The refusal by some in Washington to adhere to the federal budget process has allowed government to spend recklessly and throw tax dollars at problems on an ad hoc basis as the nation’s fiscal hole grows deeper.
This budget builds on the reforms advanced by the House Budget Committee to make the budget process more effective, accountable and transparent.
This budget establishes a binding cap on total spending as a percentage of the economy, making certain the federal government remains limited so the economy can remain free.
This budget extends the timeframe of the federal budget process to capture long-term unfunded liabilities, making certain that government fully accounts for its promises.
This budget reforms the Credit Reform Act to incorporate fair-value accounting principles, giving taxpayers a more honest assessment of the true costs of government loan programs.
This budget requires CBO to provide an assessment of the macroeconomic impact of major legislation, helping to address Washington’s bias towards ever-higher spending.