Time for Budget Process Reform

The Congressional Budget and Impoundment Control Act may be the most important piece of budget process legislation ever enacted in the United States. Yet its essential rules and procedures, adopted 40 years ago, are no longer adequate to meet the most pressing fiscal challenge facing the nation: the rapid rise in spending for federal entitlement programs. Indeed, the current budget process allows the welfare state to continue expanding, putting increasing pressure on other portions of the federal budget. The government is already expected to rack up $7.6 trillion in new borrowing over the next 10 years and to drive its publicly held debt to the size of the entire economy in about two decades.

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