Research Report Budget Process, Federal
From The Encyclopedia of Taxation and Tax Policy
Al Davis
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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.
Research Areas Economic mobility and inequality Taxes and budgets
Tags Fiscal policy Federal budget and economy
Policy Centers Income and Benefits Policy Center