Rx for the Ailing Federal Budget Process

Publication Date: February 1988

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

Author(s): John E. Buttarazzi

Research Area: Banking and finance

Keywords: Budget

Type: Report

Abstract:

Ronald Reagan’s FY 1989 budget will trigger intense discussion about the deficit, spending priorities, and the budget process itself. Policy decisions will have to be made. But before lawmakers can make wise decisions, Congress and the Administration need to know clearly how large the deficit actually is. For this, the federal government requires an accounting system that measures accurately what the government must pay for now and what it will owe in the future. The use of generally accepted accounting principles would provide such a system.