LONG-RUN BUDGET PROJECTIONS OF 2008 BUDGET POLICY: 1980-2080
(percent of GDP)
------------------------------------------------------------------------
1980 1990 2000 2010 2020 2030 2040 2060 2080
------------------------------------------------------------------------
Receipts........... 19.0 18.0 20.9 18.3 18.3 18.3 18.3 18.3 18.3
Outlays............ 21.7 21.8 18.4 18.9 17.8 19.7 21.4 24.9 29.7
Discretionary.... 10.1 8.7 6.3 6.6 4.8 4.8 4.8 4.8 4.8
Mandatory........ 9.6 9.9 9.8 10.6 12.0 14.0 15.1 16.0 16.9
Social Security 4.3 4.3 4.2 4.2 4.9 5.8 6.0 6.1 6.3
Medicare....... 1.1 1.7 2.0 2.7 3.4 4.5 5.3 5.9 6.1
Medicaid....... 0.5 0.7 1.2 1.4 1.9 2.2 2.5 3.0 3.6
Other.......... 3.7 3.2 2.4 2.3 1.8 1.5 1.3 1.0 0.9
Net Interest..... 1.9 3.2 2.3 1.7 1.0 0.8 1.6 4.1 8.0
Surplus/Deficit (-) -2.7 -3.9 2.4 -0.6 0.5 -1.4 -3.1 -6.6 -11.4
Primary Surplus/Def -0.8 -0.6 4.7 1.2 1.5 -0.5 -1.6 -2.5 -3.4
Debt Held by Public 26.1 42.0 35.1 35.2 18.7 17.1 31.5 82.0 160.3
Addendum, without the Budgets Mandatory Proposals:
Outlays............ 21.7 21.8 18.4 19.0 18.1 20.3 22.4 26.7 32.4
Mandatory........ 9.6 9.9 9.8 10.7 12.3 14.6 16.1 17.8 19.6
Surplus/Deficit (-) -2.7 -3.9 2.4 -0.7 0.1 -2.3 -4.9 -10.7 -19.0
Primary Surplus/Def -0.8 -0.6 4.7 1.0 1.2 -1.1 -2.6 -4.3 -6.1
Debt Held by Public 26.1 42.0 35.1 35.5 21.1 24.4 47.6 130.3 262.1
--------------------------------------------------------------------------------------------
LONG-RUN BUDGET PROJECTIONS OF 2008 BUDGET POLICY: 1980-2080
(percent of receipts)
------------------------------------------------------------------------
1980 1990 2000 2010 2020 2030 2040 2060 2080
------------------------------------------------------------------------
Receipts........... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
Outlays............ 114.2 121.1 88.0 103.3 97.3 107.7 116.9 136.1 162.3
Discretionary.... 53.2 48.3 30.1 36.1 26.2 26.2 26.2 26.2 26.2
Mandatory........ 50.5 55.0 46.9 57.9 65.6 76.5 82.5 87.4 92.3
Social Security 22.6 23.9 20.1 23.0 26.8 31.7 32.8 33.3 34.4
Medicare....... 5.8 9.4 9.6 14.8 18.6 24.6 29.0 32.2 33.3
Medicaid....... 2.6 3.9 5.7 7.7 10.4 12.0 13.7 16.4 19.7
Other.......... 19.5 17.8 11.5 12.6 9.8 8.2 7.1 5.5 4.9
Net Interest..... 10.0 17.8 11.0 9.3 5.5 4.4 8.7 22.4 43.7
Surplus/Deficit (-) -14.2 -21.7 11.5 -3.3 2.7 -7.7 -16.9 -36.1 -62.3
Primary Surplus/Def -4.2 -3.3 22.5 6.6 8.2 -2.7 -8.7 -13.7 -18.6
Debt Held by Public 137.4 233.3 167.9 192.3 102.2 93.4 172.1 448.1 876.0
Addendum, without the Budgets Mandatory Proposals:
Outlays............ 114.2 121.1 88.0 103.8 98.9 110.9 122.4 145.9 177.0
Mandatory........ 50.5 55.0 46.9 58.5 67.2 79.8 88.0 97.3 107.1
Surplus/Deficit (-) -14.2 -21.7 11.5 -3.8 0.5 -12.6 -26.8 -58.5 -103.8
Primary Surplus/Def -4.2 -3.3 22.5 5.5 6.6 -6.0 -14.2 -23.5 -33.3
Debt Held by Public 137.4 233.3 167.9 194.0 115.3 133.3 260.1 712.0 1432.2
Source: Budget of the United States Government, FY 2008, Analytical Perspectives,
page 184, Table 13-2
=============================================================================================
MANDATORY PROPOSALS SUBJECT TO PAYGO IN 2008 BUDGET
(Cost/Savings () in millions of dollars)
------------------------------------- ------- ------- ------- ------- ------- ------- -------
Proposals 2007 2008 2009 2010 2011 2012 200712
------------------------------------- ------- ------- ------- ------- ------- ------- -------
Medicare............................. ...... 4,696 9,113 13,077 17,463 21,695 66,044
Outlay Effects of Tax Proposals* .... ...... 388 297 4,021 4,100 4,086 11,522
Medicaid/State Childrens Health Ins. 35 330 870 1,765 1,790 2,005 6,725
User Fee Proposals................... ...... 774 1,021 1,178 1,187 1,315 5,476
Pension Benefit Guaranty Corp Reform. ...... 1,390 1,387 1,400 1,295 5,472
ANWR Leasing......................... ...... ...... 3,502 2 503 3 4,010
Federal Student Aid Proposals........ ...... 3,652 356 69 365 769 2,943
Farm Bill Reauthorization............ ...... 500 500 500 500 500 2,500
Social Services Block Grant ......... ...... ...... 425 495 500 500 1,920
Unemployment Insurance Integrity* ... ...... ...... 484 494 351 355 1,684
Other Proposals...................... 125 1,215 602 687 715 895 4,238
Total................................ 90 10,555 17,560 14,633 18,944 22,708 84,490
Total, 2007 and 2008................. ...... 10,645 ...... ...... ...... ...... ......
---------------------------------------------------------------------------------------------
* Affects both receipts and outlays. Only the outlay effect is shown here. For receipt
effects, see Table S6 in the Budget volume.
Source: Budget of the U.S. Government, FY 2008, Analytical Perspectives, page 211, Table 15-1
Note: The above table shows the budgets mandatory proposals whose passage are assumed in
the long-run projections. The largest proposal involves Medicare and is described
as follows on page 211 of the Analytical Perspectives:
"In the Medicare Modernization Act (MMA) of 2003, Congress provided for a more
comprehensive review of the Medicare programs finances and required the Medicare
trustees to issue a warning when general revenue Medicare funding is projected to
exceed 45 percent of Medicares total expenditures. The Presidents Budget proposes
to build on this reform by requiring an automatic reduction in the rate of Medicare
growth if the MMA threshold is exceeded. If a warning was issued and action was not
taken over the next six years to keep this threshold from being exceeded, the
reduction would begin as a four-tenths of a percent reduction to all payments to
providers in the year the threshold is exceeded, and would grow by four-tenths of a
percent every year the shortfall continued to occur. This provision is designed to
encourage the President and the Congress to reach agreement on reforms to slow
Medicare spending and bring it back into line with the threshold established by the
MMA."
===================================================================================================
LONG-RUN BUDGET PROJECTIONS FROM 2001-2008 BUDGETS
(percent of GDP)
-------------------------------------------------------
2000 2010 2020 2030 2040 2060 2080
-------------------------------------------------------
2001 Receipts...... 20.4 19.1 19.3 19.5 19.7 19.9 20.0~
2002 Receipts...... 20.6 18.6 18.6 18.7 18.7 18.8 18.7~
2003 Receipts...... 20.8 19.2 19.2 19.4 19.4 19.6~ 19.6~
2004 Receipts...... 20.8 18.4 18.8 19.0 19.0 19.2 19.3
2005 Receipts...... 20.9 17.9 18.6 19.0 19.5 20.6 21.6
2006 Receipts...... 17.7~ 17.7~ 18.8~ 19.4~ 19.9~ 21.2~ 22.3~
2007 Receipts...... 20.9 17.9 18.9 19.4 20.0 21.3 22.4
2008 Receipts...... 20.9 18.3 18.3 18.3 18.3 18.3 18.3
-------------------------------------------------------
2000 2010 2020 2030 2040 2060 2080
-------------------------------------------------------
2001 Outlays....... 18.7 16.7 17.3 18.9 20.0 23.3 31.7
2002 Outlays....... 18.2 15.8 16.1 17.7 19.3 23.7 31.4
2003 Outlays....... 18.4 18.0 18.4 20.4 22.3 27.7 34.4
2004 Outlays....... 18.4 19.6 21.0 24.4 27.8 36.7 52.7
2005 Outlays....... 18.4 19.3 20.3 24.1 28.2 37.7 53.2
2006 Outlays....... 20.5 19.9 20.6 23.3 26.2 33.0 43.1
2007 Outlays....... 18.4 18.9 19.4 21.6 23.6 28.2 36.1
2008 Outlays....... 18.4 18.9 17.8 19.7 21.4 24.9 29.7
-------------------------------------------------------
2000 2010 2020 2030 2040 2060 2080
-------------------------------------------------------
2001 Discretionary 6.5 5.1 4.7 4.4 4.0 3.3 2.8
2002 Discretionary 6.3 5.2 5.0 5.0 5.0 5.0 5.0
2003 Discretionary 6.3 6.2 5.8 5.8 5.8 5.8 5.8
2004 Discretionary 6.3 6.5 6.0 6.0 6.0 6.0 6.0
2005 Discretionary 6.3 6.2 5.4 5.4 5.4 5.4 5.4
2006 Discretionary 7.7 6.9 5.9 5.9 5.9 5.9 5.9
2007 Discretionary 6.3 6.1 5.6 5.6 5.6 5.6 5.6
2008 Discretionary 6.3 6.6 4.8 4.8 4.8 4.8 4.8
-------------------------------------------------------
2000 2010 2020 2030 2040 2060 2080
-------------------------------------------------------
2001 Mandatory..... 9.9 11.1 13.3 15.6 16.7 19.1 23.1
2002 Mandatory..... 9.7 10.3 12.1 14.1 15.2 17.2 19.9
2003 Mandatory..... 9.8 10.7 12.5 14.4 15.6 17.8 20.5
2004 Mandatory..... 9.8 11.3 13.2 15.5 16.8 19.0 22.8
2005 Mandatory..... 9.8 11.0 13.0 15.9 17.9 20.6 24.6
2006 Mandatory..... 10.5 11.3 12.7 14.8 16.4 18.8 22.1
2007 Mandatory..... 9.8 10.8 12.4 14.4 15.7 17.8 21.0
2008 Mandatory..... 9.8 10.6 12.0 14.0 15.1 16.0 16.9
-------------------------------------------------------
2000 2010 2020 2030 2040 2060 2080
-------------------------------------------------------
01 Social Security. 4.2 4.5 5.7 6.7 6.8 7.2 7.5
02 Social Security. 4.1 4.2 5.3 6.2 6.3 6.5 6.9
03 Social Security. 4.2 4.4 5.4 6.3 6.4 6.6 7.0
04 Social Security. 4.2 4.3 5.3 6.2 6.4 6.6 7.1
05 Social Security. 4.2 4.2 5.0 6.0 6.2 6.5 6.8
06 Social Security. 4.4 4.3 4.9 5.7 6.0 6.2 6.5
07 Social Security. 4.2 4.2 4.9 5.8 5.9 6.1 6.4
08 Social Security. 4.2 4.2 4.9 5.8 6.0 6.1 6.3
-------------------------------------------------------
2000 2010 2020 2030 2040 2060 2080
-------------------------------------------------------
2001 Medicare...... 2.1 2.5 3.3 4.1 4.4 4.5 4.9
2002 Medicare...... 2.0 2.3 3.1 4.1 5.0 6.6 8.6
2003 Medicare...... 2.0 2.3 2.9 3.9 4.8 6.4 8.1
2004 Medicare...... 2.0 2.6 3.4 4.6 5.5 7.0 9.3
2005 Medicare...... 2.0 2.9 3.9 5.9 7.4 9.6 12.5
2006 Medicare...... 2.3 2.9 4.0 5.3 6.5 8.5 11.1
2007 Medicare...... 2.0 2.8 3.7 5.0 6.1 7.9 10.4
2008 Medicare...... 2.0 2.7 3.4 4.5 5.3 5.9 6.1
-------------------------------------------------------
2000 2010 2020 2030 2040 2060 2080
-------------------------------------------------------
2001 Medicaid...... 1.2 1.8 2.4 3.2 4.0 6.2 9.4
2002 Medicaid...... 1.2 1.7 2.1 2.4 2.7 3.2 3.6
2003 Medicaid...... 1.2 1.8 2.2 2.4 2.7 3.2 3.7
2004 Medicaid...... 1.2 1.9 2.4 2.7 3.2 4.0 5.0
2005 Medicaid...... 1.2 1.7 2.1 2.4 2.7 3.3 4.1
2006 Medicaid...... 1.4 1.7 2.0 2.2 2.5 2.9 3.5
2007 Medicaid...... 1.2 1.5 1.9 2.1 2.3 2.8 3.3
2008 Medicaid...... 1.2 1.4 1.9 2.2 2.5 3.0 3.6
-------------------------------------------------------
2000 2010 2020 2030 2040 2060 2080
-------------------------------------------------------
01 Other Mandatory. 2.4 2.3 2.0 1.7 1.5 1.3 1.2
02 Other Mandatory. 2.4 2.0 1.7 1.4 1.2 0.9 0.8
03 Other Mandatory. 2.4 2.3 2.0 1.8 1.7 1.6 1.5
04 Other Mandatory. 2.4 2.4 2.1 1.9 1.7 1.5 1.4
05 Other Mandatory. 2.4 2.3 1.9 1.7 1.5 1.2 1.1
06 Other Mandatory. 2.5 2.4 1.9 1.6 1.4 1.2 1.0
07 Other Mandatory. 2.4 2.3 1.9 1.6 1.4 1.1 0.9
08 Other Mandatory. 2.4 2.3 1.8 1.5 1.3 1.0 0.9
-------------------------------------------------------
2000 2010 2020 2030 2040 2060 2080
-------------------------------------------------------
2001 Net Interest.. 2.3 0.5 -0.8 -1.1 -0.7 0.9 5.8
2002 Net Interest.. 2.3 0.3 -1.1 -1.4 -0.9 1.5 6.6
2003 Net Interest.. 2.3 1.1 0.1 0.2 0.9 4.0 8.1
2004 Net Interest.. 2.3 1.8 1.8 2.9 5.0 11.7 23.9
2005 Net Interest.. 2.3 2.1 1.8 2.7 4.9 11.7 23.2
2006 Net Interest.. 2.4 1.7 2.0 2.6 4.0 8.3 15.1
2007 Net Interest.. 2.3 1.9 1.4 1.5 2.3 4.7 9.4
2008 Net Interest.. 2.3 1.7 1.0 0.8 1.6 4.1 8.0
-------------------------------------------------------
2000 2010 2020 2030 2040 2060 2080
-------------------------------------------------------
2001 Surplus/Def(-) 1.7 2.4 2.1 0.6 -0.3 -3.4 -11.7
2002 Surplus/Def(-) 2.4 2.8 2.5 1.0 -0.5 -4.8 -12.8
2003 Surplus/Def(-) 2.4 1.2 0.8 -1.1 -2.9 -8.2 -14.9
2004 Surplus/Def(-) 2.4 -1.2 -2.2 -5.4 -8.8 -17.5 -33.5
2005 Surplus/Def(-) 2.4 -1.4 -1.7 -5.0 -8.7 -17.2 -31.6
2006 Surplus/Def(-) -2.9 -2.2 -1.8 -4.0 -6.3 -11.8 -20.8
2007 Surplus/Def(-) 2.4 -1.0 -0.6 -2.2 -3.6 -6.9 -13.7
2008 Surplus/Def(-) 2.4 -0.6 0.5 -1.4 -3.1 -6.6 -11.4
-------------------------------------------------------
2000 2010 2020 2030 2040 2060 2080
-------------------------------------------------------
01 Prim Surplus/Def 4.0 2.9 1.3 -0.5 -1.0 -2.5 -5.8
02 Prim Surplus/Def 4.7 3.1 1.5 -0.4 -1.5 -3.3 -6.2
03 Prim Surplus/Def 4.7 2.2 0.9 -0.9 -2.0 -4.1 -6.8
04 Prim Surplus/Def 4.7 0.6 -0.4 -2.5 -3.8 -5.8 -9.6
05 Prim Surplus/Def 4.7 0.7 0.1 -2.3 -3.8 -5.5 -8.4
06 Prim Surplus/Def
07 Prim Surplus/Def 4.7 0.9 0.9 -0.6 -1.3 -2.1 -4.2
08 Prim Surplus/Def 4.7 1.2 1.5 -0.5 -1.6 -2.5 -3.4
-------------------------------------------------------
2000 2010 2020 2030 2040 2060 2080
-------------------------------------------------------
2001 Public Debt... 36.3 7.1 -15.1 -20.3 -13.3 18.8 112.4
2002 Public Debt... 34.7 2.3 -21.8 -27.5 -17.8 31.7 133.4
2003 Public Debt... 35.0 19.1 2.9 4.4 20.9 94.0 188.9
2004 Public Debt... 35.1 35.7 35.1 56.7 98.4 229.4 466.1
2005 Public Debt... 35.1 39.3 34.0 51.3 92.2 219.3 432.3
2006 Public Debt... 43.9 37.1 36.9 48.4 74.6 155.7 282.9
2007 Public Debt... 35.1 37.5 26.2 28.8 43.3 88.6 177.4
2008 Public Debt... 35.1 35.2 18.7 17.1 31.5 82.0 160.3
~ estimated via interpolation; corresponding values in following tables,
including all 2006 Budget projections, are likewise interpolated
Source: Budget of the United States Government, FY 2008,
Analytical Perspectives, page 184, Table 13-2;
Budget of the United States Government, FY 2007,
Analytical Perspectives, page 185, Table 13-2;
Budget of the United States Government, FY 2006,
Analytical Perspectives, page 209, Table 13-2;
Budget of the United States Government, FY 2005,
Analytical Perspectives, page 191, Table 12-2;
Budget of the United States Government, FY 2004,
Analytical Perspectives, page 41, Table 3-2;
Budget of the United States Government, FY 2003,
Analytical Perspectives, page 45, Table 3-2;
Budget of the United States Government, FY 2002,
Analytical Perspectives, page 24, Table 2-2
Budget of the United States Government, FY 2001,
Analytical Perspectives, page 30, Table 2-2
===========================================================================
The above graphs and first three tables make evident the following points:
1) With the budget's mandatory proposals (listed in the third table above),
the debt held by the public is projected to drop to 17.1% of GDP by 2030.
It is then projected to climb, reaching 160.3% of GDP by 2080. Without
the mandatory proposals, the debt is projected to drop to just 21.1% of
GDP by 2020 and then climb, reaching 262.1% of GDP by 2080.
2) Receipts have fallen from the high of 20.9% of GDP that they reached in
2000. They fell to a low of 16.3% of GDP in 2004 but recovered to 18.4%
of GDP in 2006. They are projected to stabilize at about 18.3% of GDP
through 2080.
3) Outlays are projected to drop from their current level (20.3% of GDP in
2006) to 17.8% of GDP in 2020. They are then projected to rise to 29.7%
of GDP by 2080. Of this 11.9% of GDP increase, 7.0% is Net Interest,
2.7% is Medicare, 1.7% is Medicaid, and 1.4% is Social Security. There
is projected to be a drop of 0.9% of GDP in other mandatory spending and
discretionary spending is projected to remain at its 2020 level.
4) By 2080, the deficit is projected to rise to 11.4% of GDP and, as a
result, the debt held by the public is projected to rise to 160% of
GDP. Without budget's mandatory proposals these figures are projected
to be 19.0% and 260% of GDP. However, even these higher figures are
just about 60 percent of the 2005 Budget's projections of 31.6 and 432
percent of GDP, respectively.
The remaining tables compare the projections from Clinton's final budget
(2001) and all of Bush's budgets. They make evident the following:
5) Receipts projected for 2080 dropped from 20% of GDP in the 2001 Budget
to 18.7% of GDP in the 2002 Budget. They then rose to 22.4% of GDP by
the 2007 Budget. In the 2008 Budget, however, they have fallen sharply
to just 18.3% of GDP.
6) Outlays projected for 2080 rose from 31.7% of GDP in the 2001 Budget to
53.2% of GDP in the 2005 Budget. They then dropped sharply to 29.7% of
GDP by the 2008 Budget.
7) Discretionary outlays are projected to stabilize at some percentage of
GDP after 2020 by the Bush budgets. This percentage varies from a low
of 4.8% of GDP in the 2008 Budget to a high of 6% of GDP in the 2004
Budget. The figures shown from the last Clinton Budget of 2001 assume
that discretionary spending will just grow with population and inflation.
8) Mandatory outlays projected for 2080 dropped from 23.1% of GDP in the
2001 Budget to 19.9% of GDP in the 2002 Budget. This 3.2% of GDP drop
was chiefly due to a 5.8% of GDP drop in projected Medicaid outlays.
There was also a 3.7% increase in projected Medicare outlays and a 0.6%
and 0.4% of GDP drop in Social Security and Other Mandatory outlays.
9) Mandatory outlays projected for 2080 then rose to 24.6% of GDP by the
2005 Budget. This 4.7% of GDP gain was chiefly due to a 3.9% of GDP
gain in projected Medicare outlays. Most of this gain (3.2% of 3.9%)
occurred in the 2005 Budget when the new Medicare prescription drug
benefit was first included in the projections.
10) Mandatory outlays projected for 2080 then dropped to 16.9% of GDP by the
2008 Budget. This 7.7% of GDP drop was chiefly due to a 6.4% of GDP
drop in projected Medicare outlays. Most of this drop (4.3% of 6.4%)
occurred in the 2008 Budget due to it's mandatory proposals.
11) Net interest outlays projected for 2080 rose sharply from 5.8% of GDP
in the 2001 Budget to 23.9% of GDP in the 2004 Budget. Most of this
gain (15.8% of 18.1%) occurred in the 2004 Budget. The projections
then dropped to 8.0% of GDP by the 2008 Budget.
12) The deficit projected for 2080 rose sharply from 11.7% of GDP in the
2001 Budget to 33.5% of GDP in the 2004 Budget and dropped sharply to
13.7% of GDP in the 2007 Budget. It then dropped further to 11.4% of
GDP in the 2008 Budget. The following table shows the makeup of the
21.8% of GDP increase from 2001 to 2004, the 19.8% of GDP drop from
2004 to 2007, and the additional 2.3% of GDP drop in 2008:
COMPONENTS OF CHANGE IN DEFICIT PROJECTED FOR 2080
Component of change 2001-04 2004-07 2007-08
--------------------- ------- ------- -------
Receipts............. -0.7 3.1 -4.1
Discretionary Outlays -3.2 0.4 0.8
Mandatory Outlays.... 0.3 1.8 4.1
Net Interest......... -18.1 14.5 1.4
--------------------- ----- ---- ----
Deficit change....... -21.8 19.8 2.3
As can be seen, the largest component of the rise and fall in the
projected deficit is generally Net Interest. This shows how a
relatively small difference in annual receipts or outlays can cause a
much larger difference in net interest. This is because net interest
is based on the debt which is the accumulation of all past deficits.
13) The table above shows that the increase in projected receipts was the
largest non-interest contributor to the drop in the deficit projected
for 2080 between the 2004 and 2007 Budgets. On this topic, page 188
of the 2007 Analytical Perspectives states:
"Over the last 40 years, for example, receipts have averaged 18.2 percent
of GDP. Tax receipts have risen above this ratio from time to time, most
recently at the end of the 1990s, but those periods of high taxes have
always been followed by tax changes that have restored the average tax
ratio. Although such changes require legislation and so are not implied
by current law, a plausible alternative is to hold the receipts ratio
constant relative to GDP. In that case, the deficit rises somewhat faster
than in the base assumptions."
14) The 2008 Budget switched abruptly to the "plausible alternative" mentioned
above and dropped the receipts projected for 2080 from 22.4% of GDP to
18.3% of GDP. However, this was almost exactly offset by a drop in the
mandatory outlays projected for 2080 from 21.0% of GDP to 16.9% of GDP.
This drop was largely due to the budget's mandatory proposals (listed in
the third table above). The 2008 Budget also projected drops of 0.8% and
1.4% of GDP in discretionary outlays and net interest, respectively. These
combined to cause the projected deficit for 2080 to drop 2.3% of GDP.
15) Similar to the deficit, the public debt projected for 2080 rose sharply
from 112% of GDP in the 2001 Budget to 466% of GDP in the 2004 Budget.
It then dropped sharply to 160% of GDP (260% of GDP without the budget's
mandatory proposals) in the 2008 Budget.
