Fiscal procedures and institutions in the United States

Abstract

This statement has been prepared for the Conference on Good Governance and Effective Partnership, organized by the Ministry of Finance of Hungary and the National Bank of Hungary. My comments will review fiscal discipline in the US and our experience with deficit based rules and expenditure rules. I will also provide an overview of transparency in the US budget process, focusing on the two institutions where I spent most of my professional career, the Office of Management and Budget (OMB) and the Congressional Budget Office (CBO).