SEARCH

SEARCH BY CITATION

Federalist Nos. 12 and 30–36 describe the benefits of a national fiscal system with independent revenues, arguing that a strong national government cannot exist for long without the means to raise revenues on its own. This essay examines the national fiscal policy process during this period of economic crisis and rising national debt. It provides a detailed assessment of needed reforms in the budget system that would meet the tests imposed by an increasingly uncertain global economy.