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The First Lady has emerged as an institution of great influence. Whether out in the open like Hillary Clinton or behind the scenes like Nancy Reagan, most First Ladies have served as their husbands’ most trusted and closest political allies. Thus the modern era has seen the advent of the presidential couple, as symbolically epitomized in the 1990s' neologism “Billary.” It seems, however, that the American public is not ready to accept power-sharing in the White House and that the First Lady, visible and influential though she might be, should not play the role of a co-president. A number of feminists simply propose to “abolish” her.

Contents -- Summary -- The Budget Outlook -- Baseline Projections for the 2009-2018 Period -- Changes in the Baseline Budget Outlook Since August -- The Economic Outlook -- Chapter 1: The Budget Outlook -- A Review of 2007 -- The Concept Behind CBO's Baseline Projections -- CBO's Baseline Projections for 2008 to 2018 -- Outlays -- Revenues -- Debt Held by the Public -- Changes in CBO's Baseline Since August 2007 -- Uncertainty and Budget Projections -- Uncertainty of Future Legislative Actions -- Other Sources of Uncertainty -- Federal Debt Held by the Public -- The Long-Term Budget Outlook -- Chapter 2: The Economic Outlook -- The Threat to the Economy From the Turmoil in the Financial Markets -- Problems in Subprime Mortgage Markets -- Spillovers Into Other Financial Markets -- Federal Reserve Actions and Interest Rates -- How the U.S. Subprime-Related Turmoil Has Affected Other Countries -- The Prospect of Slow Economic Growth in the Near Term -- Continued Weakness in the Housing Sector -- A Slowdown in Consumer Spending -- Strengthening of Net Exports -- Steady Growth Projected in Government Purchases -- The Persistent Risk of Higher Inflation -- Indicators of Moderate Inflation: Measures of Resource Constraints and Rents -- Risks of Higher Inflation: Commodity Prices and the Falling Dollar -- The Outlook Through 2018 -- Potential Output -- Inflation, Unemployment, and Interest Rates -- Projections of Income -- Data Problems -- Income Shares -- Changes in the Outlook Since August 2007 -- How CBO's Forecast Compares With Others -- Chapter 3: The Spending Outlook -- Mandatory Spending -- Medicare and Medicaid -- Social Security -- Other Income-Security Programs -- Other Federal Retirement and Disability Programs -- Other Mandatory Spending -- What Causes Growth in Mandatory Spending? -- Offsetting Receipts -- Legislation Assumed in the Baseline.