Coronavirus Executive Actions Highlight Our Broken Budget Process
Over the weekend, while policymakers in the House and Senate seemed to be at a standstill in negotiations on the next legislative package to help address the economic effects of the pandemic, President Trump signed executive actions related to unemployment insurance, payroll tax relief, student debt, and housing evictions. Those actions seem to have raised more questions than answers for many about who can enact federal spending and tax policies.
Regardless of whether the actions are upheld, budgetary decisions are best made through a transparent process in which all participants carry out their assigned roles. Responsible budgeting is one of the most important functions of the federal government. Ideally, following a logical process that leads to thoughtful policymaking would be the best way to contribute to a sustainable fiscal outlook and a healthy economy.
To learn more about the U.S. budget process — and how it is supposed to work — visit the sources below:
- Understanding the Budget Process
- Budget Process Solutions
- Introduction to the Federal Budget Process (Congressional Research Service)
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Further Reading
Quarterly Treasury Refunding Statement: Higher Borrowing Compared to Last Year
The United States is expected to borrow less over the next six months than it did over the same period last year — but there are signals that borrowing may increase in the months ahead.
How Does the National Debt Affect Inflation, Housing Costs, and the Job Market for Young People?
The unsustainable national debt poses a risk to our economic future, and young Americans may have the most to lose.
The National Debt Can Crowd Out Investments in the Economy — Here’s How
Large amounts of federal debt could “crowd out” investments by the private sector, making the economy less productive and stunting wage growth.