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A balanced budget rule can be a normal, neutral tool of sound governance. To succeed, members of Congress must learn to think of it that way. Support comes from being engaged, from being at the table, and from having a say in the product. Timing matters too.
Americans will also receive indirect tax relief and benefit from provisions that spur economic growth.
To check the excessive federal borrowing that drives up the cost of living and undermines prosperity, a balanced budget amendment (BBA) proposal is coming to the House floor next week. A next-generation BBA like this will also push Congress to fix the way it operates and improve fiscal democracy.
The Comprehensive Congressional Budget Act will help members of Congress become more effective legislators. Some will specialize in coalition building, some in policy development, and others in communications. All will have more ways to develop their strengths.
Congressional committees should be preparing to release their legislative hopes for the year right now, at least in broad strokes. This is the first congressional step in the annual budget process after Congress gets the president’s budget request and the Congressional Budget Office’s baseline update.
Overstating the benefits of tax increases may worsen the fiscal outlook by encouraging lawmakers to avoid the necessary structural reforms that will put the budget on a sustainable path. The debate over tax policy must be grounded in reality.
As policymakers debate the future of American tax policy, one proposal threatens to undercut economic stability across the states — the Border Adjustment Tax (BAT). This report examines the sweeping impact of a 20%
import tax, revealing how it would drive up consumer costs, strain businesses, and disproportionately harm states and industries that rely on trade.
