Definition of Off-Budget
By Dave Manuel
What does the term "off-budget" mean as it applies to the US federal budget? What is meant by "off-budget"?
According to the US Government Accountability Office, "off-budget" includes "those budgetary accounts (either federal or trust funds) designated by law as excluded from budget totals".
The revenues and outlays of three different entities are currently listed as being "off-budget". They are:
-the two Social Security trust funds
a) Old-Age and Survivors Insurance Trust Fund
b) Disability Insurance Trust Fund
Technically speaking, the revenues and outlays of the Social Security trust funds and the Postal Service should not be included in any budget totals. However, one of the most cited budget numbers is the unified budget total, which includes the sum of on-budget and off-budget totals.
The Social Security trust funds currently have a multi-trillion dollar surplus. However, any excess money is automatically invested in US government debt, which is why there is always a fear of Social Security checks not being sent out whenever there is a budget crisis.
Davemanuel.com Articles That Mention Off-Budget:
United States Posts $97.6 Billion Deficit in July
United States Posts $117 Billion Surplus in June
CBO Now Projecting Deficit of $642 Billion for 2013 Fiscal Year
CBO: US Government Would Cut Deficit Spending By $340 Billion Over 10 Year Period By Switching to Chained CPI
The Final Numbers Are In: United States Posts $1.089 Trillion Deficit in FY2012
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