A Comparison of Fiscal Year 1992 Budget Estimates and Actual Results
AFMD-93-51: Published: Feb 12, 1993. Publicly Released: Feb 12, 1993.
- Full Report:
GAO reviewed the 1992 budget estimates and actual results, highlighting factors which contributed to substantial differences.
GAO found that: (1) 1992 economic forecasts were overestimated due to slower than expected economic growth and increases in spending; (2) the 1992 budget deficit totalled $290.2 billion; (3) 1992 receipts totalled $1.09 trillion, which was $73.4 billion less than the original estimate; (4) 1992 receipts were less than expected primarily due to reduced individual income and social insurance tax revenues; (5) 1992 outlays were $64 billion less than estimated, due to reduced deposit insurance outlays; (6) spending for deposit insurance activities was about $85 billion below original estimates; and (7) the budget deficit, when adjusted to exclude deposit insurance activities, would have exceeded estimates by $95 billion.