In the United States, the size and composition of the federal budget is arguably the most important single issue of the 1990's, yet most debates and commentaries on the subject are largely uninformed. Virtually no one - whether government official, member of Congress, journalist, or taxpayer -...

Conventional fiscal analysis fails to address contingent fiscal risk. The government budget process and documentation generally fail to scrutinize the substantial claims on public resources that are associated with government contingent liabilities, realized and potential. This report fills gaps...