Federal Budget Should Include Long-Term Obligations from Entitlement Programs
Publication Date: October 2005
Publisher(s): Heritage Foundation (Washington, D.C.)
Author(s): Alison Acosta Fraser
Keywords: Budget; obligations; entitlement
The financial reporting principles used by the private sector and state and by local governments should be applied to the federal budget to give policymakers a clearer picture of the nation's financial health. Congress should change the federal budget process to reflect changes in long-term liabilities and obligations as the first step in addressing $36 trillion in unfunded entitlement obligations.