Time to restore integrity in the budget reconciliation process
© Greg Nash The budget reconciliation process was first used in 1980 to facilitate difficult choices to address deficit and debt levels. Bipartisan concern regarding the finances of the federal government increased when the level of debt exceeded $1 trillion and the ratio of public debt to gross domestic product passed 40 percent in 1981. Unfortunately, policymakers started to lose fiscal sanity several decades later. The total federal debt is now nearing $30 trillion, the ratio of public debt to gross domestic product exceeds 100 percent, and both measures are rising. It is true that intere...