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Charts on the Updated Fiscal Situation
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Budget Deficits Cut Sharply As a percentage of GDP, the budget deficit is expected to be cut by more than half by 2006.
Causes of Change in 2001 Projections The economy is the biggest reason for changes in the budget situation since 2001.
Enhanced Security -- Restraint Elsewhere

The growth rate of non-defense spending has fallen dramatically since the September 11, 2001 terrorist attacks, while defense and homeland security spending recorded sharp increases.

Government Spending

 The rise in total federal discretionary spending exceeds that of family income growth.
Upper Income Paying a Greater Share of Tax Burden Higher income earners are paying a larger share of the overall tax burden as a result of tax relief enacted over the past three years.
The Real Fiscal Danger Shortfalls in Medicare and Social Security, along with debt held by the public, pose genuine fiscal challenges that must be confronted.