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Title An analysis on the Baseline Projection of the US and Its Implications to the Budget Process of the National Assembly in Korea

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    247
  • Date
    2007-06-26

 A baseline is defined as an estimate of the receipts, outlays and deficits or surpluses that would occur if no changes were made to current laws during the period covered by the budget. It is an integral part of the US federal budget process, providing Congress and the President with a framework for making and enforcing budgetary decisions. It serves as a neutral benchmark for comparing proposed budget policy changes with existing policies.

It is necessary for the National Assembly of Korea to adopt a baseline to play a leading part in compilation of the budget and allocation of resources as well as in deliberation of the budget. Moreover, in order to adopt the baseline, various preparatory legal and institutional proceedings are requested. Therefore, a framework such as “the Budget Concept Definition Committee” should be initiated based on the cooperation between the government and the National Assembly. In addition, the long-term economic forecast ability should be improved. Finally and importantly, an accurate concept of baseline as a policy-neutral estimate should be built up.

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