New reports from the Congressional Budget Office (CBO) assert that legislators must make significant policy changes to put the federal budget on a sustainable long-term path. The CBO estimates that the federal deficit will average 5.1% of GDP per year between 2023 and 2032, compared with an annual average over the past 50 years of 3.5% of GDP. It proposes large and small revenue options suggested by legislative and budget proposals, Congressional staff and private groups. A consumption tax would be likely to raise the most revenue, between $2 trillion and $3 trillion. The CBO also suggests a new 1% payroll tax. For information about other revenue options: https://bit.ly/3YbUyMT
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