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The United States budget process is the framework used by Congress and the President of the United States to formulate and create the United States federal budget.The process was established by the Budget and Accounting Act of 1921, [1] the Congressional Budget and Impoundment Control Act of 1974, [2] and additional budget legislation.
Traditionally, after a federal budget for the upcoming fiscal year has been passed, the appropriations subcommittees receive information about what the budget sets as their spending ceilings. [11] This is called 302(b) allocations after section 302(b) of the Congressional Budget Act of 1974. That amount is separated into smaller amounts for ...
Budget authority is the legal authority provided by federal law to enter into financial obligations that will result in immediate or future outlays involving federal government funds. Outlays refer to the issuance of checks, disbursement of cash or electronic transfer of funds made to liquidate a federal obligation and is usually synonymous ...
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.
Including $69.5—billion in mandatory spending (which does not count against the subcommittee's allocation), the act provided $142 billion in budget authority for FY 2012 and contributed to an overall level of discretionary budget authority of $1.019 trillion for FY 2012 (a reduction of $30.3 billion from FY 2011).
A budget resolution by law must be enacted by Congress by April 15. This target date is rarely met, and in at least four years (FY1999, FY2003, FY2005, and FY2007) no budget resolution was ultimately adopted. This resolution also gives to each committee of the House an "allocation" of "new budget authority".
The Fiscal Year 2025 budget proposal includes $4.7 million to fund equipment costs for Phase II of the project, and $2.3 million to cover the cost of design for Phase III. It also allocates $8.5 ...
In the United States, discretionary spending refers to optional spending set by appropriation levels each year, at the discretion of Congress. [3] During the budget process, Congress issues a budget resolution which includes levels of discretionary spending, deficit projections, and instructions for changing entitlement programs and tax policy. [3]