"The history of budget policy provides a unique perspective on political change in the United States and helps explain how and why the federal government has grown over time. Dennis Ippolito reviews the different stages of this development - from the era of small government prior to the Civil War through the dramatic transformations of the New Deal and Cold War up to the current challenges of modernizing the welfare state - and shows how each of these stages reflected a dominant vision of the size and role of the federal government, incorporating particular spending, tax, and borrowing philosophies and policies." "Why Budgets Matter offers new insights into the enduring debate over "limited government" versus "big government" in the United States and will be a valuable resource for students, scholars, and policymakers seeking a better understanding of the background to the fiscal problems we face today."--Jacket.