The Congressional Budget and Impoundment Control Act was enacted 40 years ago. It was not designed to address the core fiscal challenge of today's economy, which is the rapid rise in spending for federal entitlement programs. Moreover, the current budget process does not provide for the...

1. Introduction -- 2. Non-routine problems and flexibility -- 3. Flexibility, inflexibility and budgeting -- 4. Budget rules and budget flexibility -- 5. Budget reform and rule modification -- 6. Calibrating budget flexibility and control: A new role for rule variability -- 7. Conclusion. .