In response to the hectic process in which the federal government was able to avoid defaulting on our debt payments, there are thoughts about creating a balanced budget amendment to avoid future financial problems. This same amendment failed back in 1995 but is this the economic, financial, and political climate to make this change? (NYTimes Article)
It will be interesting to see how this could filter down to impact federal agencies and their budgeting process as well as our program level funding. This could also have an impact on our government operations as the ability to add budget funding for programs and projects through earmarks would be in opposition to this process unless funding sources are identified as part of the bill. States are required to have balanced budgets, so it would make sense that the federal government do the same.
How do you see this taking shape with your job, department or government as a whole?