1. The President’s Budget $$$

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

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

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

5. 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?

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

7. * Office of Management and Budget (OMB)

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

9. 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

10. 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)

11. 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

12. CURRENT DEBT CLOCK

13. Obama’s FY 2011 Budget
$ 3,830,000,000,000

14. $ 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

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

16. Let me show you a TRILLION dollars!

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

19. $1,000,000

20. $100,000,000

21. $1,000,000,000

22. $1,000,000,000,000!!