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The amount of budget authority and outlays for a fiscal year usually differ because the government can incur obligations for future years. This means that budget authority from a previous fiscal year can, in many cases, be used for expenditure of funds in future fiscal years; for example, a multi-year contract.
Under the Budget Enforcement Act (BEA), to expire at the end of fiscal year 2006, the baseline is defined as the projection of current-year levels of new budget authority, outlays, revenues, and the surplus or deficit into the budget year and out-years based on laws enacted through the applicable date.
The 2011 budget included estimated spending for 2010, shown in the graph at right for selected departments and agencies with over $10 billion in budget authority. Funding for the Department of Defense is mostly discretionary, but is excluded from this total and analyzed separately in this article.
The law, adopted in 1974, stipulates that Congress may oversee the executive branch’s withholding of budget authority, and affirmed that Congress holds the power of the purse.
The reductions in spending authority were approximately $85.4 billion (versus a reduction of $42 billion in actual cash outlays [note 2]) during fiscal year 2013, [2]: 14 with similar cuts for years 2014 until 2021.
Budget authority: the authority to legally incur binding obligations (like signing contracts and placing orders), that will result in current and future outlays. When "military budget" is mentioned, people generally are referring to discretionary budget authority. Outlays: Also known as expenditures or disbursements, it is the liquidation of ...
“Elon Musk is right,” Sanders said in an X post on Dec. 1. “The Pentagon, with a budget of $886 billion, just failed its 7th audit in a row. “The Pentagon, with a budget of $886 billion ...
The 2015 United States federal budget was the federal budget for fiscal year 2015, which runs from October 1, 2014 to September 30, 2015. The budget takes the form of a budget resolution which must be agreed to by both the United States House of Representatives and the United States Senate in order to become final, but never receives the ...