Impact of Major Legislation on Budget Deficits
Impact of Major Legislation on Budget Deficits

Author: Marc Labonte

Publisher: DIANE Publishing

Published: 2010-08

Total Pages: 36

ISBN-13: 1437931804

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After recording a fiscal year (FY) 2000 federal budget surplus of $236.2 billion, the Congressional Budget Office (CBO) in January 2001 projected continued surpluses throughout the decade. However, enactment of major legislation during the 107th to 111th Congresses, in combination with changing economic conditions, altered the federal budget outlook for the decade dramatically. In FY 2002, the budget recorded a deficit for the first time since 1997, and the federal government has run a deficit in each subsequent year. This report examines to what extent major legislative changes from 2001 to 2009 caused the budget to move from surplus to deficit. Charts and tables.

Do Deficits Matter?
Do Deficits Matter?

Author: Daniel Shaviro

Publisher: University of Chicago Press

Published: 1997-05

Total Pages: 362

ISBN-13: 9780226751122

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Do deficits matter? Yes and no, says Daniel Shaviro in this political and economic study. Yes, because fiscal policy affects generational distribution, national saving, and the level of government spending. And no, because the deficit is an inaccurate measure with little economic content. This book provides an invaluable guide for anyone wanting to know exactly what is at stake for Americans in this ongoing debate. "[An] excellent, comprehensive, and illuminating book. Its analysis, deftly integrating considerations of economics, law, politics, and philosophy, brings the issues of 'balanced budgets,' national saving, and intergenerational equity out of the area of religious crusades and into an arena of reason. . . . A magnificent, judicious, and balanced treatment. It should be read and studied not just by specialists in fiscal policy but by all those in the economic and political community."—Robert Eisner, Journal of Economic Literature "Shaviro's history, economics, and political analysis are right on the mark. For all readers."—Library Journal

Guidelines for Public Expenditure Management
Guidelines for Public Expenditure Management

Author: Mr.Jack Diamond

Publisher: International Monetary Fund

Published: 1999-07-01

Total Pages: 84

ISBN-13: 9781557757876

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Traditionally, economics training in public finances has focused more on tax than public expenditure issues, and within expenditure, more on policy considerations than the more mundane matters of public expenditure management. For many years, the IMF's Public Expenditure Management Division has answered specific questions raised by fiscal economists on such missions. Based on this experience, these guidelines arose from the need to provide a general overview of the principles and practices observed in three key aspects of public expenditure management: budget preparation, budget execution, and cash planning. For each aspect of public expenditure management, the guidelines identify separately the differing practices in four groups of countries - the francophone systems, the Commonwealth systems, Latin America, and those in the transition economies. Edited by Barry H. Potter and Jack Diamond, this publication is intended for a general fiscal, or a general budget, advisor interested in the macroeconomic dimension of public expenditure management.

The Federal Budget
The Federal Budget

Author: Allen Schick

Publisher: Brookings Institution Press

Published: 2008-05-31

Total Pages: 362

ISBN-13: 0815777329

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The federal budget impacts American policies both at home and abroad, and recent concern over the exploding budgetary deficit has experts calling our nation's policies "unsustainable" and "system-dooming." As the deficit continues to grow, will America be fully able to fund its priorities, such as an effective military and looking after its aging population? In this third edition of his classic book The Federal Budget, Allen Schick examines how surpluses projected during the final years of the Clinton presidency turned into oversized deficits under George W. Bush. In his detailed analysis of the politics and practices surrounding the federal budget, Schick addresses issues such as the collapse of the congressional budgetary process and the threat posed by the termination of discretionary spending caps. This edition updates and expands his assessment of the long-term budgetary outlook, and it concludes with a look at how the nation's deficit will affect America now and in the future. "A clear explanation of the federal budget... [Allen Schick] has captured the politics of federal budgeting from the original lofty goals to the stark realities of today."—Pete V. Domenici, U.S. Senate

Budget Deficits and Budget Institutions
Budget Deficits and Budget Institutions

Author: Mr.Alberto Alesina

Publisher: International Monetary Fund

Published: 1996-05-01

Total Pages: 36

ISBN-13: 1451847203

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By discussing the available theoretical and empirical literature, this paper argues that budget procedures and budget institutions do influence budget outcomes. Budget institutions include both procedural rules and balanced budget laws. We critically assess theoretical contributions in this area and suggest several open and unresolved issue. We also examine the empirical evidence drawn from studies on samples of OECD countries, Latin American countries and the United States. We conclude with a discussion of the normative implications of this literature and with some concrete proposals.