CBO Outlines Options to Raise Federal Revenues, Reduce Spending

摘要

The federal government could raise $5.0 billion over the fiscal 2008-2012 period by repealing the low-income tax credit, according to a Congressional Budget Office (CBO) report, while raising tenant rent payments for subsidized housing from 30 to 35 percent of income would cut outlays by $7,258 billion. The 2008-2017 totals are $26.1 billion for repeal of the tax credit and $21,975 billion for raising the tenant rent payment. The CBO report outlines various revenue and spending options for the federal budget, though it makes no recommendations.