CBO Releases Options for Reducing the Deficit
On November 13, 2013, the Congressional Budget Office (CBO) released its periodic report of options for reducing the federal budget deficit. The report outlines 103 policy options that would either reduce federal spending or increase federal revenues over the next 10 years. The options are taken from a variety of sources, such as the president’s budget, proposed legislation, congressional budget resolutions, private organizations, and others. The options may have more relevance than usual this year, as Congress wrestles with an incomplete budget process and a desire to both reduce federal budget deficits while simultaneously providing additional discretionary spending in fiscal year (FY) 2014. The sections below highlight the options that would have an impact on states.