Ippolito examines the least publicized source of our current fiscal troubles - federal credit programs. Since the 1970s these programs have grown dramatically, but neither the growth nor their costs have been reflected in the budget. The true costs are not tangible and direct, but these programs can affect investment, economic growth, and productivity. Originally published 1984.
This is a comprehensive account of how conflicts over the powers to tax, spend and borrow have been at the centre of American politics and how these budgetary conflicts have shaped national politics by determining the size and role of the federal government.
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