Presidential Budget
According to the Budget and Accounting Act of 1921, the President must annually submit a budget to Congress by the first Monday in February. The proposed spending plan must show:
the condition of the treasury at the end of the last completed fiscal year;
the estimated condition of the treasury at the end of the current fiscal year; and
the estimated condition of the treasury at the end of the next fiscal year if the budget proposals are carried out.
The Presidents budget proposal is based on the budget requests of all Government agencies. Congress then reviews the Presidents budget and develops its budget in a multi-step process that includes the approval of a budget resolution. Go to the following website {http://www.gpo.gov/fdsys/} to access the Budget of the U.S. Government, Fiscal Year 2021. Check out the various departments and budgets for the Fiscal Year 2021, which began October 1, 2020. Keeping in mind that the budget is usually approved during the prior spring, address the following questions:
What changes would you make to the budget? Are there any programs that you would enhance with an increase in expenditures? Are there any programs that you would enhance with a decrease in expenditures? Are there any programs that you would eliminate entirely? Why?
What ramifications would you need to consider in view of your answer to part a? If your suggestions increase the federal budget, from where would the funding come?
Notes:
You are NOT expected to read everything! There are a lot of summary chapters and tables. My suggestion is that you scroll through the list and click on a Department that interests you.
The budget proposal for Fiscal Year 2022, which begins October 1, 2021, would normally be available by now. Since it not yet available, please use the most recent budget. My intention is that you are aware of the proposed budget and become familiar with the contents for future reference.
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