Warm Up 1. What is the coolest (PG Rated thing you did over break?

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Presentation transcript:

Warm Up 1. What is the coolest (PG Rated thing you did over break? 2. What is the most important thing that government spends money on? Why do you feel that is the most important?

Federal Government Expenditures

Establishing the Federal Budget 2/3 of budget is on mandatory spending (required by law) Discretionary spending must be reviewed annually Gov’t fiscal year Oct 1- Sep. 30 Pres. determines general budget guidelines Deficit occurs when mandatory/discretionary spending more than revenues

Action by Congress Congress can approve, modify or disapprove Pres budget House only debates discretionary spending Sets budget target, splits budget into 13 parts which 13 subcommittees break down Indiv apportions bills get delayed, Reps. want to work on specific ones Senate can accept House budget or go through own process If differences House-Senate conference committee works out

Approval and Major Spending Categories Once Congress agrees on budget submitted to Pres, can sign or veto If unable to compromise gov’t shut down or operate at prior year levels Soc Sec (mandatory) & Nat Defense (discretionary) largest expenditures Interest on fed debt 6th largest expenditure

Proposed Budget & Discretionary Spending (2015)

Military Spending by Country 2012 (in billions) http://www. forbes