One of a series of reports on the state of the budget and the economy that is issued each year; the report makes no recommendations. Contents: The Budget Outlook; The Economic Outlook; The Spending Outlook; The Revenue Outlook; Changes in the Baseline Since August 2007; Trust Funds and Measures of Debt; How Changes in Economic Assumptions Can Affect Budget Projections; The Treatment of Federal Receipts and Expenditures in the National Income and Product Accounts; Economic Projections for 2008 to 2018; Historical Budget Data; Contributors to the Revenue and Spending Projections; Glossary. Charts and tables.