Summary:At the request of the House and Senate Committees on the Budget, the Congressional Budget Office periodically issues a compendium of budget options to help inform federal lawmakers about the implications of possible policy choices that would reduce the deficit. This year, the report is presented in two volumes. This volume, Options for Reducing the Deficit, 2023 to 2032—Volume I: Larger Reductions, contains detailed descriptions of 17 options that would each reduce the deficit by more than $300 billion over the next 10 years or, in the case of Social Security options, have a comparably large effect in later decades. A second volume, Options for Reducing the Deficit, 2023 to 2032—Volume II: Smaller Reductions, contains short descriptions of 59 options that would each reduce the deficit by less than $300 billion over that 10-year period.

The options come from a variety of sources, including legislative proposals, budget proposals from various Administrations, Congressional staff, other government entities, and private groups. The options are intended to reflect a range of possibilities rather than to rank priorities or present a comprehensive list. The inclusion or exclusion of a particular option does not represent an endorsement or a rejection by CBO. In keeping with CBO’s mandate to provide objective, impartial analysis, this report makes no recommendations.