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Events • December 11, 2025 

# *Fiscal Democracy in America: How a Balanced Budget Amendment Can Restore Sound Governance*

As America’s debt climbs and the danger of a fiscal crisis grows, is it time to add a constitutional guardrail? In Fiscal Democracy in America, Kurt Couchman proposes a principles-based balanced budget amendment (BBA) to address the persistent deficits in Washington in a flexible and politically feasible manner. Marc Goldwein draws on his experience in fiscal commissions and provides a challenge to the BBA as a silver-bullet solution to America’s fiscal crisis.

How could a principles-based BBA work, and how would it handle entitlement programs, recessions, and crises? Why did previous attempts at a BBA fail, and what makes a principles-based BBA different? Is a BBA just a distraction from adopting specific policy reforms? And if an amendment were adopted, do other reforms need to occur to complement its implementation? Join us for a discussion with Kurt Couchman and Marc Goldwein, moderated by Romina Boccia.

**Lunch to follow**

![Fiscal Democracy in America cover](/sites/cato.org/files/styles/promo_block_book_cover_1x/public/2025-10/fiscal-democracy-in-america-cover.jpg?itok=ngnbHNwj) 

##### Featured Book 

### *[Fiscal Democracy in America](https://www.amazon.com/Fiscal-Democracy-America-Amendment-Governance/dp/3031919378?tag=catoinstitute-20)*

##### *How a Balanced Budget Amendment Can Restore Sound Governance*

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.

[Purchase Book](https://www.amazon.com/Fiscal-Democracy-America-Amendment-Governance/dp/3031919378?tag=catoinstitute-20) 

##### Featuring 

![Kurt Couchman](/sites/cato.org/files/styles/author_picture/public/2024-04/kurt-couchman-Cropped.jpg?itok=SirMsTrX) 

##### Kurt Couchman 

Senior Fellow, Fiscal Policy, Americans for Prosperity

[ 

](mailto:kcouchman@cato.org) 

![Marc Goldwein pic](/sites/cato.org/files/styles/author_picture/public/2022-10/marc-goldwein.png?itok=DvajTObU) 

##### Marc Goldwein 

Senior Vice President and Senior Policy Director, Committee for a Responsible Federal Budget

[![Romina-Boccia-cropped2.jpg](/sites/cato.org/files/styles/author_picture/public/2022-09/Romina-Boccia-cropped2.jpg?itok=7drYb2ok)](/people/romina-boccia) 

##### [Romina Boccia](/people/romina-boccia)

Director of Budget and Entitlement Policy, Cato Institute

[ 

](https://x.com/RominaBoccia)