Federal Budget Outlook & Economic Implications

The federal budget is central to Congress's ability to assert its "power of the purse". Federal budget decisions express Congress's priorities among competing aims and reinforce Congress's influence on federal policies. The budget also affects, and is affected by, the national economy as a whole. The federal budget over the next few fiscal years will likely face significant challenges to both revenues and outlays as a result of recent turmoil in the economy and financial markets. This new book explores the federal budget outlook and economic implications as concerns remain about the federal government's long-term fiscal situation. The rising costs of federal health care programs and the effects of the baby boom generation's retirement present serious challenges to fiscal stability.