The nonpartisan Congressional Budget Office released a report analyzing 76 policy options for reducing the federal budget deficit, including spending cuts, entitlement and tax reforms.
The nonpartisan Congressional Budget Office released a report last week detailing a range of options for reducing the federal budget deficit in the decades ahead. "The options come from a variety of sources, including legislative proposals, budget proposals from various Administrations, Congressional staff, federal agencies, and private groups," explained CBO Director Phillip Swagel.
Reducing the Department of Defense's annual budget authority by about $1 trillion over the next decade in 2025 dollar terms would translate to spending cuts amounting to $959 billion in spending cuts from 2025-2034. The CBO analysis notes that accomplished in many ways, including reducing the number of active-duty military personnel by about 17% from 2025 to 2034, or reducing ground combat and air combat units, or de-emphasizing the use of U.S.
Increasing all tax rates on ordinary income by one percentage point would bring in $1.185 trillion in revenue to reduce the deficit over the 2025-2034 period. Another alternative under which income tax rates by two percentage points in only the four highest tax brackets would net $569 billion in deficit reduction over that period. Eliminating deductions for state and local taxes would reduce deficits by $1.621 trillion from 2025-2034, while eliminating all itemized deductions would bring in $3.
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