Fiscal Democracy in America: How a Balanced Budget Amendment Can Restore Sound Governance

This book explores the U.S. federal government’s need for binding budget targets to recover fiscal sustainability and boost economic growth. It details the flaws in past balanced budget amendment proposals, outlines the features of a promising new approach with broad appeal, and how the amendment might be adopted and implemented in today's political climate. Even as the U.S. economy expands, the federal government continues to run large and growing budget deficits that exceed $2 trillion per year and a debt burden eclipsing annual economic output. With debt pressures continuing to grow, Congress is almost certain to return to considering a constitutional amendment to bring the federal government’s spending and revenue into balance. Congress has attempted to pass BBAs in the past, but none have succeeded despite their proliferation among advanced economies.