CBO Releases Budget Options Volume 2
August 6 - Today, the CBO released the second of two lengthy reports outlining the budgetary options of various policies likely to be undertaken by the current congress. CBO's first report, released in December 2008, focused on financing health care reform options. Today's report however looks at other policies including national defense, international affairs, energy, social security, agriculture, transportation, and science space and technology, as well as a large number of revenue options.
According to the release, "this report presents 188 illustrative options that cover an array of programs and policy areas. The options include some changes that would decrease spending and others that would increase it; some changes that would reduce revenues and some that would raise them. The options in this volume come from legislative proposals, the President's budget, Congressional and CBO staff, other government entities, and private groups, among others."
For example, eliminating federal grants for wastewater and drinking-water infrastructure could save the government $11.1 billion over 10 years. CBO's release is a powerful tool for policymakers looking to rein in wasteful government spending, attack the deficit, and put America on a sustainable path.