Book excerpt: This is a print on demand edition of a hard to find publication. Reviewing CBO's recent analyses of the economic outlook and the potential impact on the economy of various fiscal policy options. It also adds to those analyses by quantifying the economic impact of extending some or all of the 2001 and 2003 tax cuts that are scheduled to expire in three months. CBO expects -- as do most private forecasters -- that the economic recovery will proceed at a modest pace during the next few years. Charts and tables.