Congressional budget office medicare11/23/2023 Reduce size of the bomber force by retiring the F-22 Reduce funding for certain state and local government grants Reduce international affairs program funding Narrow eligibility for VA disability compensation by requiring disability ratings of 30 percent of higher for all veterans Require SSDI applicants to have worked more in recent years Increase full retirement age for Social Security to age 70 for workers born in 1978 or later Source: Congressional Budget Office Smaller Policy Options Policy OptionĬhange cost-sharing rules for Medicare and restrict Medigap insuranceĬonsolidate and federal payments for Graduate Medical Education into grant program for teaching hospitals, with funding growth indexed to inflation Impose $25 per metric ton carbon tax and increase tax 5 percent annually, adjusted for inflation Impose new 1 percent payroll tax on earnings Increase taxable maximum for 12.4 percent Social Security payroll to earnings greater than $250,000 Impose 1 percent surtax on AGI above Standard Deduction and exemption Increase top four individual income tax rates by 2 percentage points Increase all individual income tax rates by 1 percentage point Means-test VA disability compensation for veterans with high incomes Reduce spending on income security programs, including for SNAP and SSI Reform Social Security benefits by creating new bend point at 50th percentile of earners and reduce PIA factors over 5 years Set Social Security benefits to 125 percent of the Federal Poverty Line Reduce Medicare Advantage benchmarks by 10 percent starting in 2025 Increase Medicare Part B premiums from 25 to 35 percent Limit tax exclusion for contributions to health insurance premiums and HSAs to 50th percentileĬap federal Medicaid spending growth at inflationĮnd use of Medicaid provider taxes to inflate costs The following tables highlight several options in each major budgetary category to show that there are many options for policymakers to consider, especially to offset new spending or tax cuts. Many of the options in CBO's report are updated versions of long-standing policy solutions in important areas such as Social Security and health care, but CBO does include several new policy options, particularly for a new payroll tax on earnings and a consumption tax. The report is split into two volumes: Volume I: Larger Reductions includes 17 policy options that would save more than $300 billion over ten years and Volume II: Smaller Reductions features 59 options that would generate smaller savings. The report updates CBO's last set of budget options, released in December 2020, and includes a detailed description of each option, their ten-year savings, as well as information on the distributional and economic effects of each policy. The Congressional Budget Office (CBO) released its Options for Reducing the Deficit: 2023 to 2032 report this week, outlining 76 policy options and their impact on the federal budget over ten years.
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