CBO DETAILS 103 DEFICIT CUTTING OPTIONS

12/21/13 (4GH)
The non-partisan Congressional Budget Office on Wednesday detailed 103 ways Congress and the administration could cut spending or raise revenue to reduce the budget deficit over the next decade.
The options examined include 23 cuts to mandatory spending, 28 cuts to discretionary spending, 36 revenue increases and 16 changes to healthcare.

The changes range from smaller options like eliminating oil and gas subsidies or shifting direct payments to farmers, to massive changes like cutting all Social Security benefits by 15 percent, raising individual income tax rates or raising the gas tax by 35 cents.

The scorekeeper warns that healthcare costs, rising interest rates, and the aging population will cause entitlements to explode the deficit in years to come.
CBO said Wednesday that “extended projections show a substantial imbalance” with the deficit reaching 100 percent of the economy by 2038.

Source—cbo, erik wasson

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