THE BUDGET. Fiscal Policy Fiscal Policy is the impact of the federal budget on the economy- -for example- taxes, spending and borrowing--so in talking.

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Presentation transcript:

THE BUDGET

Fiscal Policy Fiscal Policy is the impact of the federal budget on the economy- -for example- taxes, spending and borrowing--so in talking about the budget process, we are talking about making fiscal policy

MAJOR PLAYERS Executive Branch –The President –The Office of Management & Budget

The Legislative Branch House & Senate Appropriations Committees House & Senate Budget Committees House Ways & Means Committee Senate Finance Committee Congressional Budget Office

The Process The President is supposed to prepare the budget and present it to Congress by the first Monday in February.

The Office of Management & Budget The President will give the OMB his guidelines for the budget. The OMB will also take requests from the different executive agencies and departments. The OMB uses all of this info to prepare the budget.

Congress The Budget Committees in the House & Senate receive the budget & study it. Each committee makes a recommendation to their chamber by early May and this recommendation becomes the –Budget Resolution The Budget Resolution is a goal--NOT binding!!

During the summer, each chamber passes 13 appropriations bills. Appropriations bills fund programs. To create a program, an authorization bill must be passed.

After the House and Senate agree on the appropriations bills and pass them, the President signs them (and we all faint!:)

Once Congress passes a budget, each chamber usually has to pass a budget reconcilliation resolution

A budget reconciliation resolution resolves the differences between what the House or Senate meant to spend --budget resolution--and what they actually spent!!

The Fiscal Year The fiscal year for the national gov’t is from Oct. 1-Sept. 30. IF Congress & the President can’t get the budget completed on time, Congress can pass a continuing resolution. This will continue to fund the gov’t at last year’s level.

If Congress doesn’t pass a continuing resolution or the President doesn’t sign it, the national gov’t shuts down until a budget or a continuing resolution can be passed!

ENTITLEMENTS Benefits provided by government programs to individuals or organizations based on eligibility criteria as defined by law—ex.-social security, Medicare

2011 Budget

THE END