In this class, we will begin our discussion of Congressional budgeting procedures. For an overview of the subject, please read Chapter One of Fiscal Challenges: William, Dauster, The Congressional Budget Process. As part of our discussion, we will focus our attention on the The Gramm-Rudman-Hollings Act, which is explored in Kate Stith, Our Fiscal Constitution, 76 Cal. L. Rev. 593 (1988), and also the subject of the Supreme Court's Decision in Bowshar v. Synar, 478 U.S. 714 (1986). As you review these materials, consider how you would evaluate the Gramm-Rudman-Hollings Act as a matter of public policy. Why did the Supreme Court find aspects of the legislation to be unconstitutional?
In today's class, we will turn our attention to the economics of federal deficits and debt. For an introduction to the subject, read over Fiscal Challenges: Chapter Five: Michael J. Boskin, Economic Perspectives on Federal Deficits and Debt, and then review Schick, The Federal Budget: Chapter Three, The Budget's Shifting Boundaries; Chapter Four, Budgetary Arithmetic. Please also review one of the allocated briefing papers for today's class.
Today we will conclude our discussion of Congressional budget procedures and take up the “Starve the Beast” strategy explored in Fiscal Challenges: Chapter Seven: Jonathan Baron & Edward McCaffery, Starving the Beast. You should also look over the allocated briefing papers, as assigned.
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