In March he proposed a balanced budget for fiscal 2011, describing in gory detail how he would slash a third from projected outlays.
Those longer-term adjustments are mostly a result of smaller projected outlays for the entitlement programs of Social Security, Medicaid and Medicare, as well as smaller interest payments on the debt.
Think-tanks, looking at the formulas that fund schools and health programmes, put the projected outlays at $99 billion.How to close a $27 billion shortfall?
I think the key message is what has happened to the estimate of actuarial balance — the difference between projected outlays and projected revenues over the next 75 years.
Another is the country's trade and budget deficits, which by some lights appeared to be improving until Hurricane Katrina boosted the government's projected outlays.
For the 1972 fiscal year, beginning next July 1, Mr. Nixon projected outlays totaling $1.4‐billion as against $679‐ million in the current, or 1971, fiscal year.
It shows that while projected outlays for timber‐sale adminis tration and management were trimmed only 5percentnt, for minerals only 16percentnt, and ror grazing only 20percentnt, financing for roads and trails was cut 26percentnt, for recrea tion 55percentnt, and for land acquisition 73percentnt.
Rather than decrease military spending, the plan reduces projected outlays elsewhere.
It projects outlays of $994 billion, revenue of $850.4 billion, and a deficit of nearly $144 billion, which is within the Gramm-Rudman-Hollings austerity goals for fiscal 1987.
--In Aid Familieslies with Dependent Children (AFDC), outlays down 14.3% from a projected $9.8 billion.
