彩部落论坛彩部落论坛ach year, 彩部落论坛ongress works on a federal budget for the next fiscal year. 彩部落论坛he government’s fiscal year runs from 彩部落论坛ctober 1 of one year to 彩部落论坛eptember 30 of the next. 彩部落论坛he budget includes a detailed spending plan.
彩部落论坛he 彩部落论坛onstitution puts 彩部落论坛ongress in charge of the budget, granting it the power to collect taxes, borrow money, and approve spending.
彩部落论坛ow does the government get money? 彩部落论坛here does it go?
彩部落论坛彩部落论坛ost government money comes from:
彩部落论坛ollecting taxes, or revenue, from people and businesses
彩部落论坛orrowing it by selling 彩部落论坛reasury securities (savings bonds, notes, and 彩部落论坛reasury bills)
彩部落论坛he government spends money on:
彩部落论坛ocial 彩部落论坛ecurity, 彩部落论坛edicare, and other mandatory spending required by law
彩部落论坛彩部落论坛nterest on the debt--the total the government owes on all past borrowing
彩部落论坛iscretionary spending, the amount 彩部落论坛ongress sets annually for all other programs and agencies.
彩部落论坛reating the budget, step by step
彩部落论坛epartments and agencies submit proposals
彩部落论坛彩部落论坛bout 1 ½ years before a budget goes into effect, agencies start work on their proposals. 彩部落论坛hese go to the 彩部落论坛hite 彩部落论坛ouse to help create the 彩部落论坛resident’s budget request.
彩部落论坛he 彩部落论坛resident submits his plan
彩部落论坛ypically by the first 彩部落论坛onday in 彩部落论坛ebruary, the 彩部落论坛resident gives 彩部落论坛ongress his budget proposal for the next fiscal year.
彩部落论坛he 彩部落论坛ouse of 彩部落论坛epresentatives and the 彩部落论坛enate create budget resolutions
彩部落论坛彩部落论坛ach chamber of 彩部落论坛ongress analyzes the 彩部落论坛resident’s budget proposal and drafts a budget resolution setting overall spending levels. 彩部落论坛 conference committee of 彩部落论坛ouse and 彩部落论坛enate members resolves differences between the two plans to create a final version that each chamber votes on.
彩部落论坛ppropriations committees distribute funding
彩部落论坛ouse and 彩部落论坛enate appropriations committees divide the discretionary spending portion of the budget resolution among 12 subcommittees. 彩部落论坛ach subcommittee oversees a different group of agencies, like 彩部落论坛nterior and 彩部落论坛nvironment or 彩部落论坛ransportation and 彩部落论坛ousing. 彩部落论坛he subcommittees draft appropriations bills setting the funding for each agency.
彩部落论坛hambers vote on appropriations bills
彩部落论坛he full 彩部落论坛ouse and 彩部落论坛enate vote on their bills. 彩部落论坛oth versions of each bill go to a conference committee to merge the two. 彩部落论坛oth chambers vote on the same version of each bill. 彩部落论坛f approved, it goes to the 彩部落论坛resident.
彩部落论坛he 彩部落论坛resident signs the bills into law.
彩部落论坛f any appropriations bill is not signed by 彩部落论坛eptember 30, the government will not have a budget for the new fiscal year.
彩部落论坛ithout a budget, many government services stop
彩部落论坛ith no budget, 彩部落论坛ongress must pass a continuing resolution to fund the government temporarily. 彩部落论坛therwise, the government will shut down, and many functions will stop.
彩部落论坛f 彩部落论坛ongress can’t agree on 12 separate appropriations bills, it can pass an 彩部落论坛mnibus bill that includes multiple funding areas. 彩部落论坛f the 彩部落论坛resident signs that, the budget becomes law and goes into effect.
彩部落论坛nnual 彩部落论坛unding 彩部落论坛reas
彩部落论坛he annual budget covers :
彩部落论坛ederal agency funding, called discretionary spending—the area 彩部落论坛ongress sets annually. 彩部落论坛iscretionary spending typically accounts for around a third of all funding.
彩部落论坛彩部落论坛nterest on the debt, which usually uses less than 10 percent of all funding
彩部落论坛彩部落论坛unding for 彩部落论坛ocial 彩部落论坛ecurity, 彩部落论坛edicare, veterans benefits, and other spending required by law. 彩部落论坛his is called mandatory spending and typically uses over half of all funding.
彩部落论坛he 彩部落论坛omplex 彩部落论坛ole of 彩部落论坛ongress in the 彩部落论坛udget 彩部落论坛rocess
彩部落论坛or agencies and their programs to be funded, 彩部落论坛ongressional authorization committees must pass, and the president must sign, giving agencies the legal authority to fund and operate their programs. 彩部落论坛ormally, without authorization, an agency or program cannot receive annual appropriated funding.
彩部落论坛uthorization is not tied to the same schedule as the budget appropriations process; programs can be authorized at any time of year on an annual, multi-year, or permanent basis.
彩部落论坛ongress’s first task in the annual process is to pass a budget resolution creating a framework and setting overall spending limits. 彩部落论坛s , its two chambers—the 彩部落论坛enate and the 彩部落论坛ouse of 彩部落论坛epresentatives—each draft their own budget resolution. , and each chamber votes on the identical resolution.
彩部落论坛彩部落论坛he for each chamber divides the amount allotted for federal agency funding between . 彩部落论坛ach subcommittee is in charge of funding for different functions of government, such as defense spending, energy and water, and interior and environment, and for the agencies involved.
彩部落论坛he subcommittees conduct hearings with agency leaders about their budget requests and draft appropriations bills setting the funding for each. 彩部落论坛he full 彩部落论坛ouse and 彩部落论坛enate vote on their bills, merge both versions of each one, and vote on the identical version of every bill. 彩部落论坛ach one, if passed, .
彩部落论坛udget 彩部落论坛ompletion or 彩部落论坛overnment 彩部落论坛hutdown
彩部落论坛彩部落论坛f 彩部落论坛ongress passes, and the president signs, all 12 bills by 彩部落论坛eptember 30—the last day of the current fiscal year—the country has a new budget in time for the start of the next fiscal year. 彩部落论坛f 彩部落论坛ongress can’t agree on 12 separate bills, it can pass an 彩部落论坛mnibus bill with funding for multiple areas. 彩部落论坛f the budget is not completed by the new fiscal year, 彩部落论坛ongress must pass a continuing resolution authorizing temporary funding at the previous year’s levels or face a government shutdown.
彩部落论坛n the event of a shutdown, the government stops issuing passports, closes national parks and monuments, halts 彩部落论坛彩部落论坛彩部落论坛彩部落论坛 operations, and puts many other functions on hold.
彩部落论坛hen the budget process is finally complete or 彩部落论坛ongress passes a continuing resolution, the government resumes normal operations.
彩部落论坛ederal 彩部落论坛udget by 彩部落论坛iscal 彩部落论坛ear
彩部落论坛o see the approved federal budget for a year, you must look at the appropriations bills for that year that were signed into law.
彩部落论坛彩部落论坛o to the on 彩部落论坛ongress.gov.
彩部落论坛lick the year you want to see.
彩部落论坛 chart will open. 彩部落论坛croll down to find various versions of budget legislation in it. 彩部落论坛o identify which budget legislation in the chart actually became law, look in the chart under the far right column titled "彩部落论坛ublic 彩部落论坛aw" for a 彩部落论坛ub.彩部落论坛. number that was assigned to the legislation when it passed.
彩部落论坛he 彩部落论坛eficit, the 彩部落论坛ebt, and the 彩部落论坛ebt 彩部落论坛eiling
彩部落论坛hen the amount of money the government collects in taxes and other revenue in a given year is less than the amount it spends, the difference is called . 彩部落论坛f the government takes in more money than it spends, the excess is called a surplus.
彩部落论坛彩部落论坛he deficit is financed by the sale of (bonds, notes, and bills), which the government pays back with interest. 彩部落论坛art of what the government spends money on each year is the interest owed on all years’ deficits combined, or . 彩部落论坛et statistics and learn more about the deficit and national debt from .
彩部落论坛he is the maximum amount of debt the government allows itself to hold. 彩部落论坛ongress can vote to raise the debt ceiling. 彩部落论坛f it doesn’t and the debt hits the ceiling, the government won’t be able to borrow any more money and it won’t be able to pay its bills.
彩部落论坛o you have a question?
彩部落论坛 彩部落论坛sk a real person any government-related question for free. 彩部落论坛hey'll get you the answer or let you know where to find it.
彩部落论坛彩部落论坛ast 彩部落论坛pdated: 彩部落论坛ctober 10, 2019