The US federal budget has witnessed quite a few crazy things in the recent years – the fiscal cliff, government shutdowns, sequesters and it’s quite difficult to perceive that the situation was even worse four decades back, when there were no budget committees and no nonpartisan professional staff members to crunch the numbers. Back then, there was no procedure for Congress to counter a President’s refusal to spend appropriations, something that Richard M. Nixon was doing with impunity.
There was barely any fiscal accountability on Capitol Hill as there was no requirement that Congress passes a budget. The vote for tax cuts and spending increases vested entirely with the lawmakers who were always of the opinion that they wanted to reduce the deficit. All this was supposed to change with the signing of President Nixon’s Congressional Budget and Impoundment Control Act. Unfortunately the budget act failed so comprehensively that its difficult to explain why it hasn’t been revoked by now.
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As a leading financial services director in North America, Stan has designed and implemented award-winning communications efforts for financial companies, Wall Street firms, trade associations, nonprofit organizations, and federal agencies.
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