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There has not been a careful consideration of budget concepts since a presidential commission studied the issue in 1967. That commission was highly successful and developed the unified budget which now forms the basis for budget decisions. But the nature of budgeting has evolved since 1967. For example, accrual concepts are used more broadly, especially for credit programs. Offsetting fees have become important in funding programs such as Medicare where budget outlays are reported net of fees. Such issues along with tax expenditures and public-private partnerships deserve a new look. The article also discusses the appropriate composition of such a commission.