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Intro -- FEDERAL DEFICIT REDUCTION: CHOICES AND CONSIDERATIONS -- FEDERAL DEFICIT REDUCTIONCHOICES AND CONSIDERATIONS -- CONTENTS -- PREFACE -- Chapter 1 CHOICES FOR DEFICIT REDUCTION -- SUMMARY -- INTRODUCTION -- HOW BIG ARE PROJECTED U.S. DEFICITS AND DEBT? -- WHAT FACTORS ARE PUTTING INCREASING PRESSUREON THE BUDGET? -- Spending for Social Security and Major Health Care Programs -- Other Noninterest Spending -- Net Interest and Total Spending -- Revenues -- WHAT ARE THE CONSEQUENCES OFRISING FEDERAL DEBT? -- WHAT KINDS OF POLICY CHANGES COULD LEADTO A MORE SUSTAINABLE BUDGETARY PATH? -- Possible Targets for Deficit Reduction -- Overview of Options to Reduce the Deficit -- Options That Would Reduce Mandatory Spending -- Options That Would Reduce Discretionary Spending -- Options That Would Increase Revenues -- WHAT CRITERIA MIGHT BE USED TO EVALUATE POLICYCHANGES? -- How Big Would the Government Be? -- How Would the Government's Resources Be Allocated? -- How Much Would Deficits Be Reduced in the Next 10 Years? -- How Much Would Deficits Be Reduced in the Long Term? -- What Would the Economic Impact Be in the Short Term? -- What Would the Economic Impact Be in the Medium and LongTerm? -- Who Would Bear the Burden of Proposed Changes in Tax andSpending Policies? -- APPENDIX: ARE FISCAL RULES A USEFUL TOOL FORACHIEVING BUDGETARY GOALS? -- Types of Fiscal Rules -- Experiences with Fiscal Rules at the Federal Level in the UnitedStates -- Experiences with Selected Fiscal Rules in Europe -- End Notes -- End Notes for Appendix -- Chapter 2 CONFRONTING THE NATION'S FISCALPOLICY CHALLENGES. STATEMENT OFDOUGLAS W. ELMENDORF, DIRECTOR,CONGRESSIONAL BUDGET OFFICE.HEARING ON ''THE HISTORY AND DRIVERSOF OUR NATION'S DEBT AND ITS THREATS'' -- SUMMARY -- The Economic Outlook -- The Budget Outlook -- Fiscal Policy Choices -- The Magnitude of Deficit Reduction