Budget Process Reform Principles
Here are principles for reform to help ensure that our budget process is conducive to fiscally responsible policymaking.
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Here are principles for reform to help ensure that our budget process is conducive to fiscally responsible policymaking.
In the waning days of 2012 and early hours of 2013, U.S. policymakers struggled with how to address the "fiscal cliff" — a set of scheduled tax increases and spending cuts that, if allowed to take effect, could have pushed the economy into another recession.
https://www.pgpf.org/analysis/past-the-cliff-but-not-out-of-the-woods
All three budget plans achieve deficit reduction within the 10-year window relative to current law, though they make different choices on revenues and spending levels for particular programs and achieve different results.
This outlook is particularly worrisome because the baby boom generation is beginning to retire and will place growing demands on Social Security, Medicare, and Medicaid in the 2020s.
The long-term budget outlook has deteriorated significantly since last year, when CBO projected debt would reach 111% of GDP in 30 years under current law.
https://www.pgpf.org/analysis/2016/07/cbo-long-term-budget-outlook-worse-than-last-year
While countries continue to recover from the crisis, the international fiscal outlook has not substantially improved.
https://www.pgpf.org/analysis/fiscal-monitor-series-navigating-the-fiscal-challenges
Under the GAO’s most realistic fiscal scenario, debt held by the public will exceed 109 percent of GDP by 2020.
The President released his annual budget today, outlining the Administration's policy proposals, budgetary projections, and economic forecasts for 2015 through 2024.
https://www.pgpf.org/analysis/analysis-of-the-presidents-fiscal-year-2015-budget
How do the House Budget and the President’s Budget differ?
For the third year in a row, Congress did not adopt a budget resolution.