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Fiscal Democracy in America: How a Balanced Budget Amendment Can Restore Sound Governance (Palgrave Macmillan, 2025)
Available at Amazon, Springer Nature, and Barnes & Noble.
Endorsements
“This is an excellent scholarly work on our deteriorating federal financial position and the need for a fiscal responsibility constitutional amendment. Only a constitutional amendment can force current and future Congresses to restore and sustain fiscal sanity. As the book notes, the federal government does not really have a budget since 74% of spending is mandatory and on auto-pilot.” – Hon. David M. Walker, former Comptroller General of the United States, and Chair of the Board of Directors, Federal Fiscal Sustainability Foundation
“Fiscal Democracy in America is a timely and compelling blueprint for achieving the long-sought goal of a U.S. balanced budget amendment (BBA). Drawing from relevant experience in budget policy and legislative strategy, Couchman offers a practical approach to countering the tendency for democracies to accumulate deficits with robust institutional guardrails. This book not only explains why a BBA is necessary but also how to craft one that works. Essential reading for anyone who is serious about advancing a constitutional balanced budget amendment to secure America’s fiscal future.” – Romina Boccia, Director of Budget and Entitlement Policy, Cato Institute
“Kurt Couchman’s book is an authoritative analysis of fiscal rules and budget processes in the U.S. Couchman brings a unique perspective to these issues as an advisor to several members of Congress. Many of the balanced budget rules introduced in Congress were deeply flawed, and he provides a careful analysis of these failed efforts. Much of the book is devoted to a principles-based fiscal rule, which is a refinement of the fiscal rules he helped several congressional champions develop. The proposed amendment incorporates provisions that have proven to be effective in other countries, such as the Swiss debt brake. This book will be a must-read for legislators, policymakers, and citizens interested in reforming our fiscal rules and budget processes.” – Dr. Barry Poulson, Emeritus Professor of Economics, University of Colorado
“Few understand federal budgeting like Kurt. With unmatched expertise and a deep grasp of fiscal responsibility, he offers a clear path to reducing our national debt and preserving the U.S. dollar’s reserve currency status. For anyone serious about securing America’s future, this book is essential reading.” – Robert Ordway, Senior Advisor, Governor Mike Braun
About the Book
This book explores the U.S. federal government’s need for binding budget targets to recover fiscal sustainability and boost economic growth. It details the flaws in past balanced budget amendment proposals, outlines the features of a promising new approach with broad appeal, and how the amendment might be adopted and implemented in today’s political climate. Even as the U.S. economy expands, the federal government continues to run large and growing budget deficits that exceed $2 trillion per year and a debt burden eclipsing annual economic output. With debt pressures continuing to grow, Congress is almost certain to return to considering a constitutional amendment to bring the federal government’s spending and revenue into balance. Congress has attempted to pass BBAs in the past, but none have succeeded despite their proliferation among advanced economies.
In Fiscal Democracy in America, Kurt Couchman argues for a principles-based balanced budget amendment (BBA) that would let Congress phase out the gap between revenue and non-interest spending over a 10-year period to restore fiscal space for emergencies while encouraging Congress to overhaul the dysfunctional federal budget process. Couchman explores America’s financial history, the dangers of high and rising debt burdens, and examples of other countries, state governments, and the U.S. federal government itself moving toward healthier budgeting practices. He particularly seeks to lay out neutral, predictable rules for sound governance so that members of Congress can holistically and responsibly manage federal spending and tax policies to provide ever-greater value for the American people. Aimed at policymakers and the public across the political spectrum, Couchman’s proposals would guide America toward a more prosperous and democratic future.