Useful Budget Resources
We have assembled a substantial but non-exhaustive list of information resources for BP50’s readers. These resources provide the necessary info to get up to speed on budgetary issues, and fiscal policy more generally.
From the Congressional Research Service
This is a Congressional Research Service document that outlines how the budget process is supposed to work. It explains the annual budget cycle, the separation of budgetary powers, the budget resolution and reconciliation, different types of spending legislation, and the Congressional appropriations process. It also covers the regulations surrounding debt and revenue, legislation such as sequestration intended for fiscal discipline, as well as including a useful flowchart displaying the overall process.
A more in-depth look at the same procedures outlined in the previous document. This is your go-to for Federal Budgeting 101.
This CRS report gives you the important information on the Executive branch’s role in the annual budget process.
Similar to the previous report, with an eye on the timeline and deadlines the White House faces.
With this report, the focus moves to Congress, which has a much bigger budgetary role and more complex timelines.
From the Government Accountability Office
A page with a concise summary of current budgetary problems, with links to additional reports.
A quick-fire overview at the United States’ fiscal problems, causes and future outlook.
The Nation's Fiscal Health: Road Map Needed to Address Projected Unsustainable Debt Levels, (May 8, 2023)
This is the latest of a series of lengthy annual reports from GAO that examines the current fiscal condition of the federal government and its future fiscal path, absent policy changes in revenue and program spending.
From the Congressional Budget Office
A rigorous, detailed report by CBO projecting spending and deficits over the next 3 decades.
This one instead projects over the next 10 years, with the accompanying increase in detail and confidence of a shorter time horizon.
A brief and proximate report, instead focusing on macroeconomic indicators more than fiscal ones.
From the Library of Congress
A fantastic compendium of info sources, with helpful documents from both past and present. There is a huge variety of sources of all formats, from presentations, to policy papers, to past legislation. If you were to read everything linked within, you’d be a virtual expert!
A regular report from Treasury - very comprehensive (and long). From the executive summary:
“The FY 2022 Financial Report presents the U.S. government’s current financial position and condition, and discusses key financial topics and trends. The Financial Report is produced by Treasury in coordination with OMB, which is part of the Executive Office of the President.”
Note that this is distinct from the annual White House budget proposal. It represents Treasury’s view of the current state of affairs, rather than the President’s fiscal objectives. We recommend, if nothing else, readers check out the discussion on fiscal unsustainability, beginning on page 7.
A fantastic resource for data-oriented researchers from all corners. Not only are there abundant datasets, but accessible summaries, reports and other tools. We also recommend the America’s Finance Guide page for key takeaways.
In fact, the entire OMB website is a useful place to peruse. However, this page contains the current President’s Budget, an important part of the overall process. Several fact sheets and summaries are appended. The site also includes the White House’s analytical perspectives, and perhaps most usefully, historical budget tables going back many decades.
From the Committee for a Responsible Federal Budget
The CRFB published a report ahead of the 50th Anniversary of the Congressional Budget Act, identifying three areas of improvement in the budget process (timeliness and accountability, fiscal responsibility, and transparency). They then list several excellent reform recommendations to address each problem.
The hub for all of CFRB’s work on improving the budget process. A rich trove of papers, talks and events for those interested. Also, check out the blog.
We will certainly be updating this with additional resources in the future!