U.S. dollar banknotes lie on a table in this picture illustration taken in Warsaw (REUTERS/Kacper Pempel).
The Perils of Automatic Budgeting
March 26, 2013,
In the fall of 1978, the United States Congress finally solved the federal government's budget problems. Philip Wallach examines how the automatic budget mechanism holds Washington under its spell as Congress continues to make iterative yet unsuccessful financial commitments.