from the Congressional Budget Office
The Congress faces an array of policy choices as it confronts the dramatic increase in the federal government’s debt over the past several years and the prospect of large annual budget deficits and further increases in that debt that are projected to occur in coming decades under current law. To help inform lawmakers about the budgetary implications of various approaches to changing federal policies, CBO periodically issues a compendium of policy options that would affect the federal budget as well as separate reports that include policy options in particular areas.
This volume presents 103 options that would decrease federal spending or increase federal revenues over the next decade. Those options cover many areas—ranging from defense to energy, Social Security, and provisions of the tax code. The budgetary effects identified for most of the options span the 10 years from 2014 to 2023 (the period covered by CBO’s May 2013 baseline budget projections), although many of the options would have longer-term effects as well.
Chapters 2 through 5 present options in the following categories:
- Chapter 2: Mandatory spending other than that for health-related programs,
- Chapter 3: Discretionary spending other than that for health-related programs,
- Chapter 4: Revenues other than those related to health, and
- Chapter 5: Health-related programs and revenue provisions.
In addition to 11 options that are similar in scope to others in this volume, Chapter 5 includes 5 broad approaches for reducing spending on health care programs or revenues forgone because of tax provisions related to health care. Each would offer lawmakers a variety of possibilities for making changes in current laws. Chapter 6 differs from the rest of the volume; it discusses the challenges and the potential budgetary effects of eliminating a Cabinet department.
The options included in this volume come from a variety of sources. Some are based on proposed legislation or on the budget proposals of various Administrations; others came from Congressional offices or from entities in the federal government or in the private sector. As a collection, the options are intended to reflect a range of possibilities, not a ranking of priorities or an exhaustive list. Inclusion or exclusion of any particular option does not imply endorsement or disapproval by CBO, and the report makes no recommendations. This volume does not contain comprehensive budget plans, although it would be possible to devise such plans by combining certain options in various ways (although some overlap with others).
In addition to the budget options examined here, CBO has presented many other options in various publications it has issued in recent years; Appendix A lists most of those other options. Appendix B lists this volume’s options by budget function (the programmatic category used in the budget to sort spending according to the national interests being addressed). Appendix C lists the options by major program or category.
[full page view by hitting the lower right hand corner icon]
Options for Reducing the Deficit: 2014 to 2023
To print Scribd document:
- Click “Download.”
- Open with “Adobe Reader”.
- Select “Print”.
source: http://www.cbo.gov/sites/default/files/cbofiles/attachments/44715-OptionsForReducingDeficit.pdf