The enactment of the Budget and Accounting Act in June 1921 was a seminal event in the history of the federal budget process. It created two consequential American government institutions: the Bureau of the Budget (now the Office of Management and Budget) and the General Accounting Office (now the Government Accountability Office). It also strengthened the executive role in the budget process and forever changed the relationship between the president and Congress regarding spending, taxation, deficits, and debt.

This event explores the history of the law’s enactment, its implementation and evolution, the state of today’s budget process, and potential reforms to the process, with AEI’s James C. Capretta and one of the nation’s leading experts on the subject, Roy T. Meyers of the University of Maryland, Baltimore County.

Watch the full event here.