Kicking the Can: The U.S. Congress, the Bush Administration and the 2008 Budget
Abstract
In December 2008, the U.S. Department of the Treasury issued its annual report on the
health of the federal budget. The report details the U.S. government's long-term
financial outlook, including the biggest fiscal challenge, i.e., the unsustainable growth
in entitlement programs. Later the same month, U.S. federal budget legislation for FY
2008 was completed, with passage of an approximately $555 billion omnibus
appropriations bill for largely non-defense spending ($70 billion was included for the
wars in Iraq and Afghanistan). There was considerable conflict between the Democratic
Congress and the Bush Administration over funding for these two wars. Except for the
Mexican War (1846-48), the U.S. has always raised taxes to pay for war, lest deficit and
debt get out of hand. This article examines the FY 2008 budget and issues related to its
passage, and the longer-term issue of U.S. government fiscal sustainability. It argues
that Congress did little to address this problem, rejecting the few initiatives proposed by
the Bush Administration. The budget views of the presidential candidates suggest that
U.S. fiscal sustainability will remain in jeopardy.
Rights
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