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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.

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Presentation on theme: "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."— Presentation transcript:

1 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 https://www.nationalpriorities.org/a nalysis/2014/presidents-2015- budget-in-pictures/

2 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

3 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

4 C. Expenditures (https://www.nationalpriorities.org/analysis/2014/federal-spending-your-state- 2013-2015/#head-start-fy2015) 1.MAJORITY = 1.Social Services 2.Military 2.Entitlements 2/3 1.Uncontrollable expenditures 2.SS -67 vs. 62 3.Baby Boomers 3.Discretionary spending 1/3 1.National Defense 2.Education

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

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