Reply #86: Please go to the Fed Link.

[Hannah Bell]

http://fraser.stlouisfed.org/publications/usbudget/page/11459/

There are two pieces, budget authority & outlays.

Budget authority was cut dramatically.

Outlays flatlined (inflation-adjusted).

Yes, some of budget authority is borrowing authority (leverage), which means ability to initiate & continue projects.

In 1985 there's a spike that looks like liquidation of assets, then more slide.

To understand the full picture, looks like one has to sit down with 8 years of budgets & compare what's funded & what's not, & adjust for inflation to compare, but just reviewing them casually, you can see the hits to subsidized housing, standing contracts, new building/renovation, etc.

And the difference in budget authority is as originally stated.