Federal Fiscal Control

Priority Choices in Ford's New Federal Budget

The most serious threat to the American and the world economy in a generation faces President Ford as he draws up the fiscal 1976 federal budget for presentation to the new 94th Congress.1 Federal budget making is often described as the process of setting national priorities. In its broadest interpretation, the budget represents the administration's view of what role the government should play in the nation's economic and social system and in world affairs. In a narrower sense, government fiscal policies represent a choice of strategies for achieving these objectives: should defense allocations go to nuclear or conventional forces? Should the poor be aided by food stamps, cash assistance or tax benefits?

These important questions ...