From the Introduction: "The growth of the national debt, which is considered unsustainable under current policies, continues to be one of the central issues of domestic federal policy making. This report examines alternative approaches to reducing annual budget deficits and decisions about how to bring the national debt under control over the long term. To do this, the report first examines historical trends in federal spending and revenue policy to illustrate both the challenges and trade-offs inherent to making choices between (1) limiting the provision of defense and domestic public goods, (2) reducing transfers to persons including entitlements for the elderly and those with low income, (3) reducing support for state and local governments, and (4) raising taxes. Using projections of the debt and deficit, the report then addresses how limiting reliance on one source of deficit reduction creates pressure on other sources."
CRS Report for Congress, R45717
Congressional Research Service: https://crsreports.congress.gov/