Practical Imagination: A Possible Future for Federal Budgeting

To develop a federal budget process that delivers better fiscal outcomes for the nation consistently over an extended period would require new information and analysis, applying these to decisions through properly designed procedures, and strengthening the institutions that support wise fiscal choices. Changes in each of these process components intended to contribute to good fiscal outcomes are described, and obstacles to their adoption and use are noted. Such reforms could yield budgets that deploy public resources today to carry out strategies promising to increase the nation's ability to survive inevitable social and fiscal shocks and to take advantage of expected and unexpected opportunities for its citizens to thrive, grow, and fulfill their dreams.