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'Balanced Budget' Debate in US Congress

Amaresh Bagchi
Economic and Political Weekly
Vol. 27, No. 28 (Jul. 11, 1992), pp. 1461-1462
Stable URL: http://www.jstor.org/stable/4398611
Page Count: 2
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Abstract

President Bush's dismay at the failure of the proposal to amend the US Constitution to mandate the federal government to balance its budget to go through and thereby help him shift the onus of the difficult decisions, which alone can balance the budget, will be shared in India by many who firmly believe that a constitutional limit on the borrowing power of the centre is the only remedy for the fiscal irresponsibility which lies at the root of the country's current economic ills. In fact, the moral of the balanced budget debate in the US, if there be any, is simply that procedural reform is no substitute for the political will of the people and their leaders.

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