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The Coalition for Fiscal and National Security urges policymakers to stabilize our national debt and renew and rebalance our national security strategies.
Policymakers use the federal budget process to establish spending priorities and to determine who will pay for those activities.
NEW YORK — Michael A. Peterson, President and COO of the Peter G. Peterson Foundation, commented today following the release of the 2014 Annual Reports of the Social Security and Medicare Trustees.
The mid-term elections may be over, but our nation’s fiscal and economic challenges remain. Despite recent reductions in the federal deficit, more action is needed to put the nation on a sustainable long-term fiscal path and support a still-recovering economy.
Last week, the International Monetary Fund (IMF) warned that the United States faces long-term fiscal challenges that policymakers must address. In the Concluding Statement of its 2015 Article IV Consultation with the United States, the IMF writes that “public finances in the U.S. remain on an unsustainable path." The IMF raises concerns that progress on important fiscal issues is being hampered by political dysfunction in Washington, which “creates a level of fiscal uncertainty that is damaging to the U.S.
The budget of the U.S. Government is developed according to principles and statutory requirements defined by the Constitution and subsequent laws, including the Budget and Accounting Act of 1921, which established the executive budget process, and the Congressional Budget and Impoundment Control Act of 1974, which defined the congressional budget process. Further federal budgeting laws followed to help the Congress and the President manage the budget process and enforce budget decisions.
Financial Condition of Social Security