Discusses the three key elements of Gramm-Rudman-Hollings (GRH) that were expected to affect budgeting. Concludes that while many people regard the GRH law as a failure, it is not clear that any other process could have achieved it's modicum of success.

Projections made after the 1997 reconciliation legislation was enacted suggest that, sometime early in the next century if not before, the nation should enjoy its first surpluses since 1969. The improved fiscal outlook, however, has little to do with the 1997 legislation and more to do with the...