ) bill. Additional reforms within the 2019 budget would help set Government
healthcare spending on a sustainable fiscal
path that leads to a bigger bang for the buck.
Addressing Obamacare would have also reduced regulatory burdens for small businesses, some of whom stayed below 50 full-time
workers to avoid penalties while shifting fulltime workers to part-time status. In the TCJA,
Congress repealed the Obamacare individual
mandate, eliminating the tax penalty for
Americans who decided not to buy coverage.
The Administration will continue to work with
Congress to provide relief from Obamacare’s
mandates and increase more affordable and
flexible coverage options.
The Mid-Session Review (MSR) provides
updated estimates for changes that have occurred since the President’s budget was re-

3
leased in February. The 2019 deficit has been
revised to $1.1 trillion. The increases in the
deficit compared with the Budget are almost
entirely related to increases in spending from
the Bipartisan Budget Act of 2018 and the
subsequent Consolidated Appropriations Act,
2018 (Omnibus). The President signed the
Omnibus to secure a historic and much-needed
funding increase for our military, but he does
not support its unnecessary increases to nondefense spending. The MSR incorporates the
President’s proposal to constrain non-defense
discretionary spending going forward, saving
nearly $900 billion compared with current law.
Despite the increases from enacted legislation, under the President’s policies to cut
spending and grow the economy, the deficit
will fall from 4.4 percent of GDP in 2018 to 1.4
percent of GDP in 2028. The Administration
will continue to work with Congress to enact
fiscal discipline through spending restraint.
President Trump’s policies are fostering
a growing economy. Since taking office, this
President promised to deliver on job creation
and economic growth. While some experts have
had a pessimistic view of the American economy, we believe that these estimates continue
to underestimate hard-working Americans
and the true potential of the American spirit.
Such pessimism may have been fueled by the
historically weak economic recovery under
the Obama Administration since the 20082009 economic downturn. From 2010 through
2016, fourth quarter-over-fourth quarter (Q4/
Q4) growth of real GDP averaged only 2.1 percent. In 2016, real GDP growth had sunk to
an annual rate of only 1.8 percent, and labor
productivity growth in the nonfarm business
sector was 0.0 percent. The beginning of the
Trump Administration marked a clear break
from this pattern of underperformance. In
2017, real GDP (Q4/Q4) grew at a rate of 2.6
percent, far exceeding the projections of many
experts, and labor productivity grew at 1.3
percent. Meanwhile, the unemployment rate
has dropped from 4.8 percent in January 2017
to only 4.0 percent in June 2018.
The President’s policies have also resulted
in a surge in investment. In the 6.5 years between the start of the recovery in the third
quarter of 2009 and 2015, growth in real private nonresidential fixed investment averaged
4.8 percent, and had slowed to just 0.7 percent

4

MID-SESSION REVIEW

in 2016. Since then, growth jumped to 6.3 percent for the four quarters of 2017, and in the
first quarter of 2018 grew at an annual rate
of 10.4 percent. Growth of equipment investment jumped to 11.6 percent in fourth quarter
of 2017 and 5.8 percent in the first quarter of
2018, thanks largely to the tax law’s allowance
for full expensing of equipment investment
retroactively to September 2017. Meanwhile,
real private business investment in structures

and intellectual property has also surged—up
16.2 percent for structures and 13.2 percent
for intellectual property, respectively, in the
first quarter of 2018. Planned capital expenditure indices have accordingly reached record
or near-record highs.
The Administration will continue to work to
implement MAGAnomics policies to further
strengthen this Nation.

Table 1. CHANGES IN DEFICITS FROM THE FEBRUARY BUDGET
(In billions of dollars)
2018

2019

2020

2021

2022

2023

2024

2019 Budget deficit �������������������������������������
873
984
987
916
852
774
672
Percent of GDP ���������������������������������������� 4.4% 4.7% 4.5% 3.9% 3.5% 3.0% 2.5%
Enacted legislation and policy changes:
Enacted legislation 1 ����������������������������
100
91
50
24
17
10
11
Policy changes to account for enacted
legislation ���������������������������������������� .........
10
39
58
63
64
64
Debt service �����������������������������������������
1
4
8
11
14
17
20
Subtotal, enacted legislation and
policy changes �����������������������������
100
105
96
93
94
92
96
Economic and technical reestimates:
Receipts �����������������������������������������������
9
–17
–16
–9
–6
2
–27
Outlays:
Discretionary programs ������������������
–87
–11
–1
10
19
9
7
Mandatory:
Medicare ��������������������������������������
1
–2
–7
–9
–15
–14
–13
Medicaid ��������������������������������������
–2
4
6
6
6
7
7
Social Security �����������������������������
–4
–5
–5
–6
–6
–6
–6
Veterans’ benefits ������������������������
1
1
2
2
3
3
3
Other 2 ������������������������������������������
–13
–1
–1
–2
–5
–6
–8
Total mandatory ����������������������
–18
–2
–6
–9
–17
–17
–16
Net interest 3 �����������������������������������
11
25
15
10
11
15
17
Subtotal, outlays �������������������������
–93
13
8
11
12
7
8
Subtotal, economic and
technical reestimates ����������
–84
–4
–8
2
6
9
–19
Total, changes ����������������������������������������������
17
101
89
95
100
101
77
Mid-Session Review deficit �������������������������
890 1,085 1,076 1,011
952
875
749
Percent of GDP ���������������������������������������� 4.4% 5.1% 4.8% 4.3% 3.9% 3.4% 2.8%
Note: positive figures represent higher outlays or lower receipts.
*$500 million or less.
1
Includes outlay and receipt effects.
2
Includes reestimates of the effect of standardizing to 12 monthly benefit payments.
3
Includes debt service on all reestimates.

2025

2026

2027

20192028 20192023 2028

579
2.1%

517
1.7%

450
1.4%

363
1.1%

17

–13

–19

14

191

202

63
23

61
26

61
28

60
31

234
54

543
182

104

74

69

105

479

928

–26

–13

–10

–3

–46

–124

2

–1

–2

–3

27

30

–21
8
–6
3
–1
–16
16
2

13
9
–6
4
–4
15
15
30

19
10
–7
4
–2
24
17
39

–27
10
–7
5
–4
–24
19
–8

–47
29
–29
11
–16
–51
76
51

–76
73
–60
29
–34
–68
161
123

–24
80
659
2.3%

17
91
608
2.0%

30
99
549
1.7%

–11
94
458
1.4%

6
485

–1
926

ECONOMIC ASSUMPTIONS
This Mid-Session Review (MSR) updates
the economic forecast from the 2019 Budget,
which was finalized in November 2017 and released with the Budget in February 2018. The
Budget projected real Gross Domestic Product
(GDP) growth averaging 3.0 percent during
the 11-year forecast interval. A substantial
increase in real GDP was projected for 2018.
After that, real GDP growth was projected to
increase through 2019, decrease to 3.0 percent
for 2021 through 2024, and decline to 2.8 percent for 2026 through 2028. The unemployment rate was expected to continue to decline
in the near term and then to slowly rise to the
Administration’s estimate of its long-run equilibrium. Inflation was expected to rise in 2019
to a rate more consistent with Federal Reserve
targets, and interest rates were expected to
rise appreciably in the near term and then
settle at a rate roughly consistent with rates
implied by the term structure of current rates.
The MSR forecast, completed in early June,
maintains this overall outlook with modifications to account for recent data. Most notably,
the anticipated increases in interest rates and
inflation have occurred more quickly than expected. Other than revisions to the interest
rate and inflation forecasts in the near term,
however, the MSR economic trajectory is similar to the 2019 Budget forecast.
The economic recovery following the 20082009 downturn was unusually slow relative
to other postwar recoveries. Recently, economic growth has generally been modest,
with real GDP growing at only 1.8 percent
during the four quarters of 2016. Since this
Administration took office, growth has increased considerably. In contrast to its lackluster performance in 2016, real GDP grew
at 2.6 percent over the four quarters of 2017,
slightly exceeding this Administration’s 2018
Budget forecast of 2.5 percent. Meanwhile,

the labor market in 2018 has been remarkably
strong, with payroll employment posting robust and sustained growth and unemployment
rates falling to historic lows. By June, the unemployment rate stood at 4.0 percent and the
economy had added over 3.2 million nonfarm
jobs since the President took office.
The Administration’s efforts to increase economic growth led to the passage of the Tax
Cuts and Jobs Act in December 2017. In addition, many burdensome and unnecessary regulations were removed under Executive Orders
13771 and 13777, and the Administration will
continue to target and eliminate unnecessary
regulations going forward. The Administration
is also currently pursuing policies that would
establish paid family leave for new parents,
spur investments in infrastructure, encourage domestic energy production, negotiate fair
trade agreements, and reduce Federal budget
deficits. These policies should bolster economic growth in both the short and long run.
Growth and unemployment are roughly
on track with the projections in the Budget.
While growth slowed down somewhat in the
first quarter of 2018, this follows an observed
seasonal pattern of slower growth in the first
quarter in recent years. The MSR forecasts
a rebound in real GDP growth in subsequent
quarters, and maintains the same yearly
growth rates as were projected in the Budget.
Since the economic forecast for the Budget
was finalized in November 2017, interest rates
and inflation have been higher than expected.
Relative to the Budget forecast, the MSR forecast includes a substantial increase in interest
rates in the near term, which narrows down to
only a slight increase in the long run. Inflation
rates are forecasted to be higher in 2018 and
2019, but the same as those projected in the
Budget in the medium term and long run.

ECONOMIC PROJECTIONS
The Administration’s forecast is based on
information available to forecasters at the beginning of June, and it retains the assumption

that the President’s policy proposals in the
2019 Budget will be fully enacted. The projections for key variables can be found in Table 2.

5

6

MID-SESSION REVIEW

Real Gross Domestic Product: Real GDP
growth in 2018 is expected to be 3.1 percent
on a fourth quarter-over-fourth quarter (Q4/
Q4) basis, with growth increasing slightly to
3.2 percent in 2019 before edging down to 2.8
percent in the long run. Both year-over-year
and Q4/Q4 growth rates are identical to those
in the Budget for every year in the forecast.
Unemployment Rate: The unemployment
rate has remained consistent with the 2019
Budget projections, falling to 4.1 percent in
the fourth quarter of 2017 and continuing to
decline thus far in 2018. The unemployment
rate is expected to average 3.8 percent in
2018 and 3.7 in 2019, and then slowly climb
back towards 4.8 percent in 2027, which is the
Administration’s estimate of the rate of unemployment consistent with stable inflation in
the long run.
Inflation: Post-financial crisis, the inflation rate has been low compared with the
post-World War II average. The mediumand long-run inflation rate projections in the
MSR remain consistent with the 2019 Budget
assumptions, with year-over-year long-run
rates of 2.0 percent for the GDP chained
price index and 2.3 percent when measured
by the Consumer Price Index for All Urban
Consumers (CPI-U). These rates are consistent with Federal Reserve inflation targets.
Inflation has climbed higher in the near term,
however, than was expected when the Budget
assumptions were finalized in November 2017.
For 2018, projected year-over-year inflation in

the GDP chained price index has been adjusted upwards from 1.6 to 1.9 percent and yearover-year CPI-U inflation has been increased
from 2.1 to 2.5 percent based on recent data.
Interest Rates: Interest rate forecasts
comprise the most substantial change from
the 2019 Budget to the MSR. Treasury rates
have increased notably since 2016. While the
Budget did forecast increases in interest rates
in the near term, these increases have been
more pronounced than expected during the
first half of 2018. Relative to the 2019 Budget,
in the MSR the projected average rate for the
91-day Treasury bill has been increased from
1.5 to 2.1 percent in 2018, and 2.3 to 2.7 percent
in 2019. Similarly, the annual average yield
on 10-year Treasury notes has been increased
from 2.6 percent to 3.0 percent in 2018, and 3.1
to 3.2 percent in 2019. After the near term, the
revision to the interest rate projections tapers
off. For both 91-day Treasury bills and 10-year
Treasury notes, the long-run rates have been
adjusted only slightly upwards by 0.1 percentage point from the 2019 Budget to the MSR.
Incomes and Income Shares: Labor compensation and corporate profit trends remain
roughly the same as in the 2019 Budget projections. As a share of Gross Domestic Income,
labor compensation and wages and salaries
are expected to increase, while corporate profits are expected to decline, with most of this
evolution of income shares taking place during
the middle and later years of the forecast.

FORECAST COMPARISONS
The Administration’s MSR forecast is similar to those of the Congressional Budget
Office (CBO), the Federal Reserve’s Federal
Open Market Committee (FOMC), and the
Blue Chip panel of private sector forecasters for most economic variables, but notably higher for real GDP growth. The
Administration’s more optimistic forecast
for real GDP growth can largely be accounted for by its expectation of higher productivity growth in the medium to long run, and
by the Administration’s assumption that the
President’s policy proposals will be enacted.
By contrast, the CBO’s forecast assumes
roughly current law policies and a more pessimistic expectation for long-run productivity growth. The Blue Chip consensus reflects

a combination of various unspecified policy
assumptions among private sector forecasters. A comparison of forecasts for key economic variables is found in Table 3.
Real Gross Domestic Product:
The
Administration’s Q4/Q4 forecast for real GDP
growth differs from those published by the
CBO in April, by the FOMC in June, and by
the Blue Chip consensus in March (for the
long-run forecast) and July (for the shortrun forecast). The CBO projected the highest
2018 growth rate at 3.3 percent, 0.2 percentage points higher than the Administration’s
projection of 3.1 percent. The Blue Chip consensus forecast for the 2018 growth rate is
2.9 percent, and the FOMC central tendency

7

Economic Assumptions

Table 2. ECONOMIC ASSUMPTIONS 1
(Calendar Years, Dollar Amounts in Billions)
Actual
2016

Projections

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

Gross Domestic Product (GDP):
Levels, Dollar Amounts in Billions:
Current Dollars ���������������������������������� 18,624 19,391 20,358 21,422 22,544 23,693 24,895 26,156 27,482 28,857 30,274 31,746 33,290
Real, Chained (2009) Dollars ������������� 16,716 17,096 17,609 18,176 18,746 19,316 19,895 20,492 21,106 21,726 22,343 22,968 23,612
Chained Price Index (2009=100),
Annual Average ������������������������������ 111.4 113.4 115.6 117.9 120.3 122.7 125.1 127.6 130.2 132.8 135.5 138.2 141.0
Percent Change, Fourth Quarter over
Fourth Quarter:
Current Dollars ����������������������������������
3.4
4.5
5.0
5.3
5.2
5.1
5.1
5.1
5.1
5.0
4.9
4.9
4.9
Real, Chained (2009) Dollars �������������
1.8
2.6
3.1
3.2
3.1
3.0
3.0
3.0
3.0
2.9
2.8
2.8
2.8
Chained Price Index (2009=100) �������
1.5
1.9
1.8
2.0
2.0
2.0
2.0
2.0
2.0
2.0
2.0
2.0
2.0
Percent Change, Year over Year:
Current Dollars ����������������������������������
2.8
4.1
5.0
5.2
5.2
5.1
5.1
5.1
5.1
5.0
4.9
4.9
4.9
Real, Chained (2009) Dollars �������������
1.5
2.3
3.0
3.2
3.1
3.0
3.0
3.0
3.0
2.9
2.8
2.8
2.8
Chained Price Index (2009=100) �������
1.3
1.8
1.9
1.9
2.0
2.0
2.0
2.0
2.0
2.0
2.0
2.0
2.0
Incomes, Billions of Current Dollars:
Domestic Corporate Profits ��������������������
Employee Compensation ������������������������
Wages and Salaries ���������������������������������
Other Taxable Income 2 ���������������������������

1,679 1,732 1,843 1,979 2,046 2,077 2,087 2,084 2,079 2,090 2,089 2,087 2,088
9,979 10,309 10,802 11,300 11,855 12,494 13,189 13,927 14,705 15,520 16,364 17,244 18,173
8,085 8,353 8,742 9,150 9,608 10,128 10,699 11,301 11,931 12,595 13,279 13,997 14,744
4,427 4,572 4,724 5,000 5,341 5,678 6,055 6,419 6,776 7,122 7,427 7,772 8,059

Consumer Price Index (All Urban): 3
Level (1982–1984 = 100), Annual
Average ������������������������������������������������ 240.0 245.1 251.2 256.5 262.3 268.2 274.3 280.6 286.9 293.4 300.1 306.9 313.9
Percent Change, Fourth Quarter over
Fourth Quarter ������������������������������������
1.8
2.1
2.3
2.2
2.3
2.3
2.3
2.3
2.3
2.3
2.3
2.3
2.3
Percent Change, Year over Year �������������
1.3
2.1
2.5
2.1
2.3
2.3
2.3
2.3
2.3
2.3
2.3
2.3
2.3
Unemployment Rate, Civilian,
Percent:
Fourth Quarter Level ������������������������������
Annual Average ���������������������������������������

4.7
4.9

4.1
4.4

3.8
3.9

3.7
3.7

3.8
3.8

3.9
3.9

4.1
4.0

4.2
4.2

4.4
4.3

4.5
4.5

4.8
4.7

4.8
4.8

4.8
4.8

0.3
1.8

0.9
2.3

2.1
3.0

2.7
3.2

3.0
3.4

3.1
3.6

3.1
3.7

3.1
3.7

3.1
3.7

3.0
3.7

3.0
3.7

3.0
3.7

3.0
3.7

Interest Rates, Percent:
91-Day Treasury Bills 6 ���������������������������
10-Year Treasury Notes ��������������������������
Federal Pay Raises, January, Percent:
Military 4 ��������������������������������������������������
1.0
1.0
2.4
2.6
NA
NA
NA
NA
NA
NA
NA
NA
NA
Civilian 5 ��������������������������������������������������
1.0
1.0
1.9 .........
NA
NA
NA
NA
NA
NA
NA
NA
NA
1
Based on information available as of early June 2018
2
Rent, interest, dividend, and proprietors’ income components of personal income
3
Seasonally adjusted CPI for all urban consumers
4
Percentages apply to basic pay only; percentages to be proposed for years after 2019 have not yet been determined.
5
Overall average increase, including locality pay adjustments. Percentages to be proposed for years after 2019 have not yet been determined.
6
Average rate, secondary market (bank discount basis)

8
ranges from 2.7 to 3.0 percent. From 2019 onward, the Administration’s forecasts are substantially higher than those of other forecasters. The Administration projects Q4/Q4 real
GDP growth of 3.2 percent in 2019, declining
gradually to a rate of 2.8 percent for 2026
through 2028. In contrast, the CBO projects
a 2028 rate of 1.8 percent, the Blue Chip consensus projects a 2028 rate of 2.0 percent, and
the FOMC central tendency ranges from 1.8
to 2.0 percent in the long run. However, the
FOMC, CBO, and Blue Chip do not assume the
implementation of all of the Administration’s
policies.
Unemployment: The Administration’s unemployment rate projections are generally
similar to those of the other forecasters. The
CBO forecast deviates from other forecasts in
2019 and 2020, projecting noticeably lower unemployment rates in those years. By 2028, the
Administration projects the unemployment
rate to have risen to 4.8 percent, the same rate
as projected by the CBO and somewhat higher
than the 4.5 percent rate projected by the Blue
Chip consensus.

MID-SESSION REVIEW

Inflation: Inflation forecasts are relatively
consistent across the different forecasts. The
Administration’s 2.5 percent year-over-year
CPI-U inflation rate in 2018 lies above the
CBO’s 2.2 percent and below the Blue Chip
consensus of 2.6 percent. In the long run, the
Administration projects a year-over-year rate
of 2.3 percent, the same as the Blue Chip consensus projection and slightly below the 2.4
percent projection from the CBO.
Interest Rates: On interest rates, the
Administration’s forecasts are similar to those
of the Blue Chip consensus and roughly similar to those of the CBO. All three have adjusted their near-term forecasts upwards since
November 2017 based on recent data. The
CBO projects much higher interest rates from
2019 through 2022 than do other forecasters.
By 2028, the Administration and the CBO both
project an average annual rate of 3.7 percent
for the 10-year Treasury note, slightly below
the Blue Chip consensus projection of 3.8 percent. Projections of the 91-day Treasury bill
rate are likewise similar among the forecasters by the end of the forecast period.

9

Economic Assumptions

Table 3. COMPARISON OF ECONOMIC ASSUMPTIONS
(Calendar Years)
2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

19,391
19,372
19,391
19,391

20,358
20,262
20,362
20,378

21,422
21,263
21,369
21,377

22,544
22,345
22,247
22,252

23,693
23,482
23,079
23,150

24,895
24,672
23,937
24,150

26,156
25,923
24,857
25,175

27,482
27,234
25,832
26,243

28,857
28,598
26,849
27,334

30,274
30,001
27,866
28,466

31,746
31,461
28,957
29,645

33,290
32,991
30,087
30,873

2.6
3.1
3.2
3.1
2.5
3.1
3.2
3.1
2.5
3.3
2.4
1.8
2.6
2.9
2.3
1.8
......... 2.7–3.0 2.2–2.6 1.8–2.1

3.0
3.0
1.5
1.9

3.0
3.0
1.6
2.1

3.0
3.0
2.9
3.0
3.0
2.9
1.6
1.8
1.7
2.1
2.1
2.0
1.8–2.0 (longer run)

2.8
2.8
1.7
2.0

2.8
2.8
1.9
2.0

2.8
2.8
1.8
2.0

Nominal GDP:
2019 MSR ���������������������������������
2019 Budget ������������������������������
CBO �������������������������������������������
Blue Chip ����������������������������������

Real GDP (Fourth Quarter-over-Fourth Quarter):
2019 MSR ���������������������������������
2019 Budget ������������������������������
CBO �������������������������������������������
Blue Chip ����������������������������������
FOMC 3 �������������������������������������
Real GDP (Year-over-Year):
2019 MSR ���������������������������������
2019 Budget ������������������������������
CBO �������������������������������������������
Blue Chip ����������������������������������

2.3
2.2
2.3
2.3

3.0
3.0
3.0
2.9

3.2
3.2
2.9
2.6

3.1
3.1
2.0
1.9

3.0
3.0
1.5
1.9

3.0
3.0
1.5
2.1

3.0
3.0
1.6
2.1

3.0
3.0
1.7
2.1

2.9
2.9
1.8
2.0

2.8
2.8
1.7
2.0

2.8
2.8
1.8
2.0

2.8
2.8
1.8
2.0

1.8
1.7
1.8
1.8

1.9
1.6
1.9
2.1

1.9
1.7
2.0
2.3

2.0
1.9
2.1
2.1

2.0
2.0
2.2
2.1

2.0
2.0
2.2
2.2

2.0
2.0
2.2
2.1

2.0
2.0
2.2
2.1

2.0
2.0
2.1
2.1

2.0
2.0
2.1
2.1

2.0
2.0
2.1
2.1

2.0
2.0
2.1
2.1

2.1
2.1
2.1
2.1

2.5
2.1
2.2
2.6

2.1
2.0
2.2
2.2

2.3
2.2
2.4
2.3

2.3
2.3
2.5
2.3

2.3
2.3
2.5
2.3

2.3
2.3
2.4
2.3

2.3
2.3
2.4
2.3

2.3
2.3
2.4
2.3

2.3
2.3
2.4
2.3

2.3
2.3
2.4
2.3

2.3
2.3
2.4
2.3

4.4
3.9
3.7
3.8
4.4
3.9
3.7
3.8
4.4
3.8
3.3
3.6
4.4
3.8
3.6
4.0
......... 3.6–3.7 3.4–3.5 3.4–3.7

3.9
3.9
4.1
4.2

4.0
4.0
4.6
4.3

4.2
4.2
4.7
4.4

4.3
4.3
4.8
4.4
4.3–4.6

4.5
4.5
4.8
4.5

4.7
4.7
4.9
4.5

4.8
4.8
4.8
4.5

4.8
4.8
4.8
4.5

GDP Price Index: 1
2019 MSR ���������������������������������
2019 Budget ������������������������������
CBO �������������������������������������������
Blue Chip ����������������������������������
Consumer Price Index (CPI-U): 1
2019 MSR ���������������������������������
2019 Budget ������������������������������
CBO �������������������������������������������
Blue Chip ����������������������������������
Unemployment Rate: 2
2019 MSR ���������������������������������
2019 Budget ������������������������������
CBO �������������������������������������������
Blue Chip ����������������������������������
FOMC ���������������������������������������

Interest Rates: 2
91-Day Treasury Bills
(discount basis):
2019 MSR �����������������������������
0.9
2.1
2.7
3.0
3.1
3.1
3.1
3.1
3.0
3.0
3.0
3.0
2019 Budget ��������������������������
0.9
1.5
2.3
2.9
3.0
3.0
2.9
2.9
2.9
2.9
2.9
2.9
CBO ���������������������������������������
0.9
1.9
2.9
3.6
3.8
3.6
3.1
2.8
2.7
2.7
2.7
2.8
Blue Chip ������������������������������
0.9
1.9
2.7
2.7
2.8
2.9
2.9
2.9
3.0
3.0
3.0
3.0
10-Year Treasury Notes
2019 MSR �����������������������������
2.3
3.0
3.2
3.4
3.6
3.7
3.7
3.7
3.7
3.7
3.7
3.7
2019 Budget ��������������������������
2.3
2.6
3.0
3.4
3.6
3.7
3.6
3.6
3.6
3.6
3.6
3.6
CBO ���������������������������������������
2.3
3.0
3.7
4.1
4.2
4.0
3.8
3.7
3.7
3.7
3.7
3.7
Blue Chip ������������������������������
2.3
3.0
3.4
3.5
3.6
3.7
3.7
3.7
3.8
3.8
3.8
3.8
Sources: Administration; CBO, The Budget and Economic Outlook: 2018 to 2028, April 2018; March 2018 and July 2018 Blue Chip
Economic Indicators, Aspen Publishers, Inc.; Federal Reserve Open Market Committee, June 13, 2018
1
Year-over-Year Percent Change
2
Annual Averages, Percent
3
The FOMC’s central tendency for longer term growth is 1.8% to 2.0%. Longer term growth represents each participant’s assessment
of the rate to which GDP growth would be expected to converge under appropriate monetary policy and in the absence of further shocks
to the economy.

RECEIPTS
The Mid-Session Review (MSR) estimates
of receipts are below the 2019 Budget estimates by $18 billion in 2018 and above those
estimates by $2 billion in 2019. The MSR estimates of receipts are above the Budget estimates by $7 billion in 2020 and differ from
the Budget by $1 billion to $27 billion in each
subsequent year, for a net increase in receipts
of $95 billion over the 10-year budget window
(2019 through 2028).
A little more than half of the decrease in
2018 receipts is attributable to technical revisions based on new tax reporting data, collections to date, and other information, which
decrease receipts by $11 billion. Enacted legislation further reduced receipts by $9 billion,
while revised economic assumptions increase
2018 receipts by $1 billion.

The estimate of 2019 receipts is above the
Budget estimate due to an $18 billion increase
in receipts attributable to technical revisions,
offset by a $15 billion reduction in receipts due
to enacted legislation.
The $95 billion increase in receipts over
the 10-year budget horizon is largely the
result of a $320 billion gain attributable to
revisions in the economic forecast, offset by
a reduction in receipts from technical revisions in receipts under the Administration’s
adjusted baseline that reduce receipts by
$210 billion. Enacted legislation further reduces receipts by $29 billion. Reestimates
of the Administration’s proposals increase
receipts by $15 billion.

ECONOMIC CHANGES
Revisions in the economic forecast increase
receipts by $1 billion in 2018, decrease receipts $1 billion in 2019, and increase receipts
by rising amounts in each subsequent year,
for a total increase of $320 billion over the 10
years from 2019 through 2028.
In 2018, revisions to the economic forecast
have the greatest effect on individual and corporation income taxes, increasing individual
income taxes by $5 billion and reducing corporation income taxes by $3 billion. The increase in individual income taxes is primarily attributable to increases in the forecast of
wages and salaries. Changes in the forecasts
of Gross Domestic Product (GDP) and other
economic measures that affect the profitability of corporations are primarily responsible
for the reduction in corporation income taxes.

Over the 10-year budget window, revisions
in the economic forecast have the greatest effect on individual income taxes, increasing
collections by $252 billion. Revisions in the
economic forecast increase 10-year collections
of corporate income taxes and social insurance and retirement receipts by $59 billion
and $32 billion, respectively. Increases in the
forecasts of taxable corporate income relative
to the Budget forecast are primarily due to
upward revisions in the forecast of nominal
GDP. Increases in the forecast of wages and
salaries, which are subject to Social Security
and Medicare payroll taxes (the largest components of social insurance and retirement receipts), account for most of the increase in this
source of receipts. Revisions in the forecasts of
GDP, interest rates, imports, and other sources
of income decrease all remaining sources of receipts by a net $23 billion.

TECHNICAL CHANGES
Technical revisions in the estimates of receipts reduce receipts by $11 billion in 2018
and increase receipts by $18 billion in 2019.
Technical revisions reduce or slightly increase
receipts in each subsequent year, for a net de-

crease in receipts of $210 billion over the 10
years, 2019 through 2028. The downward
technical revisions in 2018 are primarily due
to revised estimates of the payment pattern
of health insurance provider fees which re11

12

MID-SESSION REVIEW

duced excise taxes by $11 billion. In addition
to the excise tax reduction, technical revisions
reduced other miscellaneous receipts by $13
billion, offset by an increase of $25 billion for
individual income taxes based largely on collections experience since the Budget.
Over the 10-year budget window, technical
revisions decrease collections of individual
income taxes by $247 billion. About threequarters of this reduction is due to including
extension of two provisions affecting passthrough business income in the estimates of

the extension of the Tax Cuts and Jobs Act of
2018 (TCJA) included in the Administration’s
adjusted baseline. These provisions were not
included in the estimates of the extension of
expiring TCJA provision in the 2019 Budget.
Technical revisions increase corporation income taxes by $32 billion. Technical revisions
in all other sources of receipts (social insurance and retirement receipts, excise taxes, customs duties, estate and gift taxes, deposits of
earnings of the Federal Reserve System, and
penalties and fees) result in a net 10-year increase in receipts of $4 billion.

ENACTED LEGISLATION AND REVISIONS IN PROPOSALS
The Extension of Continuing Appropriations Act, 2018, is the largest piece of legislation enacted since the Budget that had
an effect on receipts, decreasing 10-year collections, 2019 through 2028, by $31 billion.
These reductions in receipts are largely due
to a provision in the Act that delayed the effective date of the excise tax on high cost
employer-sponsored health coverage and the
suspension of the 2019 annual fee on health insurance providers. Smaller receipt provisions

in the Bipartisan Budget Act of 2018 and the
Consolidated Appropriations Act, 2018, combined to increase receipts by $2 billion over
the 10-year budget window. Changes in the
estimates of receipt proposals increased receipts by $15 billion over the 10-year window.
Proposals to repeal and replace Obamacare,
provide parental leave benefits, and the reauthorization the Oil Spill Liability Fund excise
tax were the primary drivers of the change in
receipt proposals.

13

Receipts

Table 4. CHANGES IN RECEIPTS
(In billions of dollars)
20192018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 201923
28
2019 Budget estimate �������������������������������������� 3,340 3,422 3,609 3,838 4,089 4,386 4,675 4,946 5,231 5,506 5,818
Changes in current law receipts due to
revised economic assumptions:
Individual income taxes �������������������������������
Corporation income taxes ����������������������������
Social insurance and retirement �����������������
Other �������������������������������������������������������������
Total, changes due to revised economic
assumptions �����������������������������������������

5
–3
–1
*

10
–6
–*
–4

10
–4
1
2

11
–2
–*
1

14
–2
3
–2

18
*
4
–5

23
5
4
–5

27
11
5
–4

38
16
4
–2

47
20
5
–2

54
22
5
–1

62
–14
8
–9

252
59
32
–23

1

–1

8

11

12

17

27

39

56

69

81

48

320

Changes in adjusted baseline receipts due to
technical reestimates 1
Individual income taxes �������������������������������
Corporation income taxes ����������������������������
Social insurance and retirement �����������������
Other �������������������������������������������������������������
Total, changes due to technical reestimates ����������������������������������������������

25
–8
2
–29

5
7
6
*

4
–3
10
–9

–10
6
11
–9

–13
6
13
–10

–13
3
13
–21

–12
1
13
–3

–19
2
14
–12

–48
–1
15
–13

–66
2
17
–15

–76
9
14
–29

–26 –247
19
32
52
125
–49 –121

–11

18

2

–1

–5

–19

–1

–15

–46

–63

–82

–4 –210

Changes in current law receipts due to
enacted legislation ��������������������������������������

–9

–15

–9

–6

–5

1

1

1

1

1

1

–34

–29

Changes in proposals due to enacted
legislation and economic and technical
revisions ��������������������������������������������������������
Total, changes in proposals ��������������������������

*
*

–*
–*

5
5

–2
–2

–1
–1

–*
–*

*
*

2
2

3
3

3
3

4
4

2
2

15
15

Total change in receipts �������������������������
–18
2
7
2
1
–1
27
27
14
11
4
12
2019 Mid-Session estimate ������������������������������ 3,322 3,424 3,616 3,841 4,090 4,385 4,703 4,973 5,245 5,517 5,821
1
Includes economic and technical reestimates of receipt effects of extending expiring TCJA individual and estate provisions
* $500 million or less.

95

EXPENDITURES
Outlays for 2018 in the Mid-Session Review
(MSR) are estimated to be $4,212 billion, $2
billion lower than the 2019 Budget estimate.
After the current year, outlays increase relative to the 2019 Budget by around $100 billion
in 2019 and in each year through 2028 for a total increase of $1,022 billion over the 10-year
budget horizon. The increase in spending is
primarily due to legislation enacted since the
Budget was completed, policy changes to account for enacted legislation, and debt service
on those changes. In addition, economic and
technical reestimates across a large number
of discretionary and mandatory programs, as
well as net interest, increased outlays over the
next 10 years.
Enacted Legislation Changes
Relative to estimates in the Budget, legislation enacted since the Budget was completed
increases outlays by $91 billion in 2018 and by
$173 billion over the 10-year budget window.
Two laws increased discretionary spending:
Public Law 115-123, the Bipartisan Budget
Act of 2018 (BBA), and Public Law 115-141,
the Consolidated Appropriations Act, 2018
(Omnibus). These two laws increased discretionary outlays by $91 billion in 2018, and by
an additional $91 billion from 2019 to 2028.
Four laws enacted since the Budget was
completed affected mandatory spending: the
BBA; the Omnibus; as well as Division B of
Public Law 115-120, Extension of Continuing
Appropriations Act, 2018; and Public Law 115182, VA MISSION Act of 2018. Together these
laws increase net mandatory spending relative to Budget estimates by $82 billion over
the next 10 years.
• The
Children’s
Health
Insurance
Program (CHIP) was extended twice since
the Budget was completed. Public Law
115-120, the Extension of Continuing
Appropriations Act, 2018, enacted in
January, but too late to be included in the
Budget, extended CHIP through 2023,
and the BBA further extended CHIP
through 2027. Compared to the 2019

Budget proposal, these two extensions
increased net outlays for CHIP, Medicaid,
and refundable premium tax credits and
cost sharing reductions and increased
outlays by a net $50 billion through 2028.
• The BBA additionally increased net
mandatory outlays across a number of
programs by $5 billion from the Budget
in the current year and by $27 billion over the next 10 years. The BBA
increased outlays for the Commodity
Credit Corporation because of changes
to dairy and cotton support and payment
limits for disaster assistance. It also increased funding for the Health Resources
and Services Administration, as well as
other divisions within the Department
of Health and Human Services, and enacted Medicare and Medicaid proposals
from the 2019 Budget.
• In addition to providing discretionary
funding, the Omnibus decreased mandatory spending in 2018 by $6 billion primarily due to a change to Crime Victims
Fund spending, but increased spending
over the next 10 years by $1 billion relative to the Budget.
• Public Law 115-182, the VA MISSION
Act of 2018, increased spending for the
Veterans Choice Program by $4.3 billion.
Policy Changes to Account
for Enacted Legislation
Outlays increase by $543 billion from 2019
to 2028 due to changes the Administration
made in its 2019 Budget request to account
for the increased discretionary caps enacted in
the Bipartisan Budget Act of 2018. After the
Administration finalized the 2019 Budget, the
Congress reached an agreement to raise the
defense and non-defense discretionary spending caps in 2018 and 2019. The Administration
accounted for these increases in the discretionary caps in an addendum to the 2019 Budget
and a subsequent budget amendment. These
changes fully supported the defense cap enact15

16
ed in the BBA. For non-defense, these adjustments provided a higher level for 2019 appropriations to account for the higher cap level,
for additional support for a limited number of
Administration priorities, for the shifting of
some funding responsibilities from the mandatory side, and for curtailing the use of budget
gimmicks. The 2019 Budget then continued
the “two-penny plan” to reduce non-defense
discretionary spending by two percent a year
in the outyears. While overall these adjustments were $57 billion below the non-defense
level allowed by the BBA, they appear as an
increase in this presentation since it reflects
an increase relative to the original Budget levels before the BBA.
Estimating Changes
Estimating changes are due to factors other
than enacted legislation or changes in policy.
These result from changes in economic assumptions, discussed earlier in this MSR, and
changes in technical factors. Relative to the
Budget estimates, economic and technical
changes decrease estimated outlays for 2018
by $93 billion, and increase outlays by $123
billion from 2019 through 2028.
Discretionary Programs. Outlays for discretionary programs decrease by $87 billion in
2018, but increase by $30 billion over the next
10 years relative to the Budget as a result of
technical revisions. The changes in 2018 reflect lower outlays compared to the Budget for
both defense, $37 billion, and non-defense, $52
billion, discretionary programs, due to slowerthan-expected spending patterns and delayed
congressional action on appropriations.
Outlays over the 10-year period decrease by $4
billion for defense programs, but increase by $15
billion for non-defense base programs and by an
additional $19 billion for changes to emergency
and disaster funding, and adjustments for program integrity and other adjustments.
Medicare. Economic and technical revisions increase outlays for Medicare by $1
billion in 2018, and decrease outlays by $76
billion from 2019 to 2028 relative to Budget estimates. The decrease is primarily due to technical factors that reduce projected Medicare
Part A spending, such as a decline in estimated enrollment and updated data on utili-

MID-SESSION REVIEW

zation (e.g., hospital discharges, home health
utilization, and skilled nursing facility utilization). These decreases are partially offset by
increases in Medicare Part B due to changes in
assumptions about market baskets, Consumer
Price Index (CPI) inflation, and productivity
growth. Changes in Part B are also due to updated information on actual spending, changes
to beneficiary enrollment, and other modeling
improvements.
Medicaid. Economic and technical revisions reduce projected Federal outlays for
Medicaid by $2 billion in 2018 relative to the
Budget estimates, but increase outlays by $73
billion from 2019 to 2028 due to higher economic factors including CPI, as well as technical adjustments for updated Federal matching
rates and recent State Medicaid expansions.
Social Security. Estimating changes reduce outlays for the Social Security trust
funds by $4 billion in 2018 and by an additional $60 billion over the following 10 years.
The reductions are the net effect of decreases in both Old Age and Survivors Insurance
(OASI) and Disability Insurance (DI) outlays
reflecting continuing trends in actual experience through 2017 and the first half of 2018,
partially offset by increases due to the higher
forecast for the CPI in the MSR, which results
in higher cost-of-living adjustments (COLAs)
in the early years. The reductions in OASI are
primarily due to revised expectations for the
ages at which retired workers start receiving
benefits. The MSR estimates reflect the continuing shift to a later starting age for retired
worker benefits based on experience through
calendar year 2017. Decreases in DI are due to
re-estimates of the path of projected disabled
worker incidence rates reflecting assumed
lower levels of disability applications based on
emerging experience through June 2018.
Veterans’ Benefits. Estimating changes
increase outlays on net for veterans compensation and benefits by $1 billion in 2018 and
by an additional $29 billion over the next 10
years. The increases are primarily due to
technical revisions to workload projections,
contract medical exam reimbursement costs,
grant rates for original veterans compensation
claims, and burial benefits. In addition, higher
COLAs in early years further increased outlay
estimates.

Expenditures

Foreign Military Sales.
Estimating
changes increase outlays by $8 billion in 2018
and decrease outlays by $16 billion from 2019
to 2028; the revisions reflect the latest military sales volumes and projections based on
year-to-date actuals.
Commodity Credit Corporation. Outlays
for the Commodity Credit Corporation decrease by $15 billion from 2019 to 2028 due
to revisions for current spending data and
higher-than-expected
commodity
prices,
which reduce payments from the Agriculture
Loss Coverage program and the Price Loss
Coverage program.
Earned Income Tax Credit (EITC).
Economic and technical changes increase outlays for the earned income tax credit by $2 billion in 2018 and by $14 billion over the next
10 years due to higher assumed wage growth
over the period, model improvements, and the
incorporation of year-to-date actuals.
Child Tax Credit (CTC).
Technical
changes decrease outlays for the CTC by
$11 billion from 2019 to 2028 due to a revision in the estimates of the Budget proposal
to require a Social Security Number valid for
work in order to claim the CTC and the EITC,
to more accurately reflect the impacts of the
proposal after the enactment of Public Law
115-97, the Tax Cuts and Jobs Act. In addition, economic and technical revisions, including higher assumed wage growth over the
period, model improvements, and the incorporation of year-to-date actuals, offset those
decreases slightly.

17
Crime Victims Fund. Outlays for the
Crime Victims Fund decrease by $9 billion
from 2019 to 2023 relative to the Budget. The
decrease reflects a downward technical adjustment to spending based on year-to-date outlays.
This trend is expected to continue in the near
term, with lower spending on crime victims’
programs relative to the Budget estimate.
Risk Corridors.
As described in the
February 26, 2018 letter from the Director
of the Office of Management and Budget to
the Congress, subsequent to submission of
the 2019 Budget, the Department of Health
and Human Services determined that its accounting treatment of the Risk Corridors
program required adjustments at the conclusion of the three-year program. The MSR
incorporates the accounting changes, and reflects Risk Corridors “payments out” capped
by the amount of “payments in.” These technical changes decrease outlays for the Risk
Corridors program by $12 billion in 2018.
Net Interest. Excluding the debt service
associated with enacted legislation and policy
changes, outlays for net interest are projected to increase by $11 billion in 2018 and by
$161 billion over the next 10 years. The majority of the increase is the result of revised
economic assumptions, including higher projections for Treasury interest rates and higher
growth in the CPI. Technical revisions are
primarily due to updating for year-to-date actuals.

18

MID-SESSION REVIEW

Table 5. CHANGES IN OUTLAYS
(In billions of dollars)
2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2019 Budget estimate ��������������������������������� 4,214 4,407 4,596 4,754 4,941 5,160 5,348 5,526 5,748 5,955
Changes due to enacted legislation and
policy changes:
Emergency supplemental
appropriations ���������������������������������
13
12
11
5
*
*
*
*
*
*
2018 Discretionary appropriations ����
78
41
14
5
2
1
*
*
*
*
Other enacted legislation ��������������������
–*
23
17
8
9
10
11
17
–12
–18
Policy changes to account for enacted
legislation ���������������������������������������� .........
10
39
58
63
64
64
63
61
61
Debt service �����������������������������������������
1
4
8
11
14
17
20
23
26
28
Subtotal, enacted legislation and
policy changes �����������������������������
91
90
88
86
89
92
97
104
76
71
Changes due to reestimates:
Discretionary appropriations:
Defense base programs �������������������
–37
–5
3
3
1
*
–1
–1
–1
–1
Non-defense base programs ������������
–28
2
7
5
2
1
*
–1
–1
–1
Emergency/Disaster and other
adjustments 1 �������������������������������
–23
–8
–10
2
15
8
7
4
1
–*
Overseas contingency operations ���
1
–*
*
*
*
–*
*
*
–*
–*
Subtotal, discretionary
appropriations �������������������������
–87
–11
–1
10
19
9
7
2
–1
–2
Medicare ����������������������������������������������
1
–2
–7
–9
–15
–14
–13
–21
13
19
Medicaid ����������������������������������������������
–2
4
6
6
6
7
7
8
9
10
Social Security �������������������������������������
–4
–5
–5
–6
–6
–6
–6
–6
–6
–7
Veterans’ benefits ��������������������������������
1
1
2
2
3
3
3
3
4
4
Foreign military sales �������������������������
8
–7
4
3
1
1
–2
*
–5
–4
Commodity Credit Corporation ����������
–*
–2
–1
–2
–2
–1
–1
–1
–1
–1
Earned income tax credit ��������������������
2
*
1
1
1
*
*
1
2
4
Child tax credit �����������������������������������
–*
1
–1
–1
–1
–2
–2
–2
–2
–1
Crime Victims Fund ���������������������������� .........
–4
–3
–2
–* ......... ......... ......... ......... .........
Risk corridors ��������������������������������������
–12
–*
*
–*
–*
–*
–*
–*
–*
–*
Other programs 2 ���������������������������������
–9
10
–1
–1
–2
–5
–3 .........
1
1
Net interest 3 ���������������������������������������
11
25
15
10
11
15
17
16
15
17
Subtotal, reestimates ���������������������
–93
13
8
11
12
7
8
2
30
39
Total change in outlays ������������������������������

–2

103

96

97

101

99

105

107

105

110

20192028 20192023 2028
6,181

.........
.........
16

28
62
67

28
63
82

60
31

234
54

543
182

106

445

899

–1
–1

2
18

–4
15

–*
–*

7
*

19
*

–3
–27
10
–7
5
–7
–1
5
–2
.........
–*
1
19
–8

27
–47
29
–29
11
1
–9
3
–3
–9
–*
2
76
51

30
–76
73
–60
29
–16
–15
14
–11
–9
–*
2
161
123

98

Mid-Session estimate ��������������������������������� 4,212 4,510 4,692 4,851 5,042 5,259 5,452 5,632 5,854 6,065 6,279
*$500 million or less.
1
Includes emergency and disaster funding, and adjustments for program integrity, wildfire, CUREs, and net zero CHIMPs.
2
Includes reestimates of the effect of standardizing to 12 monthly benefit payments.
3
Includes debt service on all reestimates.

497 1,022

SUMMARY TABLES

19

Table S–1. BUDGET TOTALS 1
(In billions of dollars and as a percent of GDP)
2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2019–
2023

2019–
2028

Budget Totals in Billions of
Dollars:
Receipts ���������������������������������
Outlays ����������������������������������
Deficit ���������������������������������
Debt held by the public ���������
Gross domestic product (GDP) ���

3,316 3,322 3,424 3,616 3,841 4,090 4,385 4,703 4,973 5,245 5,517 5,821 19,356 45,616
3,982 4,212 4,510 4,692 4,851 5,042 5,259 5,452 5,632 5,854 6,065 6,279 24,354 53,637
665
890 1,085 1,076 1,011
952
875
749
659
608
549
458 4,999 8,021
14,665 15,793 16,978 18,142 19,240 20,335 21,298 22,062 22,783 23,441 24,030 24,614
19,178 20,112 21,148 22,262 23,402 24,589 25,834 27,144 28,509 29,916 31,371 32,898

SUMMARY TABLES

Totals
2017

Budget Totals as a Percent
of GDP:
Receipts ��������������������������������� 17.3% 16.5% 16.2% 16.2% 16.4% 16.6% 17.0% 17.3% 17.4% 17.5% 17.6% 17.7% 16.5%
Outlays ���������������������������������� 20.8% 20.9% 21.3% 21.1% 20.7% 20.5% 20.4% 20.1% 19.8% 19.6% 19.3% 19.1% 20.8%
Deficit ��������������������������������� 3.5% 4.4% 5.1% 4.8% 4.3% 3.9% 3.4% 2.8% 2.3% 2.0% 1.7% 1.4%
4.3%
Debt held by the public ��������� 76.5% 78.5% 80.3% 81.5% 82.2% 82.7% 82.4% 81.3% 79.9% 78.4% 76.6% 74.8%
1
Outlays and deficits for 2018 through 2028 are standardized to 12 monthly benefit payments, as shown on Table S–4.

17.0%
20.2%
3.2%

21

Table S–2. EFFECT OF BUDGET PROPOSALS ON PROJECTED DEFICITS
(Deficit increases (+) or decreases (-) in billions of dollars)

22

Totals
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2019– 2019–
2023 2028
Projected deficits in the pre-policy baseline 1 ��������������������������������������������������
665 890 1,127 1,148 1,169 1,181 1,189 1,188 1,220 1,310 1,375 1,469 5,814 12,374
Percent of GDP �������������������������������������������������������������������������������������������������� 3.5% 4.4% 5.3% 5.2% 5.0% 4.9% 4.7% 4.4% 4.4% 4.5% 4.5% 4.6%
Proposals in the 2019 Mid-Session Review:
Changes to mandatory spending and receipts:
Repeal and replace Obamacare �������������������������������������������������������������������
Support at least $1 trillion in private/public infrastructure investment ��
Provide paid parental leave �������������������������������������������������������������������������
Reform the welfare system ��������������������������������������������������������������������������
Reform Federal student loans ���������������������������������������������������������������������
Reduce improper payments Government-wide ������������������������������������������
Reform disability programs �������������������������������������������������������������������������
Reform retirement and health benefits for Federal employees �������������������
Limit Farm Bill subsidies and make other agricultural reforms �������������������
Eliminate wasteful spending in Medicare and improve drug pricing and
payment policies 2 ������������������������������������������������������������������������������������
Other spending reductions and program reforms 3 �����������������������������������
Total, changes to mandatory spending and receipts ������������������������������
Reprioritize discretionary spending:
Eliminate the defense sequester and raise the cap on defense
discretionary spending �����������������������������������������������������������������������������
Reorganize Government and apply two-penny plan to non-defense
discretionary spending ����������������������������������������������������������������������������
Phase down the use of Overseas Contingency Operations funding ����������
Provide 2018 emergency funding and align emergency and disaster
funding with the ten-year average 4 �������������������������������������������������������
Total, reprioritize discretionary spending �������������������������������������������������
Debt service and indirect interest effects ��������������������������������������������������������
Total changes to spending and receipts in the 2019 Mid-Session
Review ����������������������������������������������������������������������������������������������������
Effect of post-policy boost to economic growth ����������������������������������������������������

.........
.........
.........
.........
.........
.........
.........
.........
.........

.........
.........
.........
.........
.........
.........
.........
.........
.........

3
45
1
–21
–6
–*
–1
–4
–1

16
11
1
–26
–12
–1
–2
–3
–4

......... .........
.........
–*
.........
–*

–3
–14
–2

–13
–18
–25
–30
–32
–37
–41
–45
–51
–24
–19
–13
–18
–22
–18
–31
–18
–61
–55 –104 –119 –146 –179 –220 –284 –331 –433

......... .........

3

81

110

123

129

107

88

446

920

......... .........
......... .........

–13
–5

–8
–35

–24
–54

–51
–61

–71
–65

–95 –121 –146 –171 –196
–73
–78
–81
–83
–86

–168
–220

–898
–620

......... .........
–*

–20
–35
–1

–39
–1
–2

–55
–22
–5

–70
–60
–10

–88
–99 –108 –115 –119 –122
–95 –159 –210 –250 –284 –316
–18
–28
–40
–57
–77 –101

–272 –834
–214 –1,433
–36 –339

.........
–*
......... .........

–37
–4

–58 –132 –189 –259 –366 –471 –590 –693 –850
–14
–26
–40
–55
–72
–90 –111 –133 –161

–676 –3,646
–139 –706

–42

–72 –158 –229 –314 –438 –561 –701 –826 –1,011

–815 –4,352

.........

–*

–44
25
2
–28
–19
–3
–2
–5
–6

–59
31
2
–30
–22
–6
–2
–8
–6

–76
29
2
–31
–24
–6
–5
–10
–7

–94 –113 –138 –162
20
12
5
2
2
2
2
3
–31
–32
–33
–32
–25
–26
–27
–27
–12
–22
–40
–59
–8
–12
–17
–22
–11
–14
–15
–16
–7
–7
–7
–7

96

93

89

–114
130
7
–133
–75
–11
–9
–24
–22

–696
199
19
–291
–203
–151
–72
–90
–58

–89 –294
–87 –237
–427 –1,874

Resulting deficits in the 2019 Mid-Session Review �����������������������������������
665 890 1,085 1,076 1,011 952 875 749 659 608 549 458 4,999 8,021
Percent of GDP �������������������������������������������������������������������������������������������������� 3.5% 4.4% 5.1% 4.8% 4.3% 3.9% 3.4% 2.8% 2.3% 2.0% 1.7% 1.4%
* $500 million or less.
1
Includes adjustments to standardize the number of benefit payments in each year. See Table S–3 for more information on the baseline.
2
Includes the following categories of proposals on Table S–6: Address fraud and abuse in Medicare, Eliminate wasteful spending on Government-imposed provider burdens in
Medicare, Eliminate wasteful Federal spending, Medicare drug pricing and payment improvements, Improve the Medicare appeals system, and Medicare interactions.
3
Includes interaction between 2019 Mid-Session Review proposals and the adjustment to standardize the number of benefit payments in each year.
4
The Balanced Budget and Emergency Deficit Control Act of 1985 (BBEDCA) requires the baseline for discretionary appropriations, including disaster and emergency spending, to reflect the most recent enacted levels, extended through the budget window with adjustments for inflation. This line represents the effect of providing needed emergency
funding for 2018 and then aligning emergency and disaster funding with the average of funding provided over the previous ten years, relative to the inflated spending levels in
the BBEDCA baseline.
5
Includes differences between baseline and policy estimates of the outlay effects of mandatory sequestration.

MID-SESSION REVIEW

Total deficit reduction in the 2019 Mid-Session Review 5 ����������������������� .........

–30
18
2
–28
–16
–2
–2
–4
–5

Table S–3. BASELINE BY CATEGORY 1
(In billions of dollars)

Outlays:
Discretionary programs:
Defense ���������������������������������������������� 590 613 677
Non-defense ��������������������������������������� 610 660 724
Subtotal, discretionary programs ��� 1,200 1,274 1,401
Mandatory programs:
Social Security ������������������������������������ 939 982 1,042
Medicare ��������������������������������������������� 591 586 646
Medicaid ��������������������������������������������� 375 399 424
Exchange subsidies (including Basic
Health Program) ����������������������������
39
52
49
Other mandatory programs ��������������� 574 556 593
Subtotal, mandatory programs ����� 2,519 2,575 2,754
Net interest ��������������������������������������������
263 322 395
Total outlays ��������������������������������������� 3,982 4,171 4,550

675 672 678 689 701 718 735 753 771
708 718 728 743 764 784 803 821 839
1,383 1,391 1,406 1,432 1,465 1,502 1,538 1,574 1,611

3,392 7,070
3,620 7,632
7,012 14,701

1,104 1,169 1,238 1,313 1,392 1,474 1,560 1,649 1,744
690 742 839 872 902 1,013 1,092 1,169 1,342
441 463 490 520 552 586 628 665 705

5,866 13,685
3,790 9,308
2,339 5,475

SUMMARY TABLES

Totals
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2019– 2019–
2023 2028

49
50
53
55
58
60
62
65
68
255
569
610 627 665 665 666 698 749 771 830 3,160 6,874
2,894 3,051 3,286 3,426 3,570 3,831 4,090 4,319 4,689 15,410 35,910
472 538 604 669 724 769 815 863 912 2,679 6,762
4,749 4,980 5,296 5,526 5,758 6,103 6,443 6,757 7,212 25,101 57,374

Receipts:
Individual income taxes ������������������������� 1,587 1,685 1,704 1,800 1,914 2,050 2,203 2,359 2,513 2,691 2,864 3,041 9,673 23,141
Corporation income taxes ����������������������
297 204 225 254 280 317 377 423 447 433 427 440 1,454 3,624
Social insurance and retirement
receipts:
Social Security payroll taxes ������������ 851 855 911 950 1,005 1,061 1,116 1,178 1,241 1,311 1,377 1,459 5,043 11,608
Medicare payroll taxes ���������������������� 256 261 277 289 307 325 343 363 383 405 427 453 1,542 3,572
Unemployment insurance �����������������
46
45
45
46
47
47
47
48
49
51
53
56
231
488
Other retirement ��������������������������������
10
10
11
11
12
12
13
14
14
15
16
17
59
135
Excise taxes ��������������������������������������������
84
92
98 107 110 114 110 133 126 130 134 126
539 1,188
Estate and gift taxes ������������������������������
23
23
17
18
20
21
23
25
27
28
29
30
100
239
Customs duties ���������������������������������������
35
38
40
42
44
45
46
47
49
51
53
55
217
470
Deposits of earnings, Federal Reserve
System ������������������������������������������������
81
72
53
53
55
59
64
68
74
79
84
90
284
679
Other miscellaneous receipts ����������������
48
37
46
43
43
45
46
48
50
52
52
54
224
479
Total receipts �������������������������������������� 3,316 3,322 3,427 3,615 3,837 4,097 4,388 4,705 4,973 5,245 5,515 5,821 19,364 45,622
665

849 1,123 1,134 1,143 1,199 1,139 1,054 1,130 1,199 1,241 1,391 5,737 11,752

Net interest ��������������������������������������������
Primary deficit ���������������������������������������
On-budget deficit ������������������������������������
Off-budget deficit/surplus (–) �����������������

263
403
715
–49

322 395 472 538 604 669
527 728 662 605 595 469
853 1,122 1,114 1,115 1,160 1,084
–4
1
20
28
38
55

724 769 815 863 912
330 361 384 378 479
985 1,046 1,111 1,140 1,285
69
84
88 101 107

2,679 6,762
3,058 4,990
5,595 11,162
142
590

23

Deficit ��������������������������������������������������������

Table S–3. BASELINE BY CATEGORY 1 —Continued
(In billions of dollars)

24

Totals
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2019– 2019–
2023 2028
Memorandum, totals with prepolicy economic assumptions and
standardized to 12 monthly benefit
payments: 2
Receipts �������������������������������������������������� 3,316 3,322 3,422 3,602 3,812 4,059 4,336 4,637 4,889 5,141 5,392 5,672 19,230 44,961
Outlays ��������������������������������������������������� 3,982 4,212 4,550 4,749 4,981 5,240 5,524 5,825 6,108 6,451 6,767 7,141 25,044 57,335
Deficit �������������������������������������������������� 665 890 1,127 1,148 1,169 1,181 1,189 1,188 1,220 1,310 1,375 1,469 5,814 12,374
Memorandum, budget authority for
discretionary programs:
Defense ��������������������������������������������������
634 701 722 652 668 684 701 718 736 754 772 791 3,428 7,197
Non-defense �������������������������������������������
586 722 724 672 687 704 721 738 756 774 793 812 3,507 7,379
Total, discretionary budget authority ��� 1,220 1,423 1,445 1,324 1,355 1,388 1,422 1,456 1,491 1,528 1,564 1,602 6,935 14,576
1
Baseline estimates are on the basis of the economic assumptions shown in Table S–9, which incorporate the effects of the
Administration’s fiscal policies. Baseline totals reflecting current-law economic assumptions are shown in a memorandum bank.
2
When October 1 falls on a weekend, certain mandatory benefit payments are accelerated to the previous business day, and as a result
certain fiscal years can have 11 or 13 benefit payments rather than the normal 12 payments.

MID-SESSION REVIEW

Table S–4. PROPOSED BUDGET BY CATEGORY
(In billions of dollars)

Outlays:
Discretionary programs:
Defense �����������������������������������������������������������������������
Non-defense ����������������������������������������������������������������
Subtotal, discretionary programs ��������������������������
Mandatory programs:
Social Security ������������������������������������������������������������
Medicare ���������������������������������������������������������������������
Medicaid and Market-Based Health Care Grant �����
Exchange subsidies (including Basic Health
Program) �����������������������������������������������������������������
Other mandatory programs ���������������������������������������
Allowance for infrastructure initiative ���������������������
Subtotal, mandatory programs �����������������������������
Net interest ��������������������������������������������������������������������
Total outlays ���������������������������������������������������������������

590 613 679 726 735 746 760 743 744 754 766 781
610 660 687 650 626 583 558 543 528 515 504 495
1,200 1,274 1,366 1,376 1,361 1,329 1,318 1,286 1,272 1,269 1,270 1,276
939
591
375

982 1,042 1,103 1,167 1,236 1,310 1,389 1,471 1,556 1,645 1,741
586 629 656 700 790 816 842 948 1,021 1,103 1,239
399 419 487 479 495 513 530 548 566 582 597

3,647 7,435
3,103 5,688
6,750 13,123

SUMMARY TABLES

Totals
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2019– 2019–
2023 2028

5,858 13,660
3,592 8,745
2,393 5,215

39
52
48
11 ......... ......... ......... ......... ......... ......... ......... .........
58
58
574 556 569 578 595 631 625 621 647 674 675 696 2,998 6,311
......... .........
45
11
18
25
31
29
19
11
4
1
129
193
2,519 2,575 2,751 2,846 2,959 3,176 3,295 3,411 3,633 3,828 4,010 4,274 15,028 34,183
263 322 393 469 531 593 651 695 728 757 786 810 2,637 6,413
3,982 4,171 4,510 4,692 4,851 5,098 5,264 5,392 5,632 5,854 6,065 6,360 24,415 53,718

Receipts:
Individual income taxes ������������������������������������������������� 1,587 1,685 1,705 1,802 1,917 2,054 2,208 2,365 2,521 2,699 2,873 3,050 9,687 23,195
Corporation income taxes ���������������������������������������������� 297 204 225 254 280 317 377 423 447 433 427 440 1,454 3,624
Social insurance and retirement receipts:
Social Security payroll taxes ������������������������������������ 851 855 911 950 1,005 1,061 1,115 1,178 1,241 1,311 1,377 1,459 5,042 11,607
Medicare payroll taxes ���������������������������������������������� 256 261 277 290 307 325 343 363 383 405 427 453 1,542 3,573
Unemployment insurance �����������������������������������������
46
45
45
46
47
50
50
50
52
53
56
59
237
507
Other retirement ��������������������������������������������������������
10
10
11
13
14
17
20
23
25
27
28
29
75
206
Excise taxes ��������������������������������������������������������������������
84
92
98 107 110
98
94 116 108 111 114 105
507 1,060
Estate and gift taxes ������������������������������������������������������
23
23
17
18
20
21
23
25
27
28
29
30
100
239
Customs duties ���������������������������������������������������������������
35
38
40
42
43
44
45
47
48
50
52
54
215
466
Deposits of earnings, Federal Reserve System �������������
81
72
53
54
56
60
65
69
74
80
85
91
287
686
Other miscellaneous receipts ����������������������������������������
48
37
46
43
43
45
46
48
50
52
52
54
225
481
Allowance for Obamacare repeal and replacement ������ ......... .........
–3
–4
–2
–2
–2
–2
–3
–3
–3
–3
–14
–29
Total receipts �������������������������������������������������������������� 3,316 3,322 3,424 3,616 3,841 4,090 4,385 4,703 4,973 5,245 5,517 5,821 19,356 45,616
Deficit ��������������������������������������������������������������������������������

665

849 1,085 1,076 1,011 1,008

879

689

659

Net interest ��������������������������������������������������������������������
Primary deficit/surplus (–) ���������������������������������������������
On-budget deficit ������������������������������������������������������������
Off-budget deficit/surplus (–) �����������������������������������������

263
403
715
–49

322 393 469
527 693 607
853 1,086 1,059
–4
–1
17

651
228
828
51

695
–6
625
64

728 757 786 810
–69 –149 –237 –271
580 526 454 438
79
82
95 101

593
415
973
35

549

539 5,059 8,103
2,637
2,422
4,933
126

6,413
1,690
7,556
547

25

531
479
986
24

608

Table S–4. PROPOSED BUDGET BY CATEGORY—Continued
(In billions of dollars)

26

Totals
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2019– 2019–
2023 2028
Memorandum, totals standardized to 12 monthly
benefit payments: 1
Receipts �������������������������������������������������������������������������� 3,316 3,322 3,424 3,616 3,841 4,090 4,385 4,703 4,973 5,245 5,517 5,821 19,356 45,616
Outlays ��������������������������������������������������������������������������� 3,982 4,212 4,510 4,692 4,851 5,042 5,259 5,452 5,632 5,854 6,065 6,279 24,354 53,637
Deficit �������������������������������������������������������������������������� 665 890 1,085 1,076 1,011 952 875 749 659 608 549 458 4,999 8,021
Memorandum, budget authority for discretionary
programs:
Defense ����������������������������������������������������������������������� 634 701 716 733 743 760 778 737 752 768 784 800
Non-defense ���������������������������������������������������������������� 586 722 542 534 522 502 492 481 470 461 452 443
Total, discretionary budget authority ������������������� 1,220 1,423 1,258 1,267 1,265 1,262 1,270 1,218 1,222 1,229 1,236 1,243

3,730 7,571
2,592 4,899
6,322 12,470

Memorandum, repeal & replace Obamacare-Medicaid and other outlays for health care
coverage:
Medicaid ������������������������������������������������������������������������� 375 399 419 367 356 369 384 399 413 428 441 453 1,896 4,030
Exchange Subsidies (including Basic Health Program) ���
39
52
48
11 ......... ......... ......... ......... ......... ......... ......... .........
58
58
Market-Based Health Care Grant ������������������������������� ......... ......... ......... 120 123 126 128 131 134 138 141 144
497 1,185
Total, outlays. ������������������������������������������������������������� 414 451 467 498 479 495 513 530 548 566 582 597 2,451 5,274
1
When October 1 falls on a weekend, certain mandatory benefit payments are accelerated to the previous business day, and as a result certain fiscal
years can have 11 or 13 benefit payments rather than the normal 12 payments.

MID-SESSION REVIEW

Table S–5. PROPOSED BUDGET BY CATEGORY AS A PERCENT OF GDP
(As a percent of GDP)

Discretionary programs:
Defense ������������������������������������������������������������� 3.1 3.1 3.2 3.3 3.1 3.0 2.9 2.7 2.6 2.5 2.4 2.4
Non-defense ������������������������������������������������������ 3.2 3.3 3.2 2.9 2.7 2.4 2.2 2.0 1.9 1.7 1.6 1.5
Subtotal, discretionary programs ���������������� 6.3 6.3 6.5 6.2 5.8 5.4 5.1 4.7 4.5 4.2 4.0 3.9
Mandatory programs:
Social Security �������������������������������������������������� 4.9 4.9 4.9 5.0 5.0 5.0 5.1 5.1 5.2 5.2 5.2 5.3
Medicare ����������������������������������������������������������� 3.1 2.9 3.0 2.9 3.0 3.2 3.2 3.1 3.3 3.4 3.5 3.8
Medicaid and Market-Based Health Care
Grant ������������������������������������������������������������ 2.0 2.0 2.0 2.2 2.0 2.0 2.0 2.0 1.9 1.9 1.9 1.8
Exchange subsidies (including Basic Health
Program) ������������������������������������������������������� 0.2 0.3 0.2
* ......... ......... ......... ......... ......... ......... ......... .........
Other mandatory programs ����������������������������� 3.0 2.8 2.7 2.6 2.5 2.6 2.4 2.3 2.3 2.3 2.2 2.1
Allowance for infrastructure initiative ����������� ......... ......... 0.2 0.1 0.1 0.1 0.1 0.1 0.1
*
*
*
Subtotal, mandatory programs ������������������� 13.1 12.8 13.0 12.8 12.6 12.9 12.8 12.6 12.7 12.8 12.8 13.0
Net interest ���������������������������������������������������������� 1.4 1.6 1.9 2.1 2.3 2.4 2.5 2.6 2.6 2.5 2.5 2.5
Total outlays ����������������������������������������������������� 20.8 20.7 21.3 21.1 20.7 20.7 20.4 19.9 19.8 19.6 19.3 19.3

2.8
2.2
5.0

5.0
3.1

5.1
3.2

2.0

2.0

0.1
2.6
0.1
12.8
2.2
20.8

*
2.4
0.1
12.8
2.4
20.2

8.3
1.2

8.6
1.3

4.3
1.3
0.2
0.1
0.4
0.1
0.2
0.2
0.2

4.3
1.3
0.2
0.1
0.4
0.1
0.2
0.3
0.2

–*
16.5

–*
17.0

2.5 2.3 2.0 1.7 1.6
2.6 2.6 2.5 2.5 2.5
–* –0.2 –0.5 –0.8 –0.8
2.3 2.0 1.8 1.4 1.3
0.2 0.3 0.3 0.3 0.3

4.4
2.2
2.1
4.3
0.1

3.2
2.4
0.8
3.0
0.2

Memorandum, totals standardized to 12
monthly benefit payments:
Receipts ���������������������������������������������������������������� 17.3 16.5 16.2 16.2 16.4 16.6 17.0 17.3 17.4 17.5 17.6 17.7
Outlays ����������������������������������������������������������������� 20.8 20.9 21.3 21.1 20.7 20.5 20.4 20.1 19.8 19.6 19.3 19.1
Deficit ���������������������������������������������������������������� 3.5 4.4 5.1 4.8 4.3 3.9 3.4 2.8 2.3 2.0 1.7 1.4

16.5
20.8
4.3

17.0
20.2
3.2

Receipts:
Individual income taxes ��������������������������������������� 8.3 8.4 8.1 8.1 8.2 8.4 8.5 8.7 8.8 9.0 9.2 9.3
Corporation income taxes ������������������������������������ 1.5 1.0 1.1 1.1 1.2 1.3 1.5 1.6 1.6 1.4 1.4 1.3
Social insurance and retirement receipts:
Social Security payroll taxes �������������������������� 4.4 4.2 4.3 4.3 4.3 4.3 4.3 4.3 4.4 4.4 4.4 4.4
Medicare payroll taxes ������������������������������������ 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.4 1.4 1.4
Unemployment insurance ������������������������������� 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2
Other retirement ����������������������������������������������
* 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Excise taxes ���������������������������������������������������������� 0.4 0.5 0.5 0.5 0.5 0.4 0.4 0.4 0.4 0.4 0.4 0.3
Estate and gift taxes �������������������������������������������� 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Customs duties ����������������������������������������������������� 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2
Deposits of earnings, Federal Reserve System ��� 0.4 0.4 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.3
Other miscellaneous receipts ������������������������������ 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2
Allowance for Obamacare repeal and
replacement ������������������������������������������������������ ......... .........
–*
–*
–*
–*
–*
–*
–*
–*
–*
–*
Total receipts ���������������������������������������������������� 17.3 16.5 16.2 16.2 16.4 16.6 17.0 17.3 17.4 17.5 17.6 17.7
Deficit ���������������������������������������������������������������������� 3.5
Net interest ���������������������������������������������������������� 1.4
Primary deficit/surplus (–) ����������������������������������� 2.1
On-budget deficit �������������������������������������������������� 3.7
Off-budget deficit/surplus (–) ������������������������������� –0.3

4.2
1.6
2.6
4.2
–*

5.1
1.9
3.3
5.1
–*

4.8
2.1
2.7
4.8
0.1

4.3
2.3
2.0
4.2
0.1

4.1
2.4
1.7
4.0
0.1

3.4
2.5
0.9
3.2
0.2

27

3.1
2.7
5.8

SUMMARY TABLES

Totals
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2019– 2019–
2023 2028

Table S–5. PROPOSED BUDGET BY CATEGORY
AS A PERCENT OF GDP—Continued
28

(As a percent of GDP)
Totals
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2019– 2019–
2023 2028
Memorandum, budget authority for
discretionary programs:
Defense �������������������������������������������������������������
Non-defense ������������������������������������������������������
Total, discretionary budget authority ���������

3.3
3.1
6.4

3.5
3.6
7.1

3.4
2.6
5.9

Memorandum, repeal & replace Obamacare-Medicaid and other outlays for health care
coverage:
Medicaid. �������������������������������������������������������������� 2.0 2.0 2.0
Exchange Subsidies (including Basic Health
Program) ���������������������������������������������������������� 0.2 0.3 0.2
Market-Based Health Care Grant ��������������������� ......... ......... .........
Total, outlays. ��������������������������������������������������� 2.2 2.2 2.2
*0.05 percent of GDP or less.

3.3
2.4
5.7

3.2
2.2
5.4

3.1
2.0
5.1

3.0
1.9
4.9

2.7
1.8
4.5

2.6
1.6
4.3

2.6
1.5
4.1

2.5
1.4
3.9

2.4
1.3
3.8

3.2
2.2
5.4

2.9
1.9
4.8

1.6

1.5

1.5

1.5

1.5

1.4

1.4

1.4

1.4

1.6

1.5

* ......... ......... ......... ......... ......... ......... ......... .........
0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.4 0.4
2.2 2.0 2.0 2.0 2.0 1.9 1.9 1.9 1.8

0.1
0.4
2.1

*
0.4
2.0

MID-SESSION REVIEW

Table S–6. MANDATORY AND RECEIPT PROPOSALS
(Deficit increases (+) or decreases (–) in millions of dollars)

Education:
Create single income-driven
student loan repayment plan 2 ����

2020

2021

2022

2023

2024

2025

2026

2027

2028

2019–
2023

2019–
2028

.........

–114

–89

–142

–135

–124

–120

–111

–102

–98

–90

–604

–1,125

.........

.........

–56

–58

–67

–71

–77

–84

–92

–102

–117

–252

–724

.........

.........

–2,231

–2,258

–2,482

–2,502

–2,540

–2,556

–2,587

–2,606

–2,609

–9,473

–22,371

.........

–136

–189

–483

–876

–1,291

–1,689

–2,017

–2,121

–2,120

–2,120

–2,975

–13,042

.........

–54

–112

–94

–98

–100

–100

–100

–100

–100

–100

–458

–958

.........

.........

.........

.........

–413

–420

–423

–426

–430

–437

–439

–833

–2,988

.........

–166

–166

–166

–166

–166

–166

–166

–166

–166

–166

–830

–1,660

.........

–149

–143

–141

–137

–135

–132

–130

–128

–127

–126

–705

–1,348

.........
.........

–416
–1,035

–421
–3,407

–434
–3,776

–444
–4,818

–451
–5,260

–456
–5,703

–460
–6,050

–462
–6,188

–468
–6,224

–471
–6,238

–2,166
–18,296

–4,483
–48,699

.........

.........

–660

–660

–660

–660

–660

–660

–660

–660

–660

–2,640

–5,940

.........

–23

–23

–23

–23

–23

–23

–23

–23

–23

–23

–115

–230

.........

–23

–23

–23

–23

–23

–23

–23

–23

–23

–23

–115

–230

.........

–20

–20

–20

–20

–20

–20

–20

–20

–20

–20

–100

–200

.........

–129

–127

–130

–130

–128

–129

–129

–129

–129

–129

–644

–1,289

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........
.........

.........
–1,230

–27
–4,287

–135
–4,767

–180
–5,854

–180
–6,294

–180
–6,738

–180
–7,085

–180
–7,223

–180
–7,259

–180
–7,273

–522
–22,432

–1,422
–58,010

.........

–2,429

–6,006

–9,365

–11,883

–13,885

–15,458

–16,317

–17,228

–17,695

–18,099

–43,568

–128,365

29

Agriculture:
Farm Bill savings:
Limit eligiblity for agricultural
commodity payments to
$500,000 Adjusted Gross
Income (AGI) ����������������������������
Limit Crop Insurance eligiblity to
$500,000 AGI ����������������������������
Limit Crop Insurance premium
subsidies �����������������������������������
Streamline conservation
programs �����������������������������������
Eliminate lower priority Farm
Bill programs ����������������������������
Cap Crop Insurance companies’
underwriting gains ������������������
Eliminate Food for Progress food
aid program ������������������������������
Eliminate farm payment limit
loopholes �����������������������������������
Eliminate Livestock Forage
Program ������������������������������������
Total, Farm Bill savings������������
Establish Food Safety and
Inspection Service (FSIS) user
fee ��������������������������������������������������
Establish Animal and Plant Health
Inspection Service (APHIS) user
fee ��������������������������������������������������
Establish Packers and Stockyards
Program user fee ��������������������������
Establish Agricultural Marketing
Service (AMS) user fee �����������������
Eliminate interest payments to
electric & telecommunications
utilities ������������������������������������������
Eliminate the Rural Economic
Development Program �����������������
Outyear mandatory effects of
discretionary changes to the
Conservation Stewardship
Program ����������������������������������������
Total, Agriculture��������������������������

2019

SUMMARY TABLES

Totals
2018

Table S–6. MANDATORY AND RECEIPT PROPOSALS—Continued
(Deficit increases (+) or decreases (–) in millions of dollars)

Eliminate subsidized student loans ����
Eliminate Public Service Loan
Forgiveness �����������������������������������
Eliminate account maintenance fee
payments to guaranty agencies ���
Move Iraq-Afghanistan Service
Grants into the Pell Grant
program ����������������������������������������
Expand Pell Grants to short-term
programs ���������������������������������������
Reallocate mandatory Pell funding
to support short-term programs ��
Total, Education����������������������������
Energy:
Repeal borrowing authority
for Western Area Power
Administration (WAPA) ���������������
Divest WAPA transmission assets ���
Divest Southwestern Power
Administration transmission
assets ��������������������������������������������
Divest Bonneville Power
Administration transmission
assets ��������������������������������������������
Reform the laws governing
how Power Marketing
Administrations establish power
rates ����������������������������������������������
Restart Nuclear Waste Fund Fee in
2021 ����������������������������������������������
Total, Energy���������������������������������

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

.........

–1,500

–2,580

–2,886

–2,973

–2,992

–3,008

–3,050

–3,096

–3,216

–3,254

–12,931

–28,555

.........

–1,720

–2,979

–3,873

–4,411

–4,851

–5,303

–5,511

–5,597

–5,758

–5,859

–17,834

–45,862

.........

–656

.........

.........

.........

.........

.........

.........

.........

.........

.........

–656

–656

.........

.........

.........

.........

.........

–1

–1

–1

–1

–1

–1

–1

–6

.........

7

27

34

40

46

48

49

49

50

51

154

401

.........
.........

–7
–6,305

–27
–11,565

–34
–16,124

–40
–19,267

–46
–21,729

–48
–23,770

–49
–24,879

–49
–25,922

–50
–26,670

–51
–27,213

–154
–74,990

–401
–203,444

.........
.........

–450
.........

–875
–580

–175
.........

575
.........

275
.........

110
.........

–50
.........

–50
.........

–50
.........

–50
.........

–650
–580

–740
–580

.........

.........

–15

.........

.........

.........

.........

.........

.........

.........

.........

–15

–15

.........

.........

–1,733

–488

–483

–493

–452

–386

–386

–386

–386

–3,197

–5,193

.........

–162

–169

–173

–182

–188

–192

–199

–206

–211

–217

–874

–1,899

.........
.........

.........
–612

.........
–3,372

–359
–1,195

–359
–449

–364
–770

–367
–901

–364
–999

–360
–1,002

–360
–1,007

–360
–1,013

–1,082
–6,398

–2,893
–11,320

.........

.........

.........

7

8

8

8

21

22

18

18

23

110

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

13

35

40

40

40

27

5

.........

.........

.........

168

200

.........

222

222

222

222

222

222

222

222

222

222

1,110

2,220

2019–
2023

2019–
2028

MID-SESSION REVIEW

Health and Human Services (HHS):
Create child welfare flexible
funding option ������������������������������
Reform the title IV-E adoption
assistance savings provision �����������
Provide tribal access to the Federal
Parent Locator Service ����������������
Reauthorize the Promoting Safe
and Stable Families program
(title IV-B) �������������������������������������
Expand the Regional Partnership
Grants program ����������������������������
Maintain Federal funding for key
child care programs ����������������������

30

Totals
2018

Table S–6. MANDATORY AND RECEIPT PROPOSALS—Continued
(Deficit increases (+) or decreases (–) in millions of dollars)

Shift classification of certain HHS
funding from mandatory to
discretionary funding �������������������
Drug pricing and payment
improvements:
Improve 340B program integrity ���
Medicare:
Authorize the HHS Secretary
to leverage Medicare Part D
plans’ negotiating power for
certain drugs covered under
Part B 3 ���������������������������������
Permanently authorize
a successful pilot on
retroactive Medicare Part
D coverage for low-income
beneficiaries ��������������������������
Increase Medicare Part D plan
formulary flexibility �������������
Eliminate cost-sharing on
generic drugs for low-income
beneficiaries ��������������������������
Require Medicare Part D
plans to apply a substantial
portion of rebates at the
point of sale ��������������������������
Exclude manufacturer
discounts from the
calculation of beneficiary
out-of-pocket costs in the
Medicare Part D coverage
gap ����������������������������������������
Establish a beneficiary
out-of-pocket maximum
in the Medicare Part D
catastrophic phase ���������������
Address abusive drug pricing
by manufacturers by
establishing an inflation
limit for reimbursement of
Medicare Part B drugs 3 ������
Improve manufacturers’
reporting of average sales
prices to set accurate
payment rates 3 ���������������������

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

.........

–2,079

–3,331

–919

–446

–409

–289

–75

–16

.........

.........

–7,184

–7,564

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

–30

–50

–50

–50

–60

–60

–70

–70

–80

–180

–520

.........

–160

–230

–250

–270

–300

–320

–340

–370

–410

–430

–1,210

–3,080

.........

–40

–30

–40

–30

–30

–30

–30

–30

–20

–30

–170

–310

.........

1,720

2,680

3,110

3,470

3,870

4,270

4,720

5,270

5,880

6,430

14,850

41,420

.........

–2,390

–3,270

–4,710

–6,590

–7,160

–6,450

–7,990

–8,810

–9,630 –11,290

–24,120

–68,290

.........

90

230

400

600

690

750

810

880

950

1,030

2,010

6,430

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

2019–
2023

2019–
2028

SUMMARY TABLES

Totals
2018

31

Table S–6. MANDATORY AND RECEIPT PROPOSALS—Continued
(Deficit increases (+) or decreases (–) in millions of dollars)
2020

2021

2022

2023

2024

2025

2026

2027

2028

2019–
2023

2019–
2028

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........
.........

–60
–840

–70
–720

–70
–1,610

–90
–2,960

–80
–3,060

–80
–1,920

–90
–2,980

–100
–3,230

–110
–3,410

–130
–4,500

–370
–9,190

–880
–25,230

.........

.........

–5

–10

–15

–15

–15

–15

–15

–15

–15

–45

–120

.........
.........

–26
–26

–26
–31

–26
–36

–26
–41

–31
–46

–31
–46

–36
–51

–37
–52

–37
–52

–42
–57

–135
–180

–318
–438

.........

–866

–751

–1,646

–3,001

–3,106

–1,966

–3,031

–3,282

–3,462

–4,557

–9,370

–25,668

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

–10

–10

–10

–10

–10

–10

–10

–10

–10

–10

–50

–100

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........
.........

35
25

25
15

–25
–35

–75
–85

–115
–125

–130
–140

–145
–155

–150
–160

–160
–170

–170
–180

–155
–205

–910
–1,010

MID-SESSION REVIEW

Modify payment for drugs
hospitals purchase through
the 340B discount program
and require a minimum
level of charity care for
hospitals to receive a
payment adjustment related
to uncompensated care 3 ������
Reduce Wholesale Acquisition
Cost (WAC)-based
payments 3 ���������������������������
Reform exclusivity for first
generics to spur greater
competition and access���������
Total, Medicare����������������������
Medicaid:
Test allowing State Medicaid
programs to negotiate
prices directly with drug
manufacturers and set
formulary for coverage ���������
Clarify definitions under the
Medicaid Drug Rebate
Program to prevent
inappropriately low
manufacturer rebates ����������
Total, Medicaid����������������������
Total, Drug pricing and
payment improvements �������
Address opioids:
Prevent abusive prescribing by
establishing HHS reciprocity
with the Drug Enforcement
Administration to terminate
provider prescribing
authority 3 ����������������������������
Require plan participation
in a program to prevent
prescription drug abuse in
Medicare Part D �������������������
Provide comprehensive
coverage of substance abuse
treatment in Medicare 3 ������
Track high prescribers and
utilizers of prescription
drugs in Medicaid 3 ��������������
Require coverage of all
medication assisted
treatment options in
Medicaid �������������������������������
Total, Address opioids ����������

2019

32

Totals
2018

Table S–6. MANDATORY AND RECEIPT PROPOSALS—Continued
(Deficit increases (+) or decreases (–) in millions of dollars)
2020

2021

2022

2023

2024

2025

2026

2027

2028

2019–
2023

2019–
2028

.........

–450

–1,220

–2,030

–2,950

–3,960

–4,940

–6,000

–7,190

–8,310

–9,610

–10,610

–46,660

.........

–400

–1,320

–2,810

–3,730

–4,050

–4,310

–4,580

–4,870

–5,180

–5,480

–12,310

–36,730

.........

.........

–5,720

–7,020

–7,890

–8,880

–9,840

–10,870

–11,920

–13,020

–14,190

–29,510

–89,350

.........

–510

–1,780

–3,250

–5,480

–8,170

–9,150

–10,240

–11,170

–12,170

–13,630

–19,190

–75,550

.........

–1,240

–2,250

–2,510

–2,800

–3,130

–3,480

–3,860

–4,270

–4,730

–5,240

–11,930

–33,510

.........

.........

.........

–10

–10

–10

–10

–20

–20

–20

–20

–30

–120

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

–210

–350

–380

–410

–450

–470

–500

–540

–570

–1,350

–3,880

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

–20

–20

–30

–30

–30

–40

–40

–40

–50

–50

–130

–350

.........

.........

.........

610

1,071

1,305

1,513

1,619

1,694

1,776

1,847

2,986

11,435

.........

–2,620

–12,520

–17,400

–22,199

–27,335

–30,707

–34,461

–38,286

–42,244

–46,943

–82,074

–274,715

33

Eliminate wasteful Federal
spending:
Consolidate graduate medical
education payments �����������������
Reduce Medicare coverage of bad
debts ������������������������������������������
Modify payments to hospitals for
uncompensated care ����������������
Address excessive payment for
post-acute care providers by
establishing a unified payment
system based on patients’
clinical needs rather than the
site of care ��������������������������������
Pay all hospital-owned physician
offices located off-campus at
the physician office rate �����������
Expand basis for beneficiary
assignment for Accountable
Care Organizations (ACOs) �����
Require prior authorization
when physicians order certain
services excessively relative to
their peers 3 ������������������������������
Reform and expand durable
medical equipment competitive
bidding ��������������������������������������
Reform physician self-referral
law to better support and align
with alternative payment
models and to address
overutilization 3 �����������������������
Allow for Federal/State
coordinated review of dual
eligible Special Needs Plan
marketing materials ����������������
Improve appeals notifications for
dually eligible individuals in
Integrated Health Plans ����������
Clarify the Part D special
enrollment period for dually
eligible beneficiaries ����������������
Give Medicare beneficiaries
with high deductible health
plans the option to make tax
deductible contributions to
Health Savings Accounts or
Medical Savings Accounts 1 �����
Total, Eliminate wasteful
Federal spending ������������������

2019

SUMMARY TABLES

Totals
2018

Table S–6. MANDATORY AND RECEIPT PROPOSALS—Continued
(Deficit increases (+) or decreases (–) in millions of dollars)
2020

2021

2022

2023

2024

2025

2026

2027

2028

2019–
2023

2019–
2028

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

–30

–30

–40

–40

–40

–50

–40

–50

–40

–50

–180

–410

.........

–10

–30

–30

–30

–40

–40

–50

–50

–60

–70

–140

–410

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

MID-SESSION REVIEW

Eliminate wasteful spending on
Government-imposed provider
burdens in Medicare:
Improve and tailor the
way Medicare educates
beneficiaries about the
program 
Eliminate the reporting burden and
arbitrary requirements for use of
electronic health records ������������
Eliminate arbitrary thresholds
and other burdens to
encourage participation in
advanced Alternative Payment
Models 3 ������������������������������������
Simplify and eliminate reporting
burdens for clinicians
participating in the Meritbased Incentive Payment
System ��������������������������������������
Tailor the frequency of skilled
nursing facility surveys to
more efficiently use resources
and alleviate burden for topperforming nursing homes ������
Eliminate the unnecessary
requirement of a face-to-face
provider visit for durable
medical equipment �������������������
Total, Eliminate wasteful
spending on Governmentimposed provider burdens in
Medicare �������������������������������
Address fraud and abuse in
Medicare:
Suspend coverage and payment
for questionable Part D
prescriptions and incomplete
clinical information ������������������
Prevent abuse of Medicare
coverage when another source
has primary responsibility for
prescription drug coverage ������
Expand prior authorization to
additional Medicare fee-forservice items at high risk of
fraud, waste, and abuse 3 ��������

2019

34

Totals
2018

Table S–6. MANDATORY AND RECEIPT PROPOSALS—Continued
(Deficit increases (+) or decreases (–) in millions of dollars)
2020

2021

2022

2023

2024

2025

2026

2027

2028

2019–
2023

2019–
2028

.........

–2

–2

–3

–3

–3

–3

–4

–4

–4

–4

–13

–32

.........

.........

.........

–6

–6

–6

–6

–6

–6

–6

–11

–18

–53

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

–42

–62

–79

–79

–89

–99

–100

–110

–110

–135

–351

–905

.........

112

112

112

112

112

112

112

112

112

112

560

1,120

.........

–50

–100

–200

–210

–230

–240

–250

–270

–280

–300

–790

–2,130

35

Prevent fraud by enforcing
reporting of enrollment
changes through civil
monetary penalties for
providers and suppliers who
fail to update enrollment
records ��������������������������������������
Allow revocation and denial of
provider enrollment based on
affiliation with a sanctioned
entity �����������������������������������������
Require clearinghouses and
billing agents acting on behalf
of Medicare providers and
suppliers to enroll in the
program ������������������������������������
Ensure providers that violate
Medicare’s safety requirements
and have harmed patients
cannot quickly re-enter the
program ������������������������������������
Assess a penalty on physicians
and practitioners who order
services or supplies without
proper documentation ��������������
Clarify authority for the
Healthcare Fraud Prevention
Partnership �������������������������������
Alter the Open Payments reporting
and publication cycle ������������������
Publish the National Provider
Identifier for covered recipients
in the Open Payments
Program ������������������������������������
Improve the safety and quality of
care by requiring accreditation
organizations to publicly
report Medicare survey and
certification reports ������������������
Total, Address fraud and abuse
in Medicare ���������������������������
Medicare Appeals:
Improve the Medicare appeals
system 4 ������������������������������������
Strengthen Medicaid operations
and increase State flexibility:
Allow States to apply asset test to
modified adjusted gross income
standard populations ����������������

2019

SUMMARY TABLES

Totals
2018

Table S–6. MANDATORY AND RECEIPT PROPOSALS—Continued
(Deficit increases (+) or decreases (–) in millions of dollars)
2020

2021

2022

2023

2024

2025

2026

2027

2028

2019–
2023

2019–
2028

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

–180

–190

–200

–210

–220

–230

–240

–250

–270

–280

–1,000

–2,270

.........

–50

–110

–120

–130

–130

–140

–150

–160

–170

–180

–540

–1,340

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

–280

–400

–520

–550

–580

–610

–640

–680

–720

–760

–2,330

–5,740

.........

.........

.........

.........

.........

.........

.........

.........

–6,520

–6,500

–6,480

.........

–19,500

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

–6,520

–6,500

–6,480

.........

–19,500

MID-SESSION REVIEW

Reduce maximum allowable
home equity for Medicaid
eligibility �����������������������������������
Require documentation of
satisfactory immigration
status before receipt of
Medicaid benefits ���������������������
Increase limit on Medicaid
copayments for non-emergency
use of emergency department ���
Define lottery winnings and
other lump-sum payments as
income for purpose of Medicaid
eligibility �����������������������������������
Increase flexibility in the
duration of section 1915(b)
managed care waivers �������������
Provide a pathway to make
permanent established
Medicaid managed care
waivers ��������������������������������������
Total, Strengthen Medicaid
operations and increase
State flexibility ���������������������
Address wasteful spending, fraud
and abuse in Medicaid:
Continue Medicaid
Disproportionate Share
Hospital (DSH) allotment
reductions ���������������������������������
Consolidate provider enrollment
screening for Medicare,
Medicaid, and CHIP �����������������
Implement pre-payment controls
to prevent inappropriate
personal care services
payments 3 �������������������������������
Streamline the Medicaid
terminations process ����������������
Expand Medicaid Fraud Control
Unit review to additional care
settings 3 �����������������������������������
Prohibit Medicaid payments to
public providers in excess of
costs 3 ����������������������������������������
Total, Address wasteful
spending, fraud and abuse in
Medicaid �������������������������������

2019

36

Totals
2018

Table S–6. MANDATORY AND RECEIPT PROPOSALS—Continued
(Deficit increases (+) or decreases (–) in millions of dollars)

Other Health:
Reform medical liability 1, 10 ��������
Reduce the grace period for
Exchange premiums 1 ��������������
Permit federally-facilitated
Exchange States to conduct
Qualified Health Plan
certification �������������������������������
Prohibit governmental
discrimination against health
care providers that refuse to
cover abortion ���������������������������
Provide CMS Program
Management implementation
funding ��������������������������������������
Total, Other Health�������������������
Public Health:
Provide tax exemption for Indian
Health Service (IHS) Health
Professions scholarship and
loan repayment programs in
Return for Obligatory Service
Requirement 1 ��������������������������
Interactions:
Medicare Interactions ������������������
Medicaid Interactions ������������������
Total, Interactions���������������������
Total, Health and Human
Services (HHS) �������������������������

2020

2021

2022

2023

2024

2025

2026

2027

2028

2019–
2023

2019–
2028

.........

–179

–695

–1,840

–3,206

–4,490

–6,017

–7,665

–8,547

–9,060

–9,825

–10,410

–51,524

.........

–931

–311

.........

.........

.........

.........

.........

.........

.........

.........

–1,242

–1,242

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........
.........

12
–1,098

150
–856

38
–1,802

.........
–3,206

.........
–4,490

.........
–6,017

.........
–7,665

.........
–8,547

.........
–9,060

.........
–9,825

200
–11,452

200
–52,566

.........

5

12

13

14

14

14

14

15

17

19

58

137

.........
.........
.........

184
.........
184

393
146
539

491
252
743

550
367
917

616
472
1,088

663
557
1,220

707
657
1,364

742
743
1,485

784
843
1,627

832
958
1,790

2,234
1,237
3,471

5,962
4,995
10,957

.........

–6,424

–16,985

–21,264

–28,253

–34,650

–38,225

–44,389

–55,745

–60,270

–66,719

–107,576

–372,924

.........
.........
.........

.........
–113
.........

.........
–126
.........

.........
–137
.........

.........
–148
.........

.........
–162
.........

.........
–176
.........

.........
–191
.........

.........
–206
.........

–779
–223
.........

–4,951
–214
.........

.........
–686
.........

–5,730
–1,696
.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

60

66

.........

.........

.........

.........

.........

.........

.........

.........

126

126

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

–453

–465

–479

–493

–507

–522

–538

–553

–569

–587

–2,397

–5,166

.........

–13

–14

–15

–15

–15

–15

–15

–15

–15

–15

–72

–147

37

Homeland Security:
Extend expiring Customs and
Border Protection (CBP) fees ������
Increase Customs user fees �������������
Increase immigration user fees �������
Establish Electronic Visa Update
System user fee 1 �������������������������
Eliminate BrandUSA; make
revenue available to CBP ������������
Make full Electronic System for
Travel Authorization (ESTA)
receipts available to CBP 1 ����������
Expand Authority of the Aviation
Security Capital Fund �����������������
Establish an immigration services
surcharge 1 �����������������������������������
Increase worksite enforcement
penalties 1 �������������������������������������

2019

SUMMARY TABLES

Totals
2018

Table S–6. MANDATORY AND RECEIPT PROPOSALS—Continued
(Deficit increases (+) or decreases (–) in millions of dollars)

Establish National Flood
Insurance Program affordability
assistance 5 ����������������������������������
Total, Homeland Security�������������
Interior:
Cancel Southern Nevada Public
Land Management Act
(SNPLMA) balances ���������������������
Repeal enhanced geothermal
payments to counties �������������������
Permanently reauthorize the
Federal Lands Recreation
Enhancement Act (FLREA) ���������
Establish a Public Lands
Infrastructure Fund ���������������������
Total, Interior��������������������������������
Justice:
Establish a definite annual funding
level for the Crime Victims Fund 

Transportation:
Air Traffic Control:
Reform Air Traffic Control 1 ���������

2020

2021

2022

2023

2024

2025

2026

2027

2028

2019–
2023

2019–
2028

.........
.........

1
–518

.........
–539

11
–620

21
–635

32
–652

44
–669

58
–686

74
–700

86
–1,500

90
–5,677

65
–2,964

417
–12,196

.........

–83

–69

–78

.........

.........

.........

.........

.........

.........

.........

–230

–230

.........

–4

–4

–4

–4

–4

–4

–4

–4

–4

–4

–20

–40

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........
.........

152
65

420
347

614
532

766
762

764
760

766
762

781
777

810
806

842
838

878
874

2,716
2,466

6,793
6,523

.........

–4,224

–2,769

–2,180

–1,647

–200

–200

–200

–200

–200

–200

–11,020

–12,020

.........

700

1,000

1,767

1,663

1,928

2,159

2,211

2,332

2,443

2,546

7,058

18,749

.........
.........

.........
–83

.........
–176

–489
–187

–1,315
–186

–1,887
–180

–796
–173

–1,399
–170

–778
–173

–1,025
–148

–1,524
–178

–3,691
–812

–9,213
–1,654

.........

.........

–71

–458

–456

–440

–412

–388

–364

–398

–302

–1,425

–3,289

.........

617

753

633

–294

–579

778

254

1,017

872

542

1,130

4,593

32

74

–1,470

–1,564

–1,663

–1,760

–1,810

1,428

–5,128

–1,901

–1,936

–6,383

–15,730

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

–62

–7

–5

–5

–5

–6

–6

–8

–8

–5

–84

–117

.........
32

–40
589

–139
–863

–219
–1,155

–235
–2,197

–167
–2,511

–71
–1,109

–45
1,631

–53
–4,172

–81
–1,118

–110
–1,509

–800
–6,137

–1,160
–12,414

.........

.........

.........

.........

15,510

16,310

17,146

18,038

18,996

19,996

21,016

31,820

127,012

MID-SESSION REVIEW

Labor:
Establish a paid parental leave
program:
Provide paid parental leave
benefits 1, 6, 7 �������������������������������
Establish an Unemployment
Insurance (UI) solvency
standard 1, 7 �������������������������������
Improve UI program integrity 1, 7 
Provide for Reemployment
Services and Eligibility
Assessments 1, 7 ������������������������
Total, Establish a paid
parental leave program �������
Improve Pension Benefit Guaranty
Corporation (PBGC) solvency ������
Expand Foreign Labor Certification
fees ������������������������������������������������
Reform the Federal Employees’
Compensation Act (FECA) �����������
Reform the Trade Adjustment
Assistance program ����������������������
Total, Labor�����������������������������������

2019

38

Totals
2018

Table S–6. MANDATORY AND RECEIPT PROPOSALS—Continued
(Deficit increases (+) or decreases (–) in millions of dollars)

Outlay savings from
discretionary cap adjustment ��
Reform Essential Air Service 1 ��������
Total, Transportation��������������������
Treasury:
Provide authority for Bureau
of Engraving and Printing to
construct new facility 1 ����������������
Increase and extend guarantee fee
charged by GSEs ��������������������������
Subject Financial Research Fund
to appropriations with reforms to
the Financial Stability Oversight
Council and Office of Financial
Research 1, 7 �����������������������������������
Increase deliquent Federal non-tax
debt collections �����������������������������
Increase and streamline recovery of
unclaimed assets ��������������������������
Implement tax enforcement
program integrity cap
adjustment 1 ��������������������������������
Discretionary outlays from tax
enforcement program integrity
cap adjustment (non-add) ������������
Increase oversight of paid tax
return preparers 1 ������������������������
Provide more flexible authority for
the Internal Revenue Service to
address correctable errors 1 ��������
Total, Treasury������������������������������

2020

2021

2022

2023

2024

2025

2026

2027

2028

2019–
2023

2019–
2028

.........
.........
.........

.........
.........
.........

.........
.........
.........

.........
.........
.........

–8,681
61
6,890

–9,453
1
6,858

–9,829
2
7,319

–10,060
2
7,980

–10,173
1
8,824

–10,173
2
9,825

–10,173
2
10,845

–18,134
62
13,748

–68,542
71
58,541

.........

–12

–32

–3

89

–360

–53

20

–3

–222

–3

–318

–579

.........

–212

–967

–1,699

–2,350

–3,475

–4,258

–4,034

–3,398

–2,858

–2,401

–8,703

–25,652

.........

–1

33

–13

–18

–18

–18

–18

–18

–18

–18

–17

–107

.........

–32

–32

–32

–32

–32

–32

–32

–32

–32

–32

–160

–320

.........

–8

–8

–8

–8

–8

–8

–8

–8

–8

–8

–40

–80

.........

–152

–787

–1,825

–3,033

–4,330

–5,554

–6,416

–6,931

–7,270

–7,505

–10,127

–43,803

.........

320

693

1,040

1,386

1,737

1,850

1,865

1,875

1,885

1,893

5,176

14,544

.........

–21

–33

–38

–42

–45

–50

–55

–60

–68

–73

–179

–485

.........
.........

–42
–480

–61
–1,887

–64
–3,682

–67
–5,461

–69
–8,337

–72
–10,045

–74
–10,617

–77
–10,527

–85
–10,561

–89
–10,129

–303
–19,847

–700
–71,726

.........
.........

–43
.........

–45
.........

–46
.........

–47
.........

–49
.........

–51
.........

–53
.........

–55
.........

–57
.........

–59
–356

–230
.........

–505
–356

.........
.........

2
–34

2
–92

2
–148

2
–207

2
–268

2
–281

2
–296

3
–311

3
–323

3
–336

10
–749

23
–2,296

.........

–78

–80

–83

–85

–88

–90

–93

–95

–98

–397

–414

–1,187

.........

72

–20

–22

–25

–26

–33

–35

–37

–39

–41

–21

–206

.........

89

19

52

3

50

3

55

4

58

.........

213

333

39

Veterans Affairs (VA):
Cap Post–9/11 GI Bill flight training
programs at public schools ����������
Extension of home loan fees ������������
Enhance burial benefits for
veterans ����������������������������������������
Reinstate COLA round-down ����������
Standardize and enhance VA
Compensation and Pension
benefit programs ��������������������������
Standardize and improve veteran
vocational rehabilitation and
education benefit programs ���������
Extend authority for securization of
vendee loans ���������������������������������

2019

SUMMARY TABLES

Totals
2018

Table S–6. MANDATORY AND RECEIPT PROPOSALS—Continued
(Deficit increases (+) or decreases (–) in millions of dollars)

Extend housing assistance for
homeless veterans and include
permanent housing options ���������
Total, Veterans Affairs������������������

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2019–
2023

40

Totals
2018

2019–
2028

29
37

.........
–216

.........
–245

.........
–359

.........
–379

.........
–450

.........
–420

.........
–491

.........
–456

.........
–1,186

29
–1,162

29
–4,165

.........

.........

.........

–120

.........

.........

.........

.........

.........

.........

.........

–120

–120

.........

–178

–178

–178

–178

–178

–178

–178

–178

–178

–178

–890

–1,780

.........
.........

265
87

281
103

292
–6

299
121

307
129

314
136

323
145

333
155

345
167

359
181

1,444
434

3,118
1,218

Environmental Protection Agency:
Expand use of pesticide licensing
fees ������������������������������������������������

.........

5

4

4

4

4

3

2

1

1

1

21

29

International Assistance Programs:
Transfer funds from Overseas
Private Investment Corporation
to Development Finance
Institution ������������������������������������

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

–192

–301

–321

–342

–363

–387

–412

–439

–814

–2,757

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

–192

–301

–321

–342

–363

–387

–412

–439

–814

–2,757

.........

.........

–2,267

–2,318

–4,718

–7,086

–8,942

–10,516

–11,822

–12,114 –12,153

–16,389

–71,936

Corps of Engineers:
Divest Washington Aqueduct ����������
Reform inland waterways
financing 1 ������������������������������������
Reduce the Harbor Maintenance
Tax 1, 7 ��������������������������������������������
Total, Corps of Engineers ������������

Office of Personnel Management (OPM):
Federal Employees Health Benefits
(FEHB) Program:
Provide OPM authority to
incorporate provisions of the
Anti-Kickback Act to the
FEHB Program ������������������������
Modify the Government
contribution to FEHB
premiums ����������������������������������
Modify existing statute on
indemnity benefit plans in
FEHB ����������������������������������������
Provide tax preemption for
Federal Employees Dental/
Vision Program ������������������������
Total, Federal Employees
Health Benefits (FEHB)
Program ��������������������������������
Reform retirement benefits for
Federal employees:
Increase employee contributions
to 50% of cost, phased in at 1%
per year 1 ����������������������������������

MID-SESSION REVIEW

.........
.........

Table S–6. MANDATORY AND RECEIPT PROPOSALS—Continued
(Deficit increases (+) or decreases (–) in millions of dollars)

Eliminate Federal Employee
Retirement System COLA;
reduce Civil Service
Retirement System COLA by
0.5% ������������������������������������������
Eliminate the Special Retirement
Supplement ������������������������������
Change retirement calculation
from high–3 years to high–5
years �����������������������������������������
Reduce the G-Fund interest rate ���
Loss of mandatory offsetting
receipts from retirement
proposals �����������������������������������
Discretionary effect of retirement
proposals �����������������������������������
Total, reform retirement
benefits for Federal
employees �����������������������������
Total, Office of Personnel
Management �������������������������

2020

2021

2022

2023

2024

2025

2026

2027

2028

.........

–1,171

–1,877

–2,645

–3,480

–4,382

–5,353

–6,396

–7,509

–8,697

–9,961

–13,555

–51,471

.........

–497

–867

–1,274

–1,596

–1,818

–2,028

–2,290

–2,540

–2,762

–3,003

–6,052

–18,675

.........
.........

–278
–1,961

–341
–1,053

–407
–1,935

–477
–959

–551
–950

–625
–951

–700
–1,032

–780
–1,193

–862
–1,308

–947
–1,404

–2,054
–6,858

–5,968
–12,746

.........

.........

9,606

11,786

14,436

16,447

18,176

19,815

20,124

20,297

20,462

52,275

151,149

.........

.........

–5,858

–7,146

–8,219

–8,983

–9,498

–9,904

–9,605

–9,255

–8,911

–30,206

–77,379

.........

–3,907

–2,657

–3,939

–5,013

–7,323

–9,221

–11,023

–13,325

–14,701 –15,917

–22,839

–87,026

.........

–3,907

–2,657

–4,131

–5,314

–7,644

–9,563

–11,386

–13,712

–15,113 –16,356

–23,653

–89,783

.........

–50

–150

–300

–450

–500

–500

–500

–500

–500

–500

–1,450

–3,950

.........

.........

–300

–300

.........

.........

.........

.........

.........

.........

–6,000

–600

–6,600

.........

–50

–450

–600

–450

–500

–500

–500

–500

–500

–6,500

–2,050

–10,550

.........

–147

–610

–656

–672

–687

–704

–720

–737

–755

–773

–2,772

–6,461

.........

.........

–17

–41

–50

–50

–50

–50

–50

–50

–50

–158

–408

.........
.........

.........
–4,593

.........
–4,586

.........
–4,534

.........
–4,501

.........
–4,453

.........
–4,438

.........
–4,436

.........
–4,392

.........
–4,308

.........
–4,254

.........
–22,667

.........
–44,495

.........

241

–3,760

–19

–19

–19

–19

–19

–19

–19

–19

–3,576

–3,671

.........

.........

.........

.........

–1

.........

.........

.........

.........

.........

.........

–1

–1

.........

–4,549

–9,423

–5,850

–5,693

–5,709

–5,711

–5,725

–5,698

–5,632

–11,596

–31,224

–65,586

2019–
2023

2019–
2028

41

Other Independent Agencies:
Federal Communications
Commission:
Enact Spectrum License User
Fee ���������������������������������������������
Conduct spectrum auctions below
6 gigahertz ��������������������������������
Total, Federal Communications
Commission ��������������������������
Restructure the Consumer
Financial Protection Bureau �������
Eliminate the Securities and
Exchange Commission Reserve
Fund ����������������������������������������������
Allow District of Columbia (DC)
Courts to retain bar exam and
application fees 8 ��������������������������
Reform the Postal Service ����������������
Divest Tennessee Valley Authority
(TVA) transmission assets �����������
Mandatory effects of agency
eliminations ����������������������������������
Total, Other Independent
Agencies ������������������������������������

2019

SUMMARY TABLES

Totals
2018

Table S–6. MANDATORY AND RECEIPT PROPOSALS—Continued
(Deficit increases (+) or decreases (–) in millions of dollars)
2019

2020

2021

2022

2024

2025

2026

2027

2028

.........

–2,885

–68,115

–93,950

–99,560 –105,675 –113,450 –127,255 –142,000 –161,245 –181,085

–370,185

–1,095,220

.........
.........

.........
14,580

146,000
–11,511

146,000
–43,259

157,000
–50,860

168,000
–52,514

179,000
–55,057

190,000
–57,744

190,000
–59,602

210,000
–62,480

220,000
–65,166

617,000
–143,562

1,606,000
–443,611

.........

11,695

66,375

8,792

6,581

9,812

10,493

5,001

–11,602

–13,725

–26,251

103,253

67,169

.........

.........

–3,800

–10,610

–19,320

–28,330

–37,735

–42,740

–48,245

–54,045

–58,940

–62,060

–303,765

.........
.........
.........
1,000
......... –10,000

–26,000
750
–21,000

–23,240
250
–5,000

–31,417
.........
.........

–39,528
.........
–750

–47,573
.........
–750

–55,550
.........
–750

–52,458
.........
–750

–69,295
.........
–750

–76,058
.........
–750

–120,185
2,000
–36,750

–421,119
2,000
–40,500

.........

–9,000

–50,050

–38,600

–50,737

–68,608

–86,058

–99,040

–101,453 –124,090 –135,748

–216,995

–763,384

.........

2,695

16,325

–29,809

–44,156

–58,797

–75,565

–94,039

–113,055 –137,815 –161,999

–113,742

–696,215

......... –17,169

–18,521

–20,451

–20,468

–21,615

–22,213

–22,353

–23,686

–23,893

–23,157

–98,224

–213,526

.........
.........

–1,155
.........

–1,435
.........

–1,514
.........

–1,552
.........

–1,584
.........

–1,600
.........

–1,600
.........

–1,600
.........

–1,600
.........

–1,600
.........

–7,240
.........

–15,240
.........

.........
.........

–545
4

–608
5

–608
7

–608
8

–608
10

–608
9

–608
11

–608
13

–608
14

–608
15

–2,977
34

–6,017
96

.........

–21

–40

–57

–67

–78

–85

–87

–90

–92

–99

–263

–716

.........

63

–12

–20

–28

–37

–110

–120

–131

–194

–205

–34

–794

.........

–1,324

–1,634

–1,697

–1,700

–1,700

–1,700

–1,700

–1,700

–1,700

–1,700

–8,055

–16,555

.........

18

21

22

22

22

23

23

23

23

23

105

220

.........
.........

–483
.........

–3,776
.........

–3,894
.........

–3,998
.........

–4,078
.........

–4,252
.........

–4,351
.........

–4,452
.........

–4,610
.........

–4,696
.........

–16,229
.........

–38,590
.........

......... –20,612 –26,000

–28,212

–28,391

–29,668 –30,536

–30,785

–32,231

–32,660 –32,027

–132,883

–291,122

2019–
2023

2019–
2028

MID-SESSION REVIEW

Cross-cutting reforms:
Repeal and replace Obamacare:
Proposal modeled after the
Graham-Cassidy-HellerJohnson bill: 1
Medicaid reforms ���������������������
Market-based Health Care
Grant Program ���������������������
Other �����������������������������������������
Total, proposal modeled
after the GrahamCassidy-Heller-Johnson
bill �������������������������������������
Additional deficit reduction:
Medicaid reforms ���������������������
Market-based Health Care
Grant Program ���������������������
State implementation ��������������
Other �����������������������������������������
Total, additional deficit
reduction ���������������������������
Total, Repeal and replace
Obamacare �������������������������������
Reform welfare programs:
Reform the Supplemental
Nutrition Assistance Program ���
Reduce Temporary Assistance for
Needy Families (TANF) block
grant �����������������������������������������
Strengthen TANF �������������������������
Eliminate the TANF Contingency
Fund ������������������������������������������
Get noncustodial parents to work ���
Strengthen Child Support
enforcement and
establishment ���������������������������
Establish a Child Support
technology fund ������������������������
Eliminate Social Services Block
Grant (SSBG) ���������������������������
Shift SSBG expenditures to Foster
Care and Permanency ��������������
Require Social Security Number
(SSN) for Child Tax Credit &
Earned Income Tax Credit 1 ����
Promote Welfare to Work Projects ���
Total, Reform welfare
programs �������������������������������

2023

42

Totals
2018

Table S–6. MANDATORY AND RECEIPT PROPOSALS—Continued
(Deficit increases (+) or decreases (–) in millions of dollars)
2020

2021

2022

2023

2024

2025

2026

2027

2028

2019–
2023

2019–
2028

.........

–5

–28

6

46

21

–6

–35

–59

–80

–108

40

–248

.........

.........

–347

–86

–68

–50

–29

–18

–6

6

19

–551

–579

.........

100

100

100

100

100

–2,384

–5,070

–9,171

–13,610 –18,632

500

–48,367

.........

–362

–669

–846

–992

–1,057

–1,126

–1,198

–1,268

–1,337

–1,401

–3,926

–10,256

.........

–588

–618

–636

–693

–661

–631

–702

–720

–738

–814

–3,196

–6,801

.........

.........

–80

–211

–257

–281

–296

–309

–323

–339

–350

–829

–2,446

.........

91

–76

–295

–424

–362

–354

–420

–469

–519

–579

–1,066

–3,407

.........

.........

.........

–22

–22

–23

–25

–26

–28

–30

–31

–67

–207

.........

.........

3

16

29

43

41

45

44

44

45

91

310

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

–764

–1,715

–1,974

–2,281

–2,270

–4,810

–7,733

–12,000

–16,603 –21,851

–9,004

–72,001

.........

.........

–719

–1,482

–2,383

–4,288

–4,549

–9,652

–20,480

–38,024 –57,633

–8,872

–139,210

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

–1

–5

–13

–19

–25

–34

–39

–47

–19

–183

.........

–1

–2

–2

–4

–4

–5

–6

–7

–7

–7

–13

–45

.........

.........

.........

.........

–1

–1

–1

–1

–1

.........

–1

–2

–6

.........

–11

–72

–91

–102

–124

–148

–167

–219

–233

–231

–400

–1,398

43

Reform disability programs and test
new approaches:
Improve SSI youth transition to
work ������������������������������������������
Simplify administration of the
SSI program �����������������������������
Test new approaches to increase
labor force participation ����������
Reduce 12 month retroactive
Disability Insurance (DI)
benefits to six months ��������������
Create sliding scale for multirecipient Supplemental
Security
Income (SSI) families ���������������
Offset overlapping
unemployment and disability
payments 1, 7 ������������������������������
Reinstate the reconsideration
review application stage in 10
States ����������������������������������������
Eliminate Workers Compensation
(WC) Reverse Offsets ���������������
Change the representative fee
and approval process ���������������
Administrative Law Judge (ALJ)
Reforms �������������������������������������
Total, Reform disability
programs and test new
approaches ����������������������������
Reduce improper payments:
Reduce improper payments
Government-wide ���������������������
Provide additional debt collection
authority for civil monetary
penalties (CMPs) and
assessments ������������������������������
Allow Government-wide use of
CBP entry/exit data to prevent
improper payments ������������������
Authorize Social Security
Administration (SSA) to use all
collection tools to recover funds
in certain scenarios ������������������
Hold fraud facilitators liable for
overpayments ���������������������������
Increase overpayment collection
threshold for Old Age,
Survivors, and Disability
Insurance ����������������������������������

2019

SUMMARY TABLES

Totals
2018

Table S–6. MANDATORY AND RECEIPT PROPOSALS—Continued
(Deficit increases (+) or decreases (–) in millions of dollars)
2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2019–
2023

44

Totals
2018

2019–
2028

MID-SESSION REVIEW

Exclude SSA debts from
discharge in bankruptcy ����������
.........
–7
–15
–21
–25
–30
–32
–34
–35
–37
–39
–98
–275
Allow SSA to use commercial
database to verify real
property ������������������������������������
.........
–26
–40
–50
–61
–62
–62
–70
–73
–77
–83
–239
–604
Improve collection of pension
information from States and
localities ������������������������������������
.........
18
28
24
–441
–1,058
–1,505
–1,618
–1,534
–1,442
–1,332
–1,429
–8,860
Total, Reduce improper
payments ������������������������������
.........
–27
–820
–1,623
–3,022
–5,580
–6,321 –11,573 –22,383 –39,859 –59,373
–11,072
–150,581
Implement an infrastructure
initiative:
Encourage increased State, local,
and private infrastructure by
awarding competitive incentive
grants ����������������������������������������
.........
1,000
5,000
11,000
17,500
21,750
19,500
13,250
7,250
3,000
750
56,250
100,000
Address the need for investment
in rural infrastructure �������������
......... 41,350
3,407
2,851
1,058
399
300
245
200
145
45
49,065
50,000
Support bold, innovative, and
transformative projects ������������
.........
15
140
770
2,475
4,327
5,135
3,972
2,220
784
202
7,727
20,040
Expand existing Federal
infrastructure credit programs ���
.........
311
933
1,556
2,178
2,800
2,489
1,867
1,244
622
.........
7,778
14,000
Establish a Federal Capital
Revolving Fund 9 ���������������������
.........
1,867
1,733
1,600
1,467
1,333
1,200
–53
–57
–61
–65
8,000
8,964
Expand flexibility and broaden
eligibility for Private Activity
Bonds 1 �������������������������������������
.........
31
138
296
457
616
753
839
893
945
992
1,538
5,960
Total, Implement an
infrastructure initiative �������
......... 44,574 11,351
18,073
25,135
31,225
29,377
20,120
11,750
5,435
1,924
130,358
198,964
Authorize additional Afghan Special
Immigrant Visas ��������������������������
.........
22
25
26
23
22
23
20
18
18
19
118
216
Eliminate allocations to the
Housing Trust Fund and Capital
Magnet Fund 1 �����������������������������
.........
–263
–158
–227
–296
–357
–385
–399
–419
–426
–433
–1,301
–3,363
Extend Joint Committee mandatory
sequestration ��������������������������������
.........
.........
.........
.........
.........
.........
.........
.........
.........
9,691 –24,759
.........
–15,068
Lease Shared Secondary Licenses ����
.........
–50
–55
–55
–60
–65
–70
–70
–80
–80
–85
–285
–670
Improve clarity in worker
classification and information
reporting requirements 1 �������������
.........
100
–100
.........
.........
.........
.........
.........
.........
–100
–105
.........
–205
Total, Cross-cutting reforms���������
......... 25,866
–860 –43,545 –52,715 –65,090 –87,855 –124,010 –167,919 –221,502 –273,326 –136,343 –1,010,955
Total, mandatory and receipt
proposals ����������������������������������������
32 –1,791 –55,257 –104,484 –120,400 –146,614 –177,448 –220,310 –284,006 –331,354 –435,659 –428,545 –1,877,322
Note: For receipt effects, positive figures indicate lower receipts. For outlay effects, positive figures indicate higher outlays. For net costs, positive figures indicate higher deficits.
1
The estimates for this proposal include effects on receipts. The receipt effects included in the totals above are as follows

Table S–6. MANDATORY AND RECEIPT PROPOSALS—Continued
(Deficit increases (+) or decreases (–) in millions of dollars)
2020

2021

2022

2023

2024

2025

2026

2027

2028

2019–
2023

2019–
2028

.........
.........

.........
–24

.........
–222

610
–548

1,071
–987

1,285
–1,476

1,493
–2,067

1,599
–2,687

1,674
–3,079

1,746
–3,290

1,807
–3,475

2,966
–3,257

11,285
–17,855

.........

–128

–43

.........

.........

.........

.........

.........

.........

.........

.........

–171

–171

.........

5

12

13

14

14

14

14

15

17

19

58

137

.........

–25

–28

–31

–34

–38

–42

–46

–52

–57

–64

–156

–417

.........

.........

.........

–171

–177

–183

–189

–196

–202

–209

–216

–531

–1,543

.........

–453

–465

–479

–493

–507

–522

–538

–553

–569

–587

–2,397

–5,166

.........
.........

–13
.........

–14
.........

–15
.........

–15
–977

–15
–985

–15
–1,016

–15
–1,211

–15
–1,319

–15
–1,422

–15
–1,517

–72
–1,962

–147
–8,447

.........
.........

.........
.........

.........
1

–489
9

–1,315
23

–1,887
42

–796
62

–1,399
82

–778
98

–1,025
143

–1,524
127

–3,691
75

–9,213
587

.........
.........
.........

.........
.........
.........

2
.........
.........

15
.........
.........

46
15,510
152

94
16,310
156

160
17,146
160

223
18,038
164

294
18,996
168

306
19,996
172

443
21,016
177

157
31,820
308

1,583
127,012
1,149

.........

–12

–32

–3

89

–360

–53

20

–3

–222

–3

–318

–579

.........

–1

50

50

50

50

50

50

50

50

50

199

449

.........

–152

–787

–1,825

–3,033

–4,330

–5,554

–6,416

–6,931

–7,270

–7,505

–10,127

–43,803

.........

–17

–18

–21

–23

–25

–28

–31

–34

–38

–41

–104

–276

.........
.........
.........

–8
–178
265

–12
–178
281

–13
–178
292

–14
–178
299

–15
–178
307

–16
–178
314

–17
–178
323

–18
–178
333

–19
–178
345

–21
–178
359

–62
–890
1,444

–153
–1,780
3,118

45

Give Medicare beneficiaries with
high deductible health plans the
option to make tax deductible
contributions to Health Savings
Accounts or Medical Savings
Accounts �������������������������������������������
Reform medical liability�����������������������
Reduce the grace period for Exchange
premiums�������������������������������������������
Provide tax exemption for Indian
Health Service (IHS) Health
Professions scholarship and loan
repayment programs in Return for
Obligatory Service Requirement �����
Establish Electronic Visa Update
System user fee���������������������������������
Make full Electronic System for Travel
Authorization (ESTA) receipts
available to CBP��������������������������������
Establish an immigration services
surcharge�������������������������������������������
Increase worksite enforcement
penalties��������������������������������������������
Provide paid parental leave benefits����
Establish an Unemployment
Insurance (UI) solvency standard����
Improve UI program integrity��������������
Provide for Reemployment Services
and Eligibility Assessments�������������
Reform Air Traffic Control��������������������
Reform Essential Air Service���������������
Provide authority for Bureau of
Engraving and Printing to construct
new facility ���������������������������������������
Subject Financial Research Fund
to appropriations with reforms to
the Financial Stability Oversight
Council and Office of Financial
Research 1, 7 ����������������������������������������
Implement tax enforcement program
integrity cap adjustment������������������
Increase oversight of paid tax return
preparers�������������������������������������������
Provide more flexible authority for the
Internal Revenue Service to address
correctable errors �����������������������������
Reform inland waterways financing����
Reduce the Harbor Maintenance Tax����

2019

SUMMARY TABLES

Totals
2018

Table S–6. MANDATORY AND RECEIPT PROPOSALS—Continued
(Deficit increases (+) or decreases (–) in millions of dollars)
2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2019–
2023

46

Totals
2018

2019–
2028

MID-SESSION REVIEW

Increase employee contributions to
50% of cost, phased in at 1% per
year ���������������������������������������������������
.........
......... –2,267
–2,318
–4,718
–7,086
–8,942 –10,516 –11,822 –12,114 –12,153
–16,389
–71,936
Proposal modeled after the GrahamCassidy-Heller-Johnson Bill�������������
.........
3,390
3,951
2,225
2,357
2,403
2,437
2,687
2,911
2,976
3,210
14,326
28,547
Require Social Security Number
(SSN) for Child Tax Credit &
Earned Income Tax Credit ���������������
.........
–483
–958
–985
–1,051
–1,116
–1,183
–1,257
–1,338
–1,416
–1,494
–4,593
–11,281
Offset overlapping unemployment and
disability payments���������������������������
.........
.........
.........
.........
3
6
13
19
26
32
36
9
135
Expand flexibility and broaden eligibility
for Private Activity Bonds ���������������������
.........
31
138
296
457
616
753
839
893
945
992
1,538
5,960
Eliminate allocations to the Housing
Trust Fund and Capital Magnet
Fund ��������������������������������������������������
.........
–62
–74
–73
–78
–82
–84
–85
–87
–89
–90
–369
–804
Improve clarity in worker
classification and information
reporting requirements ��������������������
.........
100
–100
.........
.........
.........
.........
.........
.........
–100
–105
.........
–205
Total receipt effects of mandatory
proposals ���������������������������������������
.........
2,235
–763
–3,639
6,978
3,000
1,917
–534
–951
–1,305
–752
7,811
6,186
2
The single income-driven repayment plan proposal has sizable interactive effects with the proposals to eliminate subsidized loans and Public Service Loan Forgiveness. These
effects, $19.2 billion over 10 years, are included in the single income-driven repayment plan subtotal.
3
Estimates were not available at the time of publication
4
The FY 2019 Budget requests $127 million in mandatory resources to support Medicare appeals adjudication at the Office of Medicare Hearings and Appeals and the
Departmental Appeals Board. While the total mandatory request is $127 million annually, the cost to the government is $112 million annually, which reflects Medicare Part A
and Part B contributions, net of premiums
5
While this proposal increases government outlays as the program provides means-tested assistance to low-income policyholders, the National Flood Insurance Program is also
accelerating premium increases on other policyholders that currently do not pay full-risk premiums.
6
The paid parental leave proposal consists of $27.196 billion in benefit and program administration costs, offset by $8.447 billion in savings associated with increased State
revenues.
7
Net of income offsets.
8
The proposal would allow the District of Columbia (DC) Courts to retain a portion of the bar examination and application fees it currently deposits into the DC Crime Victim’s
Compensation Fund. Retained fees are estimated at –$360,000 annually beginning in 2019.
9
The Federal Capital Revolving Fund is capitalized with $10 billion in mandatory funds in 2019. Agency repayments to the fund are reflected as offsetting collections, which
reduce the total outlays estimated from the fund over the 10-year window. However, the initial $10 billion in capitalization funding is fully expended by 2023.
10
In addition to the effects within HHS, the effects of the proposal include effects within OPM and Treasury.

Table S–7. PROPOSED DISCRETIONARY FUNDING LEVELS IN THE 2019 MID-SESSION REVIEW
(Net budget authority in billions of dollars)
2020

2021

2022

2023

2024

2025

2026

2027

2028

20192028

Discretionary Caps and Outyear Funding Levels under
Current Law: 1
Defense �����������������������������������������������������������������������������������������������
Non-Defense ����������������������������������������������������������������������������������������

647
597

576
543

590
556

605
570

620
584

635
598

651
613

667
628

684
644

701
660

6,375
5,993

Total, Base Current Law Caps ����������������������������������������������������������

1,244

1,119

1,146

1,174

1,203

1,233

1,264

1,296

1,328

1,361

12,368

Proposed Funding Changes: 2
Defense ��������������������������������������������������������������������������������������������
Non-Defense �������������������������������������������������������������������������������������
Total, Base Cap Changes ��������������������������������������������������������������������

.........
–57
–57

+137
–14
+123

+133
–38
+95

+135
–62
+74

+138
–86
+53

+92
–110
–18

+91
–135
–44

+91
–160
–70

+90
–185
–95

+89
–210
–121

+997
–1,057
–60

Defense ������������������������������������������������������������������������������������������������
Non-Defense ����������������������������������������������������������������������������������������

647
540

713
529

723
518

740
508

758
498

727
488

742
478

758
468

774
459

790
450

7,372
4,936

Total, Proposed Base Caps ����������������������������������������������������������������

1,187

1,242

1,241

1,248

1,256

1,215

1,220

1,226

1,233

1,240

12,308

.........

.........

.........

–10

–10

–10

–10

–10

–10

–10

–71

.........
.........

–6
–6

–7
–7

–8
–18

–9
–19

–9
–20

–10
–20

–10
–20

–9
–19

–9
–19

–77
–149

Defense ������������������������������������������������������������������������������������������������
Non-Defense ����������������������������������������������������������������������������������������

647
540

713
523

723
511

740
490

758
479

727
468

742
458

758
448

774
440

790
431

7,372
4,787

Total, Proposed Base Caps with Adjustments ������������������������������

1,187

1,236

1,234

1,230

1,237

1,195

1,200

1,206

1,214

1,221

12,159

Overseas Contingency Operations (OCO) �����������������������������������������
Defense  5 �������������������������������������������������������������������������������������������
Non-Defense 6 �����������������������������������������������������������������������������������
Program Integrity 7 ������������������������������������������������������������������������������
Disaster Relief  8 �����������������������������������������������������������������������������������
Wildfire Suppression 7 �������������������������������������������������������������������������

69
69
–*
2
7
2

20
20
.........
3
7
2

20
20
.........
3
7
2

20
20
.........
3
7
2

20
20
.........
4
7
2

10
10
.........
4
7
2

10
10
.........
4
7
2

10
10
.........
4
7
2

10
10
.........
4
7
2

10
10
.........
4
7
2

199
199
–*
35
67
15

Total, Cap Adjustments ����������������������������������������������������������������������

79

31

31

31

32

22

22

22

22

22

315

Defense �����������������������������������������������������������������������������������������������
Non-Defense ����������������������������������������������������������������������������������������

716
550

733
534

743
522

760
501

778
491

737
480

752
470

768
460

784
452

800
443

7,571
4,904

Total, Proposed Discretionary Funding ����������������������������������������

1,266

1,267

1,265

1,261

1,269

1,217

1,222

1,228

1,236

1,243

12,475

SUMMARY TABLES

Totals
2019

Proposed 2019 Funding and Outyear Caps:

Additional Non-Defense (NDD) Cap Reductions for Budget
Proposals: 3
Air Traffic Control Reform ��������������������������������������������������������������
Federal Employee Retirement
Cost Share Reduction ������������������������������������������������������������������
Total, Proposed NDD Cap Reductions �����������������������������������������������
Proposed 2019 Funding and Outyear Caps with Additional
NDD Adjustments:

Cap Adjustments:

4

47

Total, Proposed Discretionary Funding:

Table S–7. PROPOSED DISCRETIONARY FUNDING LEVELS IN
THE 2019 MID-SESSION REVIEW—Continued
48

(Net budget authority in billions of dollars)
Totals
2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

20192028

MID-SESSION REVIEW

Memorandum - Appropriations Counted Outside of Discretionary
Caps:
21st Century CURES Appropriations 9 �����������������������������������������������
1
1
*
1
1
*
*
*
.........
.........
4
Non-BBEDCA Emergency Funding 10 ������������������������������������������������
–5
.........
.........
.........
.........
.........
.........
.........
.........
.........
–5
Net Zero CHIMPs 11 �����������������������������������������������������������������������������
–4
–*
–*
–*
–*
–*
–*
–*
–*
–*
–4
* $500 million or less.
1
The levels through 2021 are equal to the caps included in the Balanced Budget and Emergency Deficit Control Act of 1985 (BBEDCA) with separate categories of funding
for “defense” (or Function 050) and “non-defense” programs. The 2019 amounts reflect the caps enacted in the Bipartisan Budget Act of 2018 (BBA of 2018) while 2020 and 2021
include OMB estimates of Joint Committee enforcement (also known as “sequestration”). For 2022 through 2028, the levels are assumed to grow at current services growth rates.
2
Consistent with the Addendum to the President’s FY 2019 Budget to Account for the Bipartisan Budget Act of 2018 (“the Addendum”), the 2019 Mid-Session Review (MSR)
includes defense funding at the cap level provided in the BBA of 2018 while non-defense programs are held $57 billion below the cap set in the BBA of 2018. After 2019, the
Administration proposes defense caps through 2028 that resource the Administration’s National Security and National Defense Strategies and shift enduring OCO costs into the
base. For non-defense, outyear caps are proposed that reflect an annual two percent (or “2-penny”) decrease each year from the proposed 2019 funding level.
3
These cap reductions are for proposed reforms that would shift the Federal Aviation Administration’s air traffic control function to an independent, non-governmental organization beginning in 2022 and reduce Federal agency costs through changes to current civilian employee retirement plans.
4
The funding amounts in this section are existing or proposed cap adjustments that are designated pursuant to Section 251(b)(2) of BBEDCA.
5
The outyear OCO amounts for defense for 2020 through 2023 are estimates of incremental war costs that are consistent with the National Security and National Defense
Strategies. Amounts from 2024 through 2028 reflect notional placeholders consistent with a potential transition of further OCO costs into the base budget while continuing to
fund contingency operations. The placeholder amounts for 2024 through 2028 do not reflect specific decisions or assumptions about OCO funding in any particular year.
6
As part of the Addendum, the 2019 Mid-Session Review reflects the shift of non-defense OCO amounts into base discretionary funding. The remaining non-defense OCO
amount in 2019 reflects a proposed cancellation of balances.
7
The 2019 Mid-Session Review includes proposed cap adjustments related to program integrity in the Internal Revenue Service and wildfire suppression in the Departments
of Agriculture and the Interior. For more information on these proposals, see the Budget Process chapter of the Analytical Perspectives volume of the 2019 Budget.
8
“Disaster Relief” appropriations are amounts designated as such by the Congress provided they are for activities carried out pursuant to a Presidential disaster declaration
under the Robert T. Stafford Disaster Relief and Emergency Assistance Act. These amounts are held to a funding ceiling that is determined one year at a time according to a
statutory formula. The Administration is requesting $6.7 billion for Disaster Relief in 2019, but does not explicitly request disaster-designated appropriations in any year after
the budget year. A placeholder set at the budget year request level is included in each of the outyears.
9
The 21st Century CURES Act permitted funds to be appropriated each year and not counted towards the discretionary caps so long as the appropriations were specifically
provided for the authorized purposes. These amounts are displayed outside of the discretionary cap totals for this reason and the levels included through the budget window
reflect authorized levels.
10
The 2019 Budget includes permanent cancellations of balances of emergency funding in the Departments of Energy and Housing and Urban Development that are not designated pursuant to BBEDCA. These cancellations are not being re-designated as emergency, therefore no savings are being achieved under the caps nor will the caps be adjusted
for these cancellations.
11
The Addendum to the FY 2019 Budget proposed to amend budget enforcement law so that a provision in an appropriations Act that reduces the budget authority in a mandatory program would not be scored as an offset under the discretionary caps if the outlay savings from the provision net to zero over ten years. OMB’s estimate of these “net-zero
CHIMPs” included in the FY 2019 Mid-Session Review are reflected here and are separated from funding counted under the discretionary caps.

Table S–8. 2019 DISCRETIONARY OVERVIEW BY MAJOR AGENCY
(Net budget authority in billions of dollars)
2018
Enacted 1

2019
Request

2019 Request less
2018 Enacted
Dollar

Percent

Base Discretionary Funding:
Cabinet Departments:
Agriculture 2 �����������������������������������������������������������������������������������������������
Commerce ��������������������������������������������������������������������������������������������������
Defense �����������������������������������������������������������������������������������������������������
Education ���������������������������������������������������������������������������������������������������
Energy �������������������������������������������������������������������������������������������������������
National Nuclear Security Administration �����������������������������������������
Other Energy �����������������������������������������������������������������������������������������
Health and Human Services 3 �������������������������������������������������������������������
Homeland Security (DHS) ������������������������������������������������������������������������
Housing and Urban Development (HUD):
HUD gross total (excluding receipts) ����������������������������������������������������
HUD receipts �����������������������������������������������������������������������������������������
Interior �������������������������������������������������������������������������������������������������������
Justice ��������������������������������������������������������������������������������������������������������
Labor ����������������������������������������������������������������������������������������������������������
State and Other International Programs 2 ����������������������������������������������
Transportation ������������������������������������������������������������������������������������������
Treasury ����������������������������������������������������������������������������������������������������
Veterans Affairs ����������������������������������������������������������������������������������������
Major Agencies:
Corps of Engineers ������������������������������������������������������������������������������������
Environmental Protection Agency �����������������������������������������������������������
General Services Administration �������������������������������������������������������������
National Aeronautics & Space Administration ���������������������������������������
National Science Foundation ��������������������������������������������������������������������
Small Business Administration ���������������������������������������������������������������
Social Security Administration 3 ���������������������������������������������������������������
Other Agencies ����������������������������������������������������������������������������������������������
Subtotal, Base Discretionary Funding �����������������������������������������������������

22.7
9.3
523.2
66.9
30.2
12.8
17.3
87.1
42.4

24.4
11.3
598.9
70.5
34.5
14.6
19.9
98.1
48.2

18.5
9.8
617.1
63.2
30.6
15.1
15.5
96.5
47.5

–5.9
–1.5
+18.2
–7.3
–3.9
+0.5
–4.4
–1.6
–0.7

–24.2%
–13.5%
+3.0%
–10.4%
–11.3%
+3.5%
–22.2%
–1.7%
–1.4%

48.0
–14.0
13.5
28.4
12.0
38.7
19.3
12.7
74.4

52.7
–9.3
13.9
30.1
12.2
43.7
27.3
12.9
81.6

41.2
–10.0
11.6
28.0
10.9
42.1
15.9
12.3
85.5

–11.5
–0.7
–2.2
–2.1
–1.3
–1.6
–11.4
–0.5
+3.9

–21.8%
+7.9%
–15.9%
–6.8%
–10.7%
–3.6%
–41.7%
–4.2%
+4.8%

6.2
8.2
–1.2
19.7
7.5
0.8
9.3
20.8

6.8
8.8
–0.5
20.7
7.8
0.7
9.1
22.2

4.8
6.1
0.6
19.9
7.5
0.6
8.8
18.1

–2.0
–2.7
+1.1
–0.8
–0.3
–0.1
–0.3
–4.1

–29.9%
–30.3%
N/A
–4.1%
–3.8%
–10.0%
–3.0%
–18.3%

1,085.9

1,226.3

1,187.0

–39.3

–3.2%

82.8
0.2
20.8
103.7

65.9
0.2
12.0
78.1

69.0
.........
–0.3
68.7

+3.1
–0.2
–12.3
–9.4

+4.7%
–100.0%
–102.5%
–12.0%

SUMMARY TABLES

2017
Actual 1

Cap Adjustment Funding:

49

Overseas Contingency Operations:
Defense ������������������������������������������������������������������������������������������������������
Homeland Security �����������������������������������������������������������������������������������
State and Other International Programs ������������������������������������������������
Subtotal, Overseas Contingency Operations �����������������������������������������������

Table S–8. 2019 DISCRETIONARY OVERVIEW BY MAJOR AGENCY—Continued
(Net budget authority in billions of dollars)
2018
Enacted 1

2019
Request

2019 Request less
2018 Enacted
Dollar

50

2017
Actual 1

Percent

Emergency Requirements:
Agriculture �����������������������������������������������������������������������������������������������
Commerce ��������������������������������������������������������������������������������������������������
Defense ������������������������������������������������������������������������������������������������������
Education ���������������������������������������������������������������������������������������������������
Health and Human Services ��������������������������������������������������������������������
Homeland Security �����������������������������������������������������������������������������������
Housing and Urban Development ������������������������������������������������������������
Transportation ������������������������������������������������������������������������������������������
Corps of Engineers ������������������������������������������������������������������������������������
Small Business Administration ���������������������������������������������������������������
Other Agencies ������������������������������������������������������������������������������������������
Subtotal, Emergency Requirements ������������������������������������������������������������

0.6
.........
.........
.........
.........
7.4
8.2
1.5
1.0
0.5
0.2
19.4

3.9
1.0
5.8
2.8
1.1
43.3
28.0
1.8
17.4
1.7
1.2
108.0

.........
.........
.........
.........
.........
.........
.........
.........
.........
.........
.........
.........

–3.9
–1.0
–5.8
–2.8
–1.1
–43.3
–28.0
–1.8
–17.4
–1.7
–1.2
–108.0

–100.0%
–100.0%
–100.0%
–100.0%
–100.0%
–100.0%
N/A
N/A
N/A
N/A
N/A
–100.0%

Program Integrity:
Health and Human Services ��������������������������������������������������������������������
Treasury 4 ���������������������������������������������������������������������������������������������������
Social Security Administration ���������������������������������������������������������������
Subtotal, Program Integrity �������������������������������������������������������������������������

0.4
.........
1.5
2.0

0.4
.........
1.5
1.9

0.5
0.4
1.4
2.2

*
+0.4
–0.1
+0.3

+4.6%
N/A
–3.6%
+17.4%

Disaster Relief: 5
Homeland Security �����������������������������������������������������������������������������������
Housing and Urban Development ������������������������������������������������������������
Subtotal, Disaster Relief �������������������������������������������������������������������������������

6.7
1.4
8.1

7.4
.........
7.4

6.7
.........
6.7

–0.7
.........
–0.7

–9.7%
N/A
–9.7%

Wildfire Suppression Operations 4 ����������������������������������������������������������������

.........

.........

1.5

+1.5

N/A

Subtotal, Cap Adjustment Funding �����������������������������������������������������������

133.2

195.3

79.1

–116.2

–59.5%

Total, Discretionary Budget Authority Under the Caps ����������������������

1,219.1

1,421.6

1,266.1

–155.5

–10.9%
MID-SESSION REVIEW

Memorandum - Appropriations Counted Outside of Discretionary Caps:
21st Century CURES Appropriations: 6
Health and Human Services ���������������������������������������������������������������������
0.9
1.1
0.8
–0.3
–26.0%
Non-BBEDCA Emergency Appropriations: 7
Energy ��������������������������������������������������������������������������������������������������������
.........
.........
–4.7
–4.7
N/A
Housing and Urban Development ������������������������������������������������������������
.........
.........
–*
–*
N/A
Net Zero Changes in Mandatory Programs: 8
Agriculture �������������������������������������������������������������������������������������������������
.........
.........
–0.4
–0.4
N/A
Interior �������������������������������������������������������������������������������������������������������
.........
.........
–*
–*
N/A
Health and Human Services ���������������������������������������������������������������������
.........
.........
–3.8
–3.8
N/A
* $50 million or less.
1
2017 Actual and 2018 Enacted include changes that occur after appropriations are enacted that are part of budget execution such as
transfers, reestimates, and the rebasing as mandatory any changes in mandatory programs enacted in appropriations bills.

Table S–8. 2019 DISCRETIONARY OVERVIEW BY MAJOR AGENCY—Continued
SUMMARY TABLES

2
Funding for Food for Peace Title II Grants is included in the State and Other International Programs total. Although the funds are
appropriated to the Department of Agriculture, the funds are administered by the U.S. Agency for International Development.
3
Funding from the Hospital Insurance and Supplementary Medical Insurance trust funds for administrative expenses incurred by
the Social Security Administration that support the Medicare program are included in the Health and Human Services total and not in
the Social Security Administration total.
4
The 2019 Mid-Session Review includes proposed cap adjustments related to program integrity in the Internal Revenue Service and
wildfire suppression in the Departments of Agriculture and the Interior. For more information on these proposals, see the Budget Process
chapter of the Analytical Perspectives volume of the 2019 Budget.
5
“Disaster Relief ” appropriations are amounts designated as such by the Congress provided they are for activities carried out pursuant to a Presidential disaster declaration under the Robert T. Stafford Disaster Relief and Emergency Assistance Act. These amounts are
held to a funding ceiling that is determined one year at a time according to a statutory formula. The Administration is requesting $6.7
billion for Disaster Relief in 2019.
6
The 21st Century CURES Act permitted funds to be appropriated each year for certain activities and not counted toward the discretionary caps so long as the appropriations were specifically provided for the authorized purposes. These amounts are displayed outside of
the discretionary caps totals for this reason.
7
The 2019 Budget includes permanent cancellations of balances of emergency funding in the Departments of Energy and Housing
and Urban Development that are not designated pursuant to BBEDCA. These cancellations are not being re-designated as emergency,
therefore no savings are being achieved under the caps nor will the caps be adjusted for these cancellations.
8
The Addendum to the 2019 Budget proposed to amend budget enforcement law so that a provision in an appropriations Act that
reduces the budget authority in a mandatory program would not be scored as an offset under the discretionary caps if the outlay savings
from the provision net to zero over ten years. OMB’s estimate of these “net-zero CHIMPs” included in the FY 2019 Mid-Session Review
are reflected here and are separated from funding counted under the discretionary caps.

51

52

Table S–9. ESTIMATED
SPENDING FROM 2019 BALANCES
OF BUDGET AUTHORITY:
DISCRETIONARY PROGRAMS
(In billions of dollars)
Total
Outlays from end-of-2019 balances:
2020 ������������������������������������������������������������������������������� 711.0
2021 ������������������������������������������������������������������������������� 285.1
2022 ������������������������������������������������������������������������������� 128.6
2023 �������������������������������������������������������������������������������
62.3
2024 �������������������������������������������������������������������������������
34.0
2025 �������������������������������������������������������������������������������
19.3
2026 �������������������������������������������������������������������������������
9.8
2027 �������������������������������������������������������������������������������
4.5
2028 �������������������������������������������������������������������������������
3.0
Note: Required by 31 USC 1106(a)(3). Balances as of the end of
2019 include unspent balances of discretionary budget authority provided in 2019 and prior years, as well as unspent balances of mandatory contract authority that is subject to discretionary obligation
limitations.

MID-SESSION REVIEW

Table S–10. OUTLAYS FOR MANDATORY PROGRAMS UNDER CURRENT LAW 1
(In billions of dollars)
2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

20192023

20192028

Outlays:
Human resources programs:
Education, training, employment and social
services �������������������������������������������������������������
52
Health �������������������������������������������������������������������
473
Medicare ���������������������������������������������������������������
591
Income security ����������������������������������������������������
436
Social security ������������������������������������������������������
939
Veterans’ benefits and services ���������������������������
105
Subtotal, human resources programs ������������
2,596
Other mandatory programs:
International affairs ��������������������������������������������
–5
Energy ������������������������������������������������������������������
–1
Natural resources and environment �������������������
1
Agriculture �����������������������������������������������������������
13
Commerce and housing credit �����������������������������
–18
Transportation �����������������������������������������������������
1
Justice �������������������������������������������������������������������
3
General government ��������������������������������������������
6
Undistributed offsetting receipts ������������������������
–90
Other functions ����������������������������������������������������
11
Subtotal, other mandatory programs �������������
–77
Total, outlays for mandatory programs under
current law ������������������������������������������������������� 2,519
1
This table meets the requirements of 31 USC 1106(a)(2).
*$500 million or less

4
512
586
429
982
102
2,615

16
534
646
457
1,042
120
2,813

21
550
690
467
1,104
127
2,959

24
570
742
481
1,169
132
3,118

26
602
839
504
1,238
148
3,358

27
637
872
509
1,313
146
3,504

27
674
902
514
1,392
143
3,652

27
714
1,013
537
1,474
162
3,928

27
762
1,092
566
1,560
171
4,177

27
805
1,169
560
1,649
179
4,389

27
852
1,342
585
1,744
204
4,754

114
2,891
3,790
2,418
5,866
673
15,752

249
6,698
9,308
5,180
13,685
1,533
36,651

–3
–2
3
16
5
1
8
9
–97
20
–39

*
–2
4
16
–8
1
12
9
–101
8
–59

2
–1
5
14
–10
1
8
9
–103
9
–65

2
–1
5
17
–10
1
6
8
–104
9
–67

1
–3
4
17
–10
1
5
9
–106
9
–73

*
–3
5
17
–10
1
2
8
–107
9
–78

–1
–4
4
17
–10
1
2
8
–109
8
–82

–2
–4
4
17
–9
1
2
9
–123
8
–96

–3
–2
4
17
–7
3
1
9
–113
8
–82

–4
–2
4
17
–7
3
2
9
–115
8
–85

–5
–2
3
17
–6
3
6
9
–118
12
–81

5
–11
23
82
–48
7
33
43
–520
44
–342

4
–13
23
83
–50
7
23
42
–528
44
–768

2,575

2,754

2,894

3,051

3,286

3,426

3,570

3,831

4,094

4,304

4,673

15,410

35,883

SUMMARY TABLES

Totals
2017

53

Table S–11. FEDERAL GOVERNMENT FINANCING AND DEBT
(In billions of dollars)

2018

2019

2020

2021

2022

2023

54

Estimate

Actual
2017

2024

2025

2026

2027

2028

Financing:
Unified budget deficit:
Primary deficit/surplus (–) ���������������������������������������
Net interest ��������������������������������������������������������������
Unified budget deficit �������������������������������������������
As a percent of GDP �����������������������������������������
Other transactions affecting borrowing from the
public:
Changes in financial assets and liabilities: 1
Change in Treasury operating cash balance ������
Net disbursements of credit financing accounts:
Direct loan and Troubled Asset Relief Program
(TARP) equity purchase accounts ����������������
Guaranteed loan accounts �������������������������������
Net purchases of non-Federal securities by the
National Railroad Retirement Investment
Trust (NRRIT) ��������������������������������������������������
Net change in other financial assets and
liabilities 2 ���������������������������������������������������������
Subtotal, changes in financial assets and
liabilities �������������������������������������������������������
Seigniorage on coins �������������������������������������������������
Total, other transactions affecting borrowing
from the public �������������������������������������������������
Total, requirement to borrow from the public
(equals change in debt held by the public) ���

403
263
665
3.5%

527
322
849
4.2%

693
393
1,085
5.1%

607
469
1,076
4.8%

479
531
1,011
4.3%

415
593
1,008
4.1%

228
651
879
3.4%

–6
695
689
2.5%

–69
728
659
2.3%

–149
757
608
2.0%

–237
786
549
1.7%

–271
810
539
1.6%

–194

191

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

54
–14

98
–10

96
5

87
3

86
2

89
–*

87
–2

79
–4

69
–5

59
–9

50
–8

46
–1

1

–*

–1

–1

–1

–1

–1

–1

–*

–*

–*

*

–15

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

.........

–167
–*

279
–*

100
–*

88
–*

88
–*

88
–*

84
–*

75
–*

63
–*

50
–*

42
–*

45
–*

–168

278

100

88

87

88

84

74

63

49

41

45

498

1,127

1,185

1,164

1,098

1,095

963

764

721

658

590

583

498
168
4

1,127
144
1

1,185
156
2

1,164
136
3

1,098
133
2

1,095
93
2

963
116
2

764
154
2

721
91
1

658
84
1

590
–21
2

583
–79
2

670

1,272

1,344

1,302

1,233

1,191

1,081

919

814

743

570

506

20,180
29
20,209

21,451
30
21,481

22,793
32
22,825

24,094
33
24,127

25,326
35
25,360

26,515
36
26,551

27,595
37
27,632

28,514
38
28,552

29,328
38
29,366

30,070
38
30,108

30,639
39
30,679

31,144
40
31,184

20,180
26
20,206
105.4%

21,451
26
21,477
106.8%

22,793
25
22,818
107.9%

24,094
24
24,118
108.3%

25,326
23
25,349
108.3%

26,515
22
26,537
107.9%

27,595
21
27,617
106.9%

28,514
20
28,534
105.1%

29,328
19
29,347
102.9%

30,070
18
30,088
100.6%

30,639
17
30,656
97.7%

31,144
16
31,160
94.7%

Changes in Debt Subject to Statutory Limitation:

Debt Subject to Statutory Limitation, End of
Year:
Debt issued by Treasury ����������������������������������������������
Adjustment for discount, premium, and coverage 3 ����
Total, debt subject to statutory limitation 4 ������������
Debt Outstanding, End of Year:
Gross Federal debt: 5
Debt issued by Treasury ������������������������������������������
Debt issued by other agencies ���������������������������������
Total, gross Federal debt ��������������������������������������
As a percent of GDP �����������������������������������������

MID-SESSION REVIEW

Change in debt held by the public �������������������������������
Change in debt held by Government accounts �����������
Change in other factors �����������������������������������������������
Total, change in debt subject to statutory
limitation ��������������������������������������������������������������

Table S–11. FEDERAL GOVERNMENT FINANCING AND DEBT—Continued
(In billions of dollars)

Held by:
Debt held by Government accounts ������������������������
Debt held by the public 6 ������������������������������������������
As a percent of GDP ���������������������������������������������

5,540
14,665
76.5%

Estimate
2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

5,684
15,793
78.5%

5,840
16,978
80.3%

5,976
18,142
81.5%

6,109
19,240
82.2%

6,202
20,335
82.7%

6,319
21,298
82.4%

6,472
22,062
81.3%

6,563
22,783
79.9%

6,647
23,441
78.4%

6,626
24,030
76.6%

6,546
24,614
74.8%

SUMMARY TABLES

Actual
2017

Debt Held by the Public Net of Financial Assets:
Debt held by the public ������������������������������������������������
14,665
15,793 16,978 18,142 19,240
20,335
21,298
22,062
22,783
23,441
24,030
24,614
Less financial assets net of liabilities:
Treasury operating cash balance ����������������������������
159
350
350
350
350
350
350
350
350
350
350
350
Credit financing account balances:
Direct loan and TARP equity purchase accounts ����
1,281
1,379
1,475
1,562
1,648
1,738
1,824
1,903
1,972
2,031
2,081
2,126
Guaranteed loan accounts �����������������������������������
14
4
9
12
14
14
12
8
3
–6
–14
–15
Government-sponsored enterprise preferred stock ���
93
94
94
94
94
94
94
94
94
94
94
94
Non-Federal securities held by NRRIT �������������������
25
25
24
23
22
21
21
20
20
19
19
19
Other assets net of liabilities ����������������������������������
–58
–58
–58
–58
–58
–58
–58
–58
–58
–58
–58
–58
Total, financial assets net of liabilities ���������������
1,515
1,795
1,895
1,983
2,071
2,159
2,243
2,318
2,381
2,430
2,472
2,517
Debt held by the public net of financial assets ����
13,151
13,998 15,083 16,158 17,169
18,176
19,055
19,744
20,402
21,010
21,558
22,097
As a percent of GDP �������������������������������������
68.6%
69.6%
71.3%
72.6%
73.4%
73.9%
73.8%
72.7%
71.6%
70.2%
68.7%
67.2%
* $500 million or less.
1
A decrease in the Treasury operating cash balance (which is an asset) is a means of financing a deficit and therefore has a negative sign; that is, the reduction in cash balances
reduces the amount that would otherwise be borrowed from the public. An increase in checks outstanding (which is a liability) is also a means of financing a deficit and therefore
also has a negative sign.
2
Includes checks outstanding, accrued interest payable on Treasury debt, uninvested deposit fund balances, allocations of special drawing rights, and other liability accounts;
and, as an offset, cash and monetary assets (other than the Treasury operating cash balance), other asset accounts, and profit on sale of gold.
3
Consists mainly of debt issued by the Federal Financing Bank (which is not subject to limit), the unamortized discount (less premium) on public issues of Treasury notes and
bonds (other than zero-coupon bonds), and the unrealized discount on Government account series securities.
4
Legislation enacted February 9, 2018 (P.L. 115-123), temporarily suspends the debt limit through March 1, 2019.
5
Treasury securities held by the public and zero-coupon bonds held by Government accounts are almost all measured at sales price plus amortized discount or less amortized
premium. Agency debt securities are almost all measured at face value. Treasury securities in the Government account series are otherwise measured at face value less unrealized discount (if any).
6
At the end of 2017, the Federal Reserve Banks held $2,465 billion of Federal securities and the rest of the public held $12,200 billion. Debt held by the Federal Reserve Banks
is not estimated for future years.

55

EXECUTIVE OFFICE OF THE PRESIDENT
O FFI CE OF MA N AG E ME N T A N D B U D G E T
W ASHI NGTO N , D . C .