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Essay / Research Paper Abstract
A 7 page paper that explains the steps in the federal budget process. The writer also comments on how events can change everything. This is followed by a brief explanation of the budget process for the state of New York and some of the issues related to the last budget. Bibliography lists 5 sources.
Page Count:
7 pages (~225 words per page)
File: MM12_PGbdgt.rtf
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Unformatted sample text from the term paper:
first Monday in February for the fiscal year that begins on October 1 (Coven and Kogan, 2006). This budget is developed by the Presidents Office of Management and Budget (OMB)
(Coven and Kogan, 2006). This budget proposal plays three roles: 1. It tells Congress what the President believes the federal fiscal policy for the country should be. This role has
three components: how much should be spent on public purposes; the amount of tax revenues the government needs to take in; and how much of a deficit or surplus the
federal government should have (Coven and Kogan, 2006). 2. The requested budget identifies the Presidents relative priorities for federal spending, how much should be spent on different things, like defense,
health, education, etc. The Presidents budget includes specific levels of funding for individual federal programs and also for small groups of programs that are called budget accounts." The budget outlines
fiscal policy and budget priorities for the next five years and includes historical tables of spending (Coven and Kogan, 2006). 3. It tells Congress what spending and tax policy changes
the President recommends. Numerous items are governed by legislature, such as entitlement programs, the three largest of which are Social Security, Medicare, and Medicaid (Coven and Kogan, 2006). Each year,
the President must request funds for discretionary or appropriated programs because these fall under the authority of the Senate Appropriations Committees (Coven and Kogan, 2006). Any discretionary spending must be
approved by these Committees every year, e.g., defense spending, housing, public K-12 education are all discretionary programs (Coven and Kogan, 2006). The Presidents budget may included things like proposed changes
to mandatory or entitlement programs or changes to the tax code (Coven and Kogan, 2006). The next step is The Congressional Budget Resolution (Coven and Kogan, 2006). The House and
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