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Document: CBO Report on Options for Reducing U.S. Deficit

From the Congressional Budget Office report, Options for Reducing the Deficit: 2014 to 2023:

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, the Congressional Budget Office (CBO) periodically issues a compendium of policy options that would affect the federal bud- get 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 (see Table 1-1 on page 5). Those options cover many areas—ranging from defense to energy, Social Secu- rity, 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.