United States budget process
The budget of the United States is a decision of the Congress, which sets forth the estimated revenue and expenditure of the Federal Government of the United States in the course of a financial year. The financial year begins on October 1.
Development
The procedure for preparation of the 1974 budget was set with the Congressional Budget and impoundment control act. The law stipulates that the President shall transmit to the Congress on the first Monday in February a budget proposal. This proposal contains a detailed list of all planned by the President and its subordinate ministries and other authorities revenue and expenditure for the following financial year. About the raw numbers, the proposal also contains a large amount of additional information that will support the predictions and wishes of the government.
From the proposal, the budget committees of the Senate and House of Representatives develop simultaneously, but separated from each template, which reflects the political priorities of the chamber. Traditionally, these templates are presented in early April the Senators or the Members for consideration and approval.
Since there are at this time two Bills which also have substantive differences to be negotiated in a conciliation committee of the two chambers of changes. The outcome of these negotiations is usually adopted without further discussion by both chambers.
Legal expenditure authorizations
The budget itself is no federal law but only a concurrent resolution, that is, it is not legally binding and will not be sent for signature to the President. A part of the legally binding expenditure authorizations (mandatory spending, literally, dutiful expenditure) is in permanent laws eg contain about the social programs of the Federal Government and therefore must not be re- approved annually. For this expenditure, the budget contains estimates.
The other expenses ( discretionary spending, literally, discretionary spending ) to be approved by the issue laws ( appropriation bills ), the contents are based on the budget.
The terms duty and discretion must not be taken too literally one here. The mandatory spending can be altered or abolished by law. Conversely, discretionary spending can be virtually inevitable, as for example Military spending constitutionally can be approved for a maximum of two years.
Structure
At the highest level, the budget along 19 budget functions is structured. The following table shows the estimated revenue for each budget function outputs in the financial year 2009 (1 October 2008 - 30 September 2009):