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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.
The United States budget comprises the spending and revenues of the U.S. federal government. The budget is the financial representation of the priorities of the government, reflecting historical debates and competing economic philosophies. The government primarily spends on healthcare, retirement, and defense programs.
The Budget and Accounting Act of 1921 (Pub. L. Tooltip Public Law (United States) 67–13, 42 Stat. 20, enacted June 10, 1921) was landmark legislation that established the framework for the modern federal budget. The act was approved by President Warren G. Harding to provide a national budget system and an independent audit of government ...
v. t. e. In the United States, a continuing resolution (often abbreviated to CR) is a type of appropriations legislation. An appropriations bill is a bill that appropriates (gives to, sets aside for) money to specific federal government departments, agencies, and programs. The money provides funding for operations, personnel, equipment, and ...
The Balanced Budget Act of 1997 ( Pub. L.Tooltip Public Law (United States) 105–33 (text) (PDF), 111 Stat. 251, enacted August 5, 1997) was an omnibus legislative package enacted by the United States Congress, using the budget reconciliation process, and designed to balance the federal budget by 2002.
The Budget Control Act of 2011 ( Pub. L. 112–25 (text) (PDF), S. 365, 125 Stat. 240, enacted August 2, 2011) is a federal statute enacted by the 112th United States Congress and signed into law by US President Barack Obama on August 2, 2011. The Act brought conclusion to the 2011 US debt-ceiling crisis .
Budget sequestration. Budget sequestration is a provision of United States law that causes an across-the-board reduction in certain kinds of spending included in the federal budget. Sequestration involves setting a hard cap on the amount of government spending within broadly defined categories; if Congress enacts annual appropriations ...
In the United States Congress, an appropriations bill is legislation to appropriate [1] federal funds to specific federal government departments, agencies and programs. The money provides funding for operations, personnel, equipment and activities. [2] Regular appropriations bills are passed annually, with the funding they provide covering one ...