Office of Management and Budget
Executive Office of the President
  Site Search     
About OMB  
- Organization Chart
- Contact OMB
President's Budget
- Budget Documents
- Supplementals, Budget Amendments, and Releases
Federal Management
- President's Management Agenda
- Office of Federal Financial
-- Agency Audits
- Office of Federal Procurement
  -- CAS Board
-- FAIR Act Inventory
Office of Information and Regulatory Affairs
- OIRA Administrator
- Regulatory Matters
- Paperwork Requirements
- Statistical Programs & Standards
- Information Policy, IT & E-Gov
Communications & Media
- News Releases
- Speeches
Legislative Information
- Statements of Administration Policy (SAPs)
- Testimony
- Reports to Congress
Information for Agencies
- Circulars
- Memoranda
- Bulletins
- Pivacy Guidance
- Grants Management
- Reports
Site Map
First Gov  

March 3, 2008
Contact: OMB Communications, 202-395-7254

CBO Analysis Shows President's Budget Balances in 2012

Washington, DC — Today, the Congressional Budget Office (CBO) released its estimate of the President’s FY2009 Budget based on its own economic assumptions and other analysis.

“The President’s Budget continues its substantial investment in the safety and security of the American people, protects 116 million taxpayers from an average tax increase of $1,800, and keeps domestic spending in check. CBO’s analysis shows that this proven formula results in a balanced budget in 2012,” said OMB Director Jim Nussle. “While their estimate shows a deficit in 2013, it is very close to balance - about 0.12 percent of GDP.”

“More importantly, CBO's estimate shows we can balance the budget in the near term while keeping taxes low. That's why I am very concerned by media reports that Congress will propose a budget that increases taxes, which will harm our economy,” Nussle added.

“Furthermore, I’m perplexed by the majority’s insistence on extra spending when this step would jeopardize balancing the budget. It is especially concerning when Congress has shown no sign it intends to meaningfully address the oncoming fiscal train wreck from the unsustainable growth in entitlements,” he concluded.