The large baby-boom generation will begin to retire in about 10 years, and as the demographic structure of the population changes, federal revenues will grow more slowly, and outlays for Social Security, Medicare, and Medicaid will rise. Moreover, because spending per enrollee in Medicare and Medicaid is expected to climb faster than the average wage, the share of income spent on those programs will increase even without any change in demography. Type 'green book' in the Search Terms field to retrieve all sections of the Green Book. After a year, opinion about the act remains sharply divided. Proponents view the President's cancellation authority as a significant tool for eliminating wasteful spending or tax provisions and maintaining fiscal discipline.
Opponents see it as an unconstitutional delegation of legislative authority to the executive branch.
FY1999 Budget Resolution, Chairman's Mark released by the Senate Budget Committee Majority Staff. Explains the purpose of a budget resolution, provides a brief overview of the federal budget, underlying economic assumptions, procedures, and discussion of each of the spending and revenue budget functions. Nonetheless, the overall picture is one of continuing surpluses through 2003. Yet the good news embodied in the projections by both CBO and the Office of Management and Budget could easily be reversed. If revenue growth this year is just one-half of one percent lower than expected, the budget could remain in deficit.