The Federal Budget Process Is The Government 's Financial Plan For The United States
The Federal Budget is the government’s financial plan for the United States. During this process, congress develops a budget resolution determining the amount of money the federal government can spend each year. The main stages of the federal budget process include: the president’s budget request, the congressional budget resolution, appropriation measures and the budget reconciliation process.
Stage One: The President’s Budget Request
The Federal Budget process often begins with a proposal from the President to the United States Congress that contains a thorough budget request for the upcoming year; which begins on October 1st. The submission of the proposal usually occurs on or before the first Monday in February. However, the budget submitted by the President is merely a request to Congress and a suggestion for consideration. This request is developed by the President’s Office of Management and Budget (OMB). There are three main roles of the budget request submitted by the President. “First, it tells Congress what the President believes overall federal fiscal policy should be, as established by three main components: (1) how much money the federal government should spend on public purposes; (2) how much it should take in as tax revenues; and (3) how much of a deficit the federal government should run, which is simply the difference between (1) and (2)” (Longest, 2010, pp. 349). Secondly, the budget proposal reveals the President’s main…