What is reconciliation? Q.What is reconciliation? A.Congressional budget committees use the reconciliation process to ensure tax laws and mandatory spending programs are revised according to the budget resolution’s revenue and mandatory spending targets. Reconciliation is a way to fast-track revenue and spending legislation into becoming law. Read more about What is reconciliation?
What is the schedule for the federal budget process? Q.What is the schedule for the budget process? A.The congressional budget process is meant to last from early February to the end of June, but recent years have seen delays at each stage, particularly in passing congressional budget resolutions and in completing action on appropriation bills. Read more about What is the schedule for the federal budget process?
What have federal budget trends been over the short and long term? Q.What have federal budget trends been over the short and long term? A.In the long run, federal budget deficits are driven by rising interest costs and by demography and rising health care costs pushing spending above scheduled revenues. Short-term deficits have moved sharply because of shocks like the Great Recession and the COVID-19 pandemic. In addition, persistent deficits have also been driven by conscious policy choices. When events conspire to drive revenues above the trend, for example, tax cuts usually bring them down with alacrity. Read more about What have federal budget trends been over the short and long term?