Addressing the Long-Run Budget Deficit: A Comparison of Approaches

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The growth of the national debt, which is considered unsustainable under current policies, continues to be one of the central issues of domestic federal policy making. On August 2, 2011, Congress adopted, and the President signed, the Budget Control Act (BCA; P.L. 112-25), which might be viewed as an initial step in addressing long-run debt issues. This report examines alternative approaches to reducing the deficit, relating to the immediate issues arising from the BCA and the extended tax cuts as well as to ongoing, longer-term decisions about how to bring the debt under control. It focuses on the trade-offs between ... continued below

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41 pages.

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Gravelle, Jane G. December 9, 2014.

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This report is part of the collection entitled: Congressional Research Service Reports and was provided by UNT Libraries Government Documents Department to Digital Library, a digital repository hosted by the UNT Libraries. It has been viewed 13 times . More information about this report can be viewed below.

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Description

The growth of the national debt, which is considered unsustainable under current policies, continues to be one of the central issues of domestic federal policy making. On August 2, 2011, Congress adopted, and the President signed, the Budget Control Act (BCA; P.L. 112-25), which might be viewed as an initial step in addressing long-run debt issues. This report examines alternative approaches to reducing the deficit, relating to the immediate issues arising from the BCA and the extended tax cuts as well as to ongoing, longer-term decisions about how to bring the debt under control. It focuses on the trade-offs between limiting the provision of defense and domestic public goods, reducing transfers to persons including entitlements for the elderly and those with low income, reducing support for state and local governments, and raising taxes. Using projections of the debt and deficit, it also addresses how limiting reliance on one source of deficit reduction creates pressure on other sources.

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41 pages.

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Congressional Research Service Reports

The Congressional Research Service (CRS) is the public policy research arm of Congress. This legislative branch agency works exclusively for Members of Congress, their committees and their staff. This collection includes CRS reports from the mid-1970's through the present--covering a variety of topics from agriculture to foreign policy to welfare.

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  • December 9, 2014

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  • March 30, 2015, 10:03 p.m.

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Gravelle, Jane G. Addressing the Long-Run Budget Deficit: A Comparison of Approaches, report, December 9, 2014; Washington D.C.. (digital.library.unt.edu/ark:/67531/metadc501513/: accessed January 22, 2018), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.