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The Federal Budget - was created in 1970 in the Executive...

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The Federal Budget The expenses of the operations and services provided by the federal government as  well as the revenues to pay for those expenses make up the federal budget. Each  government program, agency, and activity receives a certain amount of money;  programs with a higher priority receive more funding than those considered less  important. Preparing the budget and getting it through Congress is a complicated and,  needless to say, very political process. The fights between Congress and the White  House over spending priorities are annual events.  Preparing the budget Since the Budget and Accounting Act of 1921, the president has had the authority to  prepare the budget each year. The  Office of Management and Budget (OMB),  which 
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Unformatted text preview: was created in 1970 in the Executive Office of the White House, advises the president on budget policy and collects and analyzes the requests for funding from all government departments and agencies. The OMB then puts the budget together based on anticipated revenues and expenditures, and it is submitted to Congress in January. Congress's role in determining budget policy increased with the passage of the Budget and Impoundment Control Act of 1974. The legislation set up budget committees in both the House and Senate, established the Congressional Budget Office (CBO) to give Congress access to expert advice to conduct a comprehensive budget review, and set a timetable for approval of the budget....
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