Budget Process, Federal

Research Report

Budget Process, Federal

From The Encyclopedia of Taxation and Tax Policy
October 1, 1999

Abstract

The U.S. government has an annual budget cycle. The cycle normally begins with the president's budget submission early in the calendar year. Then Congress responds. The stages of the federal budget process include initial economic assumptions, the president's budget, the congressional budget, and the budget resolution. This article also explains common misunderstandings about the process, deficit targets, pay-as-you-go components, the line-item veto, and budget surpluses.

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