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Diane Publishing Books
Choices for Deficit Reduction
Leigh Angres (au)
The U.S. is facing fundamental budgetary challenges. Federal debt held by the public exceeds 70% of the nationńˇ╗s annual output (gross domestic product, or GDP) -- a percentage not seen since 1950 -- and a continuation of current policies would boost the debt further. Although debt would decline to 58% of GDP in 2022 under the current-law assumptions that underlie the Congressional Budget Officeńˇ╗s (CBOńˇ╗s) baseline projections, those projections depend heavily on significant increases in taxes and decreases in spending that are schedule to take effect in Jan. 2013. If, instead, lawmakers maintained current policies by preventing most of those changes from occurring, debt held by the public would increase to 90% of GDP 10 years from now and continue to rise rapidly thereafter. This report reviews the magnitude and causes of the federal governmentńˇ╗s budgetary imbalance, various options for bringing spending and taxes into closer alignment, and criteria that lawmakers and the public might use to evaluate different approaches to deficit reduction. Figures and tables. This is a print on demand report.
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