deficit reduction strategies

Deficit reduction strategies involve balancing government spending and revenue to lower the national deficit, which is the gap between how much the government spends and earns. These strategies can include cutting unnecessary or inefficient programs, increasing taxes or other revenue sources, or a combination of both. The goal is to manage the nation’s finances responsibly, ensuring long-term economic stability while maintaining essential services. Effective deficit reduction requires careful planning to avoid negatively impacting economic growth or public wellbeing.