Repairing Washington’s Broken Budget Process A Comprehensive Approach to Strengthen Spending Controls, Enhance Accountability, and Increase Transparency in the Federal Budget Process
The federal budget process is broken; Washington stumbles from budget crisis to budget crisis, with little to no oversight of how government spends hardworking taxpayers’ money.
The incentives currently favor those who seek to increase government spending, and the result is a crushing burden of debt that is hurting economic growth today and threatening economic prosperity tomorrow.
The legislative action items detailed in this report would help lawmakers confront this crisis by:
Creating new tools to cut wasteful spending while strengthening caps on borrowing and spending;
Enhancing oversight while curbing practices that assume automatic spending increases; and
Increasing transparency by forcing government to account more fully for all taxpayer liabilities.
Gives the budget the force of law by converting it from a concurrent to a joint resolution, which requires the President’s signature. Upon a presidential veto, the joint resolution automatically reverts to a concurrent resolution.
Establishes binding limitations on federal spending and deficits – all enforced by a sequester of no more than 4 percent of programs – within each category if the program is growing faster than inflation.
4. The Biennial Budgeting and Enhanced Oversight Act
Establishes a biennial budgeting cycle where Congress adopts a budget resolution in the first session of Congress (i.e., odd-numbered years) and considers authorization legislation in the second session, providing greater opportunities for review of government spending.