What’s a “skinny budget?” Concord Coalition Policy Director Tori Gorman explains on this week’s Facing the Future podcast. The main idea of the game is to give people an overview of what some of the most commonly discussed spending cuts and tax increases are among policymakers in Washington DC and what the basic arguments for and against those policies tend to be. Reducing projected deficits over the next 10 years represents an opportunity to get our fiscal house in order while phasing-in changes to our long-term budget plans. The federal budget is calculated largely on a cash basis. Are you up to the challenge? For individuals, we offer The Federal Budget Challenge: this is our successful online budget simulation, based on Principles and Priorities, where users work through different policy categories and choose the spending and tax policies that fit their preferences, while being mindful of their budgetary effects. Your starting point will be the CBO's estimate for these deficits under current law -- assuming Congress and the President pass no legislation over that time. Your goal is to cut $5,800 billion from the Federal Budget to stabilize the debt at 90% of GDP by Review with students the various categories in the national budget. He has used Budget Challenge as a teacher with nearly 400 students. 1. Budget authority refers to the funding appropriated by Congress for spending over a given period, as opposed to outlays, which refer to the funds taken from the Treasury in payment. The challenge was announced at the White House Summit on Federal Acquisition and Supply Chain Management, where industry professionals and OMB officials spoke about reforms to … The President’s budget is projected to be balanced, and she promises to avoid a deficit unless the U.S. faces a recession or war. The national debt represents the accumulation of the government's annual deficits. … This obviously makes the task easier. The government budget data compiled in the interactive reflects federal budget authority organized both by federal agency or department, and by budget function. To learn more about how the budget affects you, click. Federal Budget Challenge Balance your principles and priorities to make tough deficit reduction choices. Students must fund important government programs without setting tax rates too high or borrowing too much money. This is your turn to choose policy options that will do just that. He has 18 years experience as adjunct faculty at Alma College teaching Social Studies Methods and macroeconomics. The options and scores in the exercise are primarily based on Congressional Budget Office publications. Your starting point will be the CBO's estimate for these deficits under current law -- assuming Congress and the President pass no legislation over that time. The students absorb more information when they know they are learning it in order to make a selection in the game. Based on our Principles and Priorities game, which has been used for years in hundreds of classrooms and town hall meetings across the country, users work through 11 different policy categories and choose the spending and tax policies that fit their preferences while being mindful of their budgetary effects. See if you can achieve full employment and low inflation as Chair of the Fed. Show students the 2017 federal budget as presented here, called the National Budget Simulator. The longest economic expansion in the state's history has ended with the COVID-19 pandemic and subsequent economic recession, so tough choices will need to be made to mitigate a … Play "The Fiscal Ship" and make your own plan to keep U.S. debt from rising. Another limitation is that because Concord's Plausible Baseline deficit is $14.4 trillion, it is virtually impossible to come up with enough policy choices to achieve a balanced budget, while still keeping the discussion grounded in the policy realities of today's Washington. Instead, the federal budget comprises many separate documents and pieces of legislation. Produced by Next 10 and the Concord Coalition, the Federal Budget Challenge allows users to try their hand at balancing the federal budget. I used it as a supplement throughout our finance class. The debt is projected to grow more quickly than the economy in the future. Lesson that we learn from real experience is always worthier than what we learn from the book. 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