Deficits or Surpluses, 1973 to 2023

Options for Reducing the Deficit: 2014 to 2023


The Congress faces an array of policy choices as it confronts the dramatic increase in the federal government’s debt over the past few years and the prospect of large annual budget deficits and further increases in that debt in coming decades.

CBO periodically issues a compendium of options—this installment presents more than 100—to inform lawmakers about the budgetary implications of various ways to reduce spending or increase revenues.

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MBR Nov 2013 homepage graphic

Monthly Budget Review—Summary for Fiscal Year 2013


The federal government incurred a budget deficit of $680 billion in fiscal year 2013, which was $409 billion less than the deficit in fiscal year 2012. The fiscal year that just ended marked the first since 2008 that the deficit was under $1 trillion.

As a share of the nation’s gross domestic product, the deficit declined from 6.8 percent in 2012 to 4.1 percent in 2013.

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The Distribution of Federal Spending and Taxes in 2006


In 2006, the federal government spent $2.7 trillion on a wide range of goods and services and collected $2.4 trillion in taxes and other revenues to pay for them.

This study analyzes the distribution of most federal spending—including transfers such as Social Security benefits—and almost all federal revenues among U.S. households in 2006. Results are provided by type of household and by income group.

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An Analysis of the Navy’s Fiscal Year 2014 Shipbuilding Plan


The total costs of carrying out the Navy’s 2014 shipbuilding plan—an average of $21 billion per year over the next 30 years—would be one-third higher than the funding amounts the Navy has received in recent decades, CBO estimates.

The Navy’s 2014 plan would also fall short of meeting the service’s inventory goals for some types of ships.

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A Premium Support System for Medicare: Analysis of Illustrative Options


Under a premium support system for Medicare, beneficiaries would purchase health insurance from one of a number of competing plans, and the federal government would pay part of the cost of the coverage.

CBO presents a preliminary analysis of the ways two illustrative options for such a system would affect federal spending and beneficiaries’ choices and payments.

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Federal Debt, Spending, and Revenues Under CBO's Extended Baseline

The 2013 Long-Term Budget Outlook


Although federal deficits are projected to decline over the next several years under current law, increasing interest costs and growing spending for Social Security and major health care programs would soon cause them to rise steadily.

The larger deficits would cause federal debt to grow faster than the economy. By 2038, debt would reach 100 percent of GDP and would be on an upward path, CBO projects—a trend that could not be sustained indefinitely.

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