On Wednesday, December 7, CBO will release Options for Reducing the Deficit: 2023 to 2032, the latest edition of a recurring report. The report will be available on CBO’s website at 2:00 p.m. It will describe 76 policy options that would decrease federal spending or increase federal revenues over the next decade. CBO’s Budget Options search tool will be updated to include these new options.
The options cover many areas, including defense, health, Social Security, and provisions of the tax code. They come from a variety of sources and reflect a range of possibilities; the report makes no recommendations. This year, CBO has separated the options into two volumes. Volume I will focus on options that would reduce the deficit by more than $300 billion over 10 years, and Volume II will focus on options that would result in smaller reductions.
The previous edition of this report, Options for Reducing the Deficit: 2021 to 2030, was published in December 2020.
Phillip L. Swagel is CBO’s Director.