The President’s Budget $$$

COOK’S “caveat emptor” I am a Historian, Not an Economist

The President's plan is known as the Budget of the U.S. Government * “Fiscal Year” FY2017

* Congress must approve the President’s Budget (Power of the Purse) Discretionary (appropriations) vs. Mandatory spending

The President’s Suggestions: #1 How Much to Spend? #2 What to spend it on? #3 How to Raise the Money They Decided to Spend?

Budget and Accounting Act of 1921 Annually, the First Monday in February

* Office of Management and Budget (OMB)

The Budget Timeline Spring : President's develops an overall budget strategy Summer: Federal agencies submit their budget estimates

The Budget Timeline Fall: Estimates provided by the agencies are reviewed by OMB Winter: The President's budget is reviewed, finalized, and submitted to Congress as required

Printing the Budget GPO also makes the President's Budget available to the public in both print and electronic formats. The people can freely access it online via GPO Access or even buy their own printed copy ($26.00)

DEBT: The result of annual deficit spending * Debt vs. Deficit? DEFICIT: Spending more $ than you are bringing in as income DEBT: The result of annual deficit spending

CURRENT DEBT CLOCK

Obama’s FY 2011 Budget $ 3,830,000,000,000 http://www.gpoaccess.gov/usbudget/fy11/fct.html

$ 3,830,000,000,000 Spent on What?! Nat’l Defense$ 701,790,000,000 Soc. Sec. $ 701,542,000,000 Education $ 118,633,000,000 Nat’l Resources $ 40,252,000,000 Science $ 31,459,000,000 Energy $9,970,000,000

Where does $ 3,830,000,000,000?! Come From?!! First Off: We DON’T Have It!! Creates a $ 1,270,000,000,000 DEFICIT

Let me show you a TRILLION dollars!

A Packet of one hundred $100 bills = $10,000

$1,000,000

$100,000,000

$1,000,000,000

$1,000,000,000,000!!