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With federal debt projected to reach nearly the size of our entire economy within ten years — and keep rising from there — it’s clear that we’re on an unsustainable fiscal path. That’s why it’s important for lawmakers to consider the many available policy options for improving that outlook.
A report released last week by the Congressional Budget Office (CBO) highlights 121 options for reducing the federal budget deficit and putting America on a better path. This 316 page report shows that many potential solutions exist to put our fiscal house in order.
The CBO report includes options for both increasing revenues and reducing spending. Among the 40 proposals to boost revenues are:
On the spending side of the budget, 81 options are presented, including:
Lawmakers should use the options presented by CBO as a starting point for conversations about how to address the growing federal debt. Our current fiscal situation is the result of a fundamental mismatch between spending and revenues, and the CBO report includes options that address both. That broad scope illustrates many possible paths for improving our fiscal outlook.