Long-Term Budget Issues: Moving From Balancing the Budget to Balancing Fiscal Risk

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Report Type	Reports and Testimonies
Report Date	Feb. 6, 2001
Report No.	GAO-01-385T
Subject	Balanced budgets Budget outlays Budget surplus Economic analysis Federal debt Financial management Fiscal policies Future budget projections Medicaid Risk management Tax administration Federal employees retirement system Fund Hospital Insurance Trust Fund Office of Management and Budget Old Age and Survivors Insurance Trust Fund Social Security Trust Fund Supplementary Medical Insurance Trust

Summary:

In this statement, the Comptroller General discusses the fiscal policy challenges facing Congress and the nation. The focus of tax administration and budgeting are shifting because of current and projected budget surpluses. The Comptroller General speaks of the need for fiscal responsibility when using surplus projections to design tax and spending policies. These projections are based on a set of assumptions that may or may not hold. They are not a precise prediction of a future and should be used as a reference point when making policy decisions. Although the projected surpluses can provide an opportunity to respond to pent-up demands for additional spending or tax cuts, Congress must balance those demands with the nation's long-term economic health.

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Long-Term Budget Issues: Moving From Balancing the Budget to Balancing Fiscal Risk