The federal deficit keeps growing and the Congressional Budget Office has solutions [Video]

The nonpartisan Congressional Budget Office (CBO) released a report last week detailing a range of options for reducing the federal budget deficit in the decades ahead.

“The options come from a variety of sources, including legislative proposals, budget proposals from various Administrations, Congressional staff, federal agencies, and private groups,” explained CBO Director Phillip Swagel. “The options are intended to reflect a range of possibilities rather than to rank priorities or present a comprehensive list. The inclusion or exclusion of a particular option does not represent an endorsement or a rejection by CBO.”

Earlier this year, the CBO projected that federal budget deficitsare expected to average $1.9 trillion, or about 5.4% of gross domestic product (GDP), over the next 10 years, well above the 50-year average of 3.7%. That’s expected to push the federal debt held by the public – a measure used by economists to compare government debt to the size of the economy – from roughly 99% this year to 122% …