Balancing federal budget in 10 years could require 41 percent cut to programs, when excluding Social

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Security: CBO

Hopes by lawmakers to balance the federal budget in a decade through reductions in spending could mean significant cuts to programs to achieve that goal, an analysis released by the Congressional Budget Office (CBO) said on Tuesday.

The analysis, requested by Democrats, crunches the numbers behind what achieving a balanced budget in the next 10 years would mean for federal programs. The report comes as Democrats have sought to hammer Republicans over proposals to balance the budget in the timeframe through potentially steep cuts to spending.

In its recent analysis, the nonpartisan budget scorekeeper said its current baseline projections show the nation’s federal budget deficit would reach $2.9 trillion in 2033. To eliminate that deficit through cuts, the agency calculates the impact of various budget roadmaps.

Under one such path, the agency said lawmakers could reach the goal if “all noninterest outlays were gradually reduced starting in 2024 so that they were 29 percent less than the amount in the agency’s baseline projections in 2033.”

https://www.msn.com/en-us/news/politics/balancing-federal-budget-in-10-years-could-require-41-percent-cut-to-programs-when-excluding-social-security-cbo/ar-AA18D9PP