June 26, 2008

In the Red: Addressing the Nation's Financial Challenges

Key materials
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In his testimony before Congress, Maurice McTigue proposed five specific items that Congress could work on right now to improve the nation's fiscal situation:

• Require that budgets and financial reports cover a much longer time horizon of at least ten years forward.
• Return the supplementary appropriation process to one that accommodates emergency spending only.
• Pass a law that defines fiscal responsibility and requires the United States government to operate in a fiscally responsible manner.
• Move the whole of the federal accounting process to full accrual accounting.
• Introduce an appropriation process based upon the purchase of outputs designed to produce given outcomes.