Measuring the Effects of the Business Cycle on the Federal Budget
"This report offers an alternative measure of the budget that incorporates adjustments for the effects of the business cycle. It is one of a series of reports that the Congressional Budget Office (CBO) issues each year to fulfill the requirement of section 202(e) of the Congressional Budget and Impoundment Control Act of 1974 that CBO submit to the Committees on the Budget periodic reports about fiscal policy and provide baseline projections of the federal budget. This report is based on information presented in A Preliminary Analysis of the President’s
Budget and an Update of CBO’s Budget and Economic Outlook, released in March 2009."