Publisher's Synopsis
Excerpt from Cbo's Report on the Economic and Budget Outlook: Hearing Before the Committee on the Budget, House of Representatives, One Hundred Third Congress, First Session; Hearing Held in Washington, DC, February 3, 1993
The Budget Enforcement Act, on the other hand, fairly success fully ensured that the specific spending cuts and tax increases that were agreed to in 1990 were carried out. It was a device that kept the political system from backsliding. It did not force additional ac tions as the gramm-rudman-hollings procedure attempted to do. It just put on a series of restraints, so what was agreed to could not be undone.
A second lesson of the past decade is that processes that hold participants accountable for the outcomes that are under their con trol are likely to be more effective than those that also hold partici pants responsible for developments beyond their control. Since the budget is buffeted by forces that are both unpredictable and beyond the control of policymakers, such as the economy, for one thing, or the weather, for another, some ?exibility is essential if a budget process is going to survive.
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