"The Congressional Budget Office (CBO) projects that if current laws and policies remained the same, the federal government would run budget deficits of $368 billion in 2005 and $295 billion in 2006. However.those estimates omit a significant amount of spending that will occur this year-and conceivably for some time in the future-for U.S. military efforts in Iraq and Afghanistan and for other efforts in the war on terrorism." - Summary, The Budget and Economic Outlook: Fiscal Years 2006 to 2015 The Budget and Economic Outlook presents topics related to leading economic issues including: - A review of 2004's budget outlook and the concept behind CBO's baseline projections - The importance of productivity growth for economic and budget projections as well as an overview of CBO's two-year forecast - Revenues by source and revenue projections in detail - An outlook of mandatory and discretionary spending, including net interest - Budget resolution targets vs. actual budget outcomes THE U.S. BUDGET & ECONOMIC OUTLOOK: 2006-2015 is one of a series of reports on the state of the U.S. budget and economy that the Congressional Budget Office (CBO) issued each year. It is the requirement of Section 202(e) of the Congressional Budget Act of 1974 for the CBO to submit to the Committees on the Budget periodic reports about fiscal policy and to provide baseline projections of the federal budget. In accordance with the CBO's mandate to provide impartial analysis, the report makes no recommendations. For additional information about the Congressional Budget Office, please visit www.cbo.gov.