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Federal Budget Should Include Long-Term Obligations from Entitlement Programs

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Publication Date: October 2005

Publisher(s): Heritage Foundation (Washington, D.C.)

Author(s): Alison Acosta Fraser

Topic: Banking and finance (Public finance)

Keywords: Budget; obligations; entitlement

Type: Brief

Abstract:

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.