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Little Prices, Big Smiles.

This is CBS Eye on the World with John Batchler. Here's John Batchler.

Spending. Congress spends money. Spends and spends and spends.

And I welcome Veronique de Ruggie of the Mercatus Center writing a creator syndicate to help me understand

how once upon a time when Joe Biden and all of us were much younger.

In fact, 1974 when Joe Biden was elected to the U.S. Senate.

The Congress also created the Congressional Budget and Empowerment Control Act.

Veronique, a very good evening to you. What was it? What was it intended to do? And where is it now? Good evening to you.

Good evening, John.

So the Budget Act of 1974 was meant to set some rules for Congress to follow when it was issuing a budget.

It was supposed to issue some caps and it was talking about 12 appropriations bills and the ways to do things and different rules.

And so it's been there for almost 50 years. And it was mostly at the time.

It was only setting rules for the budget process for the part of the budget that we call discretionary spending.

That's the part of the budget that is education, defense, transportation, all of that.

It's not social security, Medicare and Medicaid or interest rates. That's what we call the mandatory part.

So it's basically the budget rules for the discretionary part of the budget.

And at the time, a vast majority of the budget was discretionary.

But today it's only 27% of the budget.

And so basically it's rules for just a very small portion of the budget altogether.

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