Wednesday, June 21, 2006

Heritage Foundation: 10 Elements of Comprehensive Budget Process Reform

A government that wouldn't pass its own Sarbanes-Oxley standards is in need of the well-reasoned recommendations in '10 Elements of Comprehensive Budget Process Reform' from the Heritage Foundation:

Element #1: Statutory Spending Caps...

Element #2: Realistic and HonestBudget Scoring...

Element #3: Strengthening the Budget Resolution...

Element #4: Enforcing Existing Budget Rules...

Element #5: Tools for Accountability...

Element #6: Tools for Spending Restraint...

Element #7: Tools for Eliminating Wasteful Spending...

Element #8: Pork and Grant Reform...

Element #9: Rational Emergency Spending...

Element #10: Reducing Uncertainty...

Conclusion

Out-of-control federal spending threatens to force massive tax increases. Furthermore, the Medicare and Social Security costs from the impending retirement of the baby boomers will place an unprecedented strain on the federal bud­get. The current budget process, which dates from the 1970s, makes addressing these budget chal­lenges of the 21st century even more difficult. This antiquated budget process does not cap spending, does not force Congress to set priorities or to make trade-offs, and is heavily biased towards spending and tax increases. The options presented in this paper can create a budget process that better matches America‚Äôs budget priorities.

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