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” FY2013

4. * Congress must approve the President’s Budget (Power of the Purse)

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. The President Must Show: condition of the Treasury at the end of the last completed fiscal year

8. Prez Must Also Show: estimated condition of the Treasury at the end of the current fiscal year

9. Prez Must Also Show: estimated condition of the Treasury at the end of the next fiscal year if the budget proposals are carried out

10. * Office of Management and Budget (OMB)

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

12. 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

13. 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)

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

15. 1989 to 2000; 2002- Present Day Exceeded 10 Trillion in 2008 (out of numbers) New clock in the works later this year

16. CURRENT DEBT CLOCK

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

18. $ 3,830,000,000,000 Spent on What?! Nat’l Defense$ 701,790,000,000 Soc. Sec. $ 731,542,000,000 Education $ 118,633,000,000 Nat’l Resources $ 40,252,000,000 Science $ 31,459,000,000 Energy $9,970,000,000

19. Where does $ 3,830,000,000,000?! Come From?!! First Off: We DON’T Have It!! Creates a $ 1,270,000,000,000 DEFICIT Cuts Bush Tax Cuts on $250,000 and up families

21. Let me show you a TRILLION dollars!

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

24. $1,000,000

25. $100,000,000

26. $1,000,000,000

27. $1,000,000,000,000!!