Summary
Two reports highlight options to reduce federal spending that could be tapped as the fiscal year (FY) 2018 budget process unfolds:
- The Congressional Budget Office (CBO) released its periodic report on options to reduce federal spending or increase federal revenues over 10 years. CBO’s options—which number 115—are culled from a variety of sources, including prior president’s budgets, proposed legislation, congressional budget resolutions, private organizations, and others. Options run the full spectrum from charging for services provided to the private sector to raising the retirement age for Social Security.
- The Heritage Foundation has compiled a list of several proposals to reduce discretionary spending, as part of its Blueprint for Balance: A Federal Budget for 2017. These proposals could be especially relevant because a former Heritage Foundation staffer is reportedly playing a key role in drafting the president’s budget.
FFIS has summarized proposals in the two reports that would have a fiscal impact on states.