Working with Congress to Set the Federal Budget February 11, 2015 Objective: Understand the role that the President and Congress have in regards to creating.

Slides:

Advertisements

Similar presentations

The Congress, the President, and the Budget: The Politics of Taxing and Spending.

Advertisements

Introduction to Macroeconomics

Economic Policy Chapter 18. Roots of Economic Policy The early years of our nation were marked by a _____________ economic policy. Interstate Commerce.

The Federal Budget and Social Security.  Key Terms  Budget  A financial plan for the use of money, personnel, and property.  Balanced Budget  When.

National Debt. What do we owe? April 2015 National Debt has reached $18.2 trillion Average of: $56,728 per person Average of: $154,161 per tax payer.

The Federal Budget and Social Security. Introduction Key Terms – Budget – A financial plan for the use of money, personnel, and property. – Balanced Budget.

Taxes, National Debt & Fiscal Policy. Taxes Types of taxes Regressive: If the rich pay a smaller proportion of their income for the tax than do the poor.

THE CONGRESS, THE PRESIDENT, AND THE BUDGET: The Politics of Taxing and Spending.

I. Introduction A. Key Terms B. Policy Tools 1.Budget  A financial plan for the use of money, personnel and property  The federal budget for 2010 was.

Chapter 14: The Budget …or why we’re screwed. Focus: Does Your Family Have a Budget?

ECONOMIC POLICY A BRIEF OVERVIEW HONORS GOVERNMENT.

Fiscal Policy Fiscal Policy – government policy toward taxing & spending. Federal Budget Prepared annually by the President Approved by Congress Budget.

Creating the Federal Budget: Congress & The President.

The Congress, the President, and the Budget: The Politics of Taxing and Spending.

What are Taxes? Why have Taxes? Funding Government Programs Allow governments to provide services and operate Taxes & the Constitution This is the first.

Chapter 16 Financing Government. Power to Tax  Congress is given the power to tax by the Constitution.

Warm-up 5/10/12  Yesterday we talked about welfare programs to help people in need. How does the government pay for these programs?  What limits how.

Taxing Power—Concurrent Power Power to Tax Art. I, Section 8, Clause 1—“To lay and collect taxes… Congress has “the power of the purse”—Art. I, Sec. 9,

Creating a Budget Chapter 14. Budget Process Deficit v. Surplus Deficit occurs when expenditures exceed revenues in a year – $1.3 trillion in 2010 Surplus.

Public Policy #3 Fiscal Policy. The Budget You must trim the budget by looking at 10 key areas of spending!

Making Public Policy. Economic Policy and the Budget Key Concepts-  Politicians & economists have conflicting views on how to regulate the economy 

Unit IV – Legislative & Executive Taxing & Spending: The Budget Process.

CHAPTER 16 FINANCING GOVERNMENT - THE BUDGET.  Taxes  Progressive Taxes – get bigger the more money you make  Income Tax  Regressive Taxes – the same.

Budget Plan for managing and spending money. Plan for managing and spending money. Governments create budgets to help them make decisions because of limited.

SOME BASIC INFORMATION Policy document allocating burdens and benefits FEDERAL gov. funds a substantial and diverse range of programs and activities from.

Budget Deficit and National Debt A budget deficit exists when the federal government spends more than they are receiving in revenues within the year. When.

Cornell Notes: Unit: The Presidency Topic: The Federal Budget Process Guiding Question: How does the government manage money to conduct affairs?

Fiscal Policy/Federal Budget 15.3 Federal Budget—the Federal Gov’t plan for the use of government revenues. 3 Reasons for development of Federal Budget:

The Federal Government is the only government that can spend more than it receives. Current Debt: $16.4 Trillion Current Deficit: 1.1 Trillion (for 2012);

 10 trillion and counting   Solve the deficit 

PUBLIC POLICY OVERVIEW. COSTS vs. BENEFITS Cost = any burden that a group must bear Benefit = any satisfaction that a group will enjoy from a policy Costs.

Congress, the President, and the Budget. The debt and the deficit Budget deficit – spending > revenues in a year Budget deficit – spending > revenues.

Taxing and Spending April 21, 2015 Objective: Understand sources of federal revenue and where the money goes!

Fiscal Policy= Congress+ President Budget: – A policy document allocating burdens (taxes) and benefits (expenditures). Deficit: – An excess of federal.

7 th Grade Civics Miss Smith *pgs  Each level of government has a department responsible for collecting taxes  Ex: Internal Revenue Service.

The Federal Budget A detailed estimate of revenue and spending – Revenue – Money that comes in to the government – Spending (Expenditures) – Money that.

Economic Policy Chapter 18. Roots of Economic Policy The early years of our nation were marked by a laissez faire economic policy. Interstate Commerce.

What is a budget surplus and a budget deficit? A budget surplus is when extra money is left over in a budget after expenses are paid. A budget deficit.

Chapter 14 The Congress, the president, and the budget: THE POLITICS OF TAXING AND SPENDING.

Government Finances: Fiscal Policy, Taxing and Spending Fiscal Policy Government Budget Federal Government Revenue Federal Government Expenditures State.

Chapter 7: The Executive Branch at Work Section 3: Financing Government (pgs )

UNDERSTANDING TAXES AND GOVERNMENT SPENDING GOVERNMENT AND THE ECONOMY.

Creating the Federal Budget:

Economic Policy.

Tax Terms Define each Term and offer a specific example:

Where your money goes Chapter 10.2 & 10.3.

GOVERNMENT SPENDING LESSON ACTIVITIES.

GOVERNMENT SPENDING LESSON ACTIVITIES.

Government Finances: Fiscal Policy, Taxing and Spending

Federal Government Expenditures

DO NOW: Welcome Back Quiz

Introduction Budget: A policy document allocating burdens (taxes) and benefits (expenditures) Deficit: excess of federal expenditures over federal revenues.

10 trillion and counting Solve the deficit

CONGRESS, THE PRESIDENT, AND THE BUDGET

Chapter 16 Financing Government

The Federal Budget Rixie.

The Congress, the President, and the Budget: The Politics of Taxing and Spending 1.

GOVERNMENT SPENDING LESSON ACTIVITIES.

Gov Review Video #41: The Budget - A brief Intro

Chapter 22 Section 1 & 2 Mr. Holmes December 8, 2012.

Does the federal government budget and spend your tax dollars wisely?

Gov Review: Unit #5 In 10 Minutes!

Terminology (Budget) Deficit – spending more money in a year than is taken in (National) Debt – the accumulation of yearly deficits plus interest (Budget)

GOVERNMENT SPENDING LESSON ACTIVITIES.

Federal Budget and Budgetary Process

Chapters 13 Notes Review Federal Budget

The Congress, the President, and the Budget: The Politics of Taxing and Spending Chapter 14.

The Federal Budget Process

Objective 2.6 Sources of Revenue for the National Government

ECONOMICS Chapter 16.3: The Federal Budget and the National Debt Learning Target: Understand how the federal government prepares a budget and borrows;

Presentation transcript:

Working with Congress to Set the Federal Budget February 11, 2015 Objective: Understand the role that the President and Congress have in regards to creating and implementing the US budget nalysis/2014/presidents budget-in-pictures/

A. Budget-Taxes & Expenditures 1.Setting the budget: 1.President 1.OMB (Executive) 2.Congress 1.CBO (Legislative) 2.Approving 1.President-Country 2.Congress-Constituents 3.Determining 1.Current 2.Inflation 3.New spending

B. Revenue 1.Income Taxes (Progressive) 2.S.S. Taxes (Regressive) 1.SS/Medicare  Directly Paid for 3.Excise 4.Borrowing 5.16 th Amendment 1.Congress-IRS 2.Entitlement Programs

C. Expenditures ( /#head-start-fy2015) 1.MAJORITY = 1.Social Services 2.Military 2.Entitlements 2/3 1.Uncontrollable expenditures 2.SS -67 vs Baby Boomers 3.Discretionary spending 1/3 1.National Defense 2.Education

D. Deficit & Debt 1.Budget Deficit 1.Expenditure>Revenue 1 year 2.Federal/National Debt 1.Accumulation 3.Entitlement vs. Means Tested