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It argues BEA replaced largely unenforceable deficit targets with spending targets that are binding in principle after the fact, improving the effectiveness of deficit reduction. The article contrasts BEA with the earlier Gramm-Rudman-Hollings (GRH) mechanism, describing GRH’s structural weaknesses and its lack of ex post enforcement, and evaluates what BEA still fails to address.",{"@graph":69,"@context":122},[70,84,105],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":40,"@type":76,"position":81},"https://docshare.wps.com/document/research-report/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/some-fiscal-advice-for-the-new-government-dont-let-the-sun-go-down-on-bea/437503/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/some-fiscal-advice-for-the-new-government-dont-let-the-sun-go-down-on-bea/437503.png","ImageObject",300,407,{"name":92,"@type":93},"Oliver","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-10-01","2026-09-29",true,{"@type":102,"interactionType":103,"userInteractionCount":14},"InteractionCounter",{"@type":104},"ViewAction",{"@type":106,"mainEntity":107},"FAQPage",[108,114,118],{"name":109,"@type":110,"acceptedAnswer":111},"What central change does BEA introduce compared with earlier deficit targets?","Question",{"text":112,"@type":113},"BEA shifts the budget discipline from deficit targets that are largely unenforceable to explicit spending targets that are, in principle, binding after the fact.","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"What were the key flaws in the original GRH deficit reduction mechanism?",{"text":117,"@type":113},"The article states GRH focused debate on deficits rather than underlying expenditure and revenue programs, and it lacked an ex post enforcement mechanism when targets were missed.",{"name":119,"@type":110,"acceptedAnswer":120},"Why does the article say BEA does not go far enough?",{"text":121,"@type":113},"It argues BEA fails to extend spending caps to mandatory expenditures such as Medicare and Social Security, leaving part of the discipline incomplete.","https://schema.org",{"og:url":83,"og:type":124,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":126,"canonical":83},"index,follow",{"doc_id":128,"site_id":62},437503,1790827821,{"code":4,"msg":5,"data":131},{"doc_id":128,"user_id":132,"nickname":92,"user_avatar":133,"doc_module":4,"category_id":39,"category_name":40,"doc_title":65,"doc_description":67,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":14,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":34,"language":139,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":140,"faqs":141,"seo_title":142,"seo_description":67,"update_tm":143,"read_time":144},8796095461610,"https://ap-avatar.wpscdn.com/davatar_276721f389ce27ea32af1340a28f341c","by David Altig  \nI mi Febmuay Pesidm Cio wiloutline his administration's first,andmuch anticipated,economic plan.Al-though the exact nature of the package isstill speculative as of this writing,it isclear that any short-run stimulus will beaccompanied by long-run deficit reduc-tion measures.For this,the administra-tion is being praised in advance,not theleast by financial markets,which haveresponded with a nearly 40-basis-pointdecline in long rates since the electionBut whether the markets—and by in-ference the American public—stay onboard depends on the administration'sability to follow through with aclear andcredible long-tem plan to accomplishthe deficit reduction it and the new Con-gress clearly desire.  \nAt the outset of what will surely beextended and heated debate about thedetails of the Clinton proposals,it isessential to recognize that the deficit isno longer the controlling element ofthe budget process.Since passage ofthe Budget Enforcement Act of 1990(BEA),the primary discipline exertedby budgetary rules emanates not fromdeficit targets but from legislative limitson certain classes of expenditure.Thisshft was intentional and fundamental,reflecting as it did the weaknesses in-herent in the original Gramm-Rudman-Hollings(GRH)deficit reductionmechanism as a tool for managing theederal budget.  \n# Some Fiscal Advice for the NewGovernment:Don't Let the SunGo Down on BEA\n\nThe fact that BEAeffectively makes ex-penditure targets the constraining ele-ments of the current fiscal environmentis one reason for increasing the public'sawareness of the Act's provisions aswell as its history.But this is not theonly reason.Because BEA was largelya response to the failure of the originalGRH process,a clear and careful exam-ination of its provisions would help toclarify the rationale for the de factoabandonment of deficit targeting andwould concentrate debate on the taskof developing an effective and efficientbudget process.  \nThe goal of this Economic Commentaryis to contribute to that discussion.The firststep is to briefly review the broad historyof fiscal policy from the inception of GRHthrough its evolution in BEA.The essen-tial point is that GRH,as first constructed,was fundamentally flawed for two reasons.First,because objectives were stated interms of deficits rather than more basic ex-penditure and revenue targets,GRH wasinadequate in focusing debate on specificspending and taxation programs.Second,and more important,GRH was a “let by-gones be bygones\"policy in that it pro-vided noex post enforcement mechanismfor addressing inevitable failures to meetprescribed targets.  \nFebruary 1,1993  \nThe Budget Enforcement Act of 1990(BEA)was a significant improvementin the federal budget process becauseit replaced deficit targets that were es-sentially unenforceable with explicitspending targets that are,in principle,bindingafter the fact.This article con-tends that the deficit reduction effortsofthe new administration and Congresswould be greatly aided by extendingBEA through 1996,maintaining distinc-tions among different categories of dis-cretionary spending,and introducingcaps on mandatory expenditures.  \nNOTE:Projected deficits for each fiscal year are taken from the final congressional budget resolution.  \nSOURCE:Congressional Budget Office  \nThe remainder of this article is devoted toexamining the degree to which flaws inthe GRH legislation were addressed byBEA.I argue that,by superseding essen-tially nonbinding deficit commitmentswith spending limits that are enforceableafter the fact,BEA is a vast improvementin the process that govems federal budgetpolicy.However,it does not go farenough.By failing to extend spendingcaps to mandatory expenditures such asMedicare and Social Security,the Actleaves an important part of the job un-done.Furthermore,because the distinc-tions among different classes of discre-tionary spending are removed beginningin fiscal year(FY)1994 and the legisla-tion expires in 1996,BEAwill becomeextinct before it","cbCaimxr8yoErjBo","https://ap.wps.com/l/cbCaimxr8yoErjBo","pdf",2223735,"English","# Some Fiscal Advice for the New Government: Don't Let the Sun Go Down on BEA\n## ■ The Beginning and End of GRH as We Knew It","[{\"question\":\"What central change does BEA introduce compared with earlier deficit targets?\",\"answer\":\"BEA shifts the budget discipline from deficit targets that are largely unenforceable to explicit spending targets that are, in principle, binding after the fact.\"},{\"question\":\"What were the key flaws in the original GRH deficit reduction mechanism?\",\"answer\":\"The article states GRH focused debate on deficits rather than underlying expenditure and revenue programs, and it lacked an ex post enforcement mechanism when targets were missed.\"},{\"question\":\"Why does the article say BEA does not go far enough?\",\"answer\":\"It argues BEA fails to extend spending caps to mandatory expenditures such as Medicare and Social Security, leaving part of the discipline incomplete.\"}]","Some Fiscal Advice for the New Government - Don't Let the Sun Go Down on BEA | PDF",1790682158,18]