"In this third edition of his classic book on the U.S. federal budget, Allen Schick examines how surpluses projected during the late 1990s have turned into oversized deficits. In his detailed analysis of how the budget process works and of the politics and practices surrounding the budget, Schick addresses contemporary worries such as the collapse of the congressional budget process and the threat posed by terminating discretionary spending caps. His updated assessment of the long-term budgetary outlook concludes with a look at how the nation's deficit will affect the nation in the near term and into the future."--BOOK JACKET.