1.2: Strategy
Budgeting Strategically Other Information:
Summary: Facing prolonged slow growth and fiscal austerity, the federal government must make more effective use of limited
public resources and mobilize private investment to achieve the most important national objectives. This requires a more strategic
approach to fiscal choice, using information on expected costs and returns to the economy over a long horizon. The budget’s
decision-making should be organized around enduring missions and long-term social goals. For selected goals, the relevant
portfolio of spending, tax expenditures, legislative and regulatory mandates, and other policy tools should be regularly shaken
to separate wheat from chaff. Each review should include non-federal partners and be conducted with full transparency, public
hearings, and input from all stakeholders. Expert panels should be asked to review evidence on social benefits from recommended
changes in policy and resource use and advise on effective implementation of the recommended strategy. At the completion of
each review, the President’s budget and legislative agenda for the next fiscal year should incorporate policy changes estimated
to achieve breakthrough returns and accelerated progress toward the priority goal.
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