I would appreciate any helps on these questions if you know them. Thanks! 1. Des
ID: 1094086 • Letter: I
Question
I would appreciate any helps on these questions if you know them. Thanks!
1. Describe how the federal budget is created in the United States. If possible, please include the roles of the president and Congress and relevant dates.
2. Describe different problems with the federal budget process.
3. Explain why the federal debt continues to grow at such an accelerated rate. If possible, mention both discretionary and non-discretionary.
4. Describe the consequences for the US economy if the debt is not reduced.
5. Explain in detail the approach that you would use to reduce the federal debt.
I would appreciate if you could leave your sources as well please! :)
Explanation / Answer
1. Describe how the federal budget is created in the United States. If possible, please include the roles of the president and Congress and relevant dates.
The United States budget process is the framework used by Congress and the President of the United States to formulate and create theUnited States federal budget. The process was established by the Budget and Accounting Act of 1921,the Congressional Budget and Impoundment Control Act of 1974,and by other budget legislation.
Prior to 1974, Congress had no formal process for establishing a coherent budget. When newly elected President Richard Nixon began to refuse to spend funds that the Congress had allocated, Congress adopted a more formal means by which to challenge him. The Congressional Budget Act of 1974 created the Congressional Budget Office (CBO) and directed more control of the budget to it and away from the President's Office of Management and Budget (OMB). The Act passed easily while the administration was embroiled in the Watergate scandal and unwilling to provoke Congress.
The President's budget request
The United States budget process begins when the President of the United States submits a budget request to Congress. The President's budget is formulated over a period of months with the assistance of the Office of Management and Budget, the largest office within the Executive Office of the President. The budget request includes funding requests for all federal executive departments and independent agencies. Budget documents include supporting documents and historical budget data and contains detailed information on spending and revenue proposals, along with policy proposals and initiatives with significant budgetary implications. The President's budget request constitutes an extensive proposal of the administration's intended revenue and spending plans for the following fiscal year. The budget proposal includes volumes of supporting information intended to persuade Congress of the necessity and value of the budget provisions. In addition, each federal executive department and independent agency provides additional detail and supporting documentation on its own funding requests. The documents are also posted on the OMB website.
The Budget and Accounting Act of 1921 requires the President to submit the budget to Congress for each fiscal year which is the 12-month period beginning on October 1 and ending on September 30 of the next calendar year. The current federal budget law (31 U.S.C.