This past week, Congress held another hearing on budget reform. Two former budget committee chairmen, Leon Panetta and David Obey, both testified. They lamented the current state of congressional budgeting and identified aspects of the 1974 Budget Act that discourage fiscally responsible and timely annual budgeting.
Readers might be tempted to shrug this off as a non-event. “Elected officials complain about the budget, but never do anything,” is a common sentiment. But there are reasons to believe that we might actually get budget reform this year…. (Read more)