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
What Are Interest Costs on the National Debt?
Interest costs are on track to become the largest category of spending in the federal budget.
Healthcare Costs Are a Major Driver of the National Debt and Here’s the Biggest Reason Why
Improving the U.S. healthcare system will be crucial to providing quality, affordable healthcare and to bettering our nation’s long-term economic and fiscal well-being.
House Reconciliation Bill Would Add Trillions to the National Debt
The bill would increase debt by $3.0 trillion over the next 10 years, driving it from nearly 100 percent of GDP now to 124 percent of GDP by 2034.