The federal deficit is once again on the rise, reaching $779 billion in 2018. Here is an exploration of how taxes and spending would need to change to bring that number down.
This presentation was given on Sept. 10, 2019 at the Committee for a Responsible Federal Budget “Budget Ball.” USAFacts founder Steve Ballmer spoke at the event held by the bipartisan policy organization.
It explores three different pathways to cutting the deficit: cutting fixed costs such as defense and transportation; increasing efficiency in spending, and increasing taxes or decreasing government transfers.
Closing the deficit will require lawmakers and the American public to agree on how to do it, to take into account the potential impacts on different segments of the population, and then set policy accordingly.