Assignment Task:
Provide a peer response to your below classmate's post
"Hello Class,
For this week's discussion assignment, I chose the article titled, "Student loan repayment, 2009 to 2019". The title is self-explanatory. Student loans have a big topic within the past few years. Most individuals with student debt, are looking to have their debt forgiven. Some individuals were lucky enough to have their loans forgiven during the pandemic, and some were not. An interest reduction payment plan was put into place back in August 2023. Between the year July 2009 and June 2013, The Congressional Budget office created a representative sample, in which repayment process began.
What are the major factors that both constrain and influence a legislative body's budgetary deliberations?
Some of the major factors included in revenue availability. Revenue is generated in the Finance Committee in the Senate fashion legislation. Also, taxes and fees and any other source government which are responsible for Social Security and Medicare revenue sources. With the government accumulating debt and spending more, this legislation is needed.
Chapter 10 discusses a Proposed balance ad Budget requirement. Federal Government was presented with a proposal to adopt a balance budget requirement. Unwanted restrictions during economic hardship or during national emergencies, brings concerns regarding implementation when it comes to balanced budget requirements.
How do agencies attempt to influence a state legislature or Congress on behalf of their programs?
Reorganization of committee structure leading to better decision, would be a good way to changing the approach. Also, reducing the numbers of congressional committees as well as subcommittees. Portfolio budgeting explicitly is designed to address fragmentation to a budget, which is also a reform proposal. This is designed so that the current budget is not encouraged tradeoffs between tools in congress of meeting policy objectives. Another committee related proposal involves combining the House and Senate Budget, into a joint committee. Greater incentives, is believed for greater resolution or other committee to make more good faith efforts and comply with its strictures (Lee et.al, 2021).
Reference:
Lee, R. D., Johnson, R. W., & Joyce, P. G. (2021). Public budgeting systems. Jones & Bartlett Learning.
The budget and economic outlook: 2024 to 2034. Congressional Budget Office.