Reducing the Deficit: Spending and Revenue Option
"The Congressional Budget Office (CBO) regularly issues a compendium of budget
options to help inform federal lawmakers about the implications of possible policy choices. This volume—one of several reports that CBO produces regularly for the House and Senate Committees on the Budget—presents more than 100 options for altering federal spending and revenues. Nearly all of the options would reduce federal budget deficits. From 1983 to 1997, the reports in this series were titled Reducing the Deficit: Spending and Revenue Options.In 2000, at a time of budget surpluses, the title was changed to Budget Options. This volume returns to the earlier title because the budgetary context has shifted dramatically since 2000.

The report begins with an introductory chapter that describes the current budgetary picture and the uses and limitations of this volume. Chapters 2 and 3 present options that would reduce mandatory and discretionary spending, respectively. Chapter 4 contains options that would increase revenues from various kinds of taxes and fees.."