Federal Budget Federal Budget: Federal Budget: Issued yearly by the Office of Management and BudgetIssued yearly by the Office of Management and Budget.

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Presentation transcript:

Federal Budget Federal Budget: Federal Budget: Issued yearly by the Office of Management and BudgetIssued yearly by the Office of Management and Budget Federal Budget Report: Federal Budget Report: Issued Monthly by Treasury DepartmentIssued Monthly by Treasury Department Market significance: low Market significance: low

Definition The United States federal budget is a federal document which outlines funding recommendations for the next fiscal year, which begins on October 1st. Each year, on the first Monday in January, the President of the United States submits his budget request to Congress for the following fiscal year: The American Congress develops a budget resolution, based on recommendations from the President, and approves individual appropriation bills to allocate fundings to various federal programs recommended in the budget.

Definition The Congressional Budget Office Issue the Monthly Review of the Federal Budget. The Congressional Budget Office Issue the Monthly Review of the Federal Budget. Outlines the Receipts, Outlays and Deficit for the certain month. Outlines the Receipts, Outlays and Deficit for the certain month.

Importance To oversee what the spendings have been and if additional funding is going to be needed To oversee what the spendings have been and if additional funding is going to be needed Helps forecast what the deficit for the fiscal year is going to be. Helps forecast what the deficit for the fiscal year is going to be.

Social Security Administration Social Security is not part of the Federal Budget general fund. It is a separate account and has its own source of income. Social Security payments do not go into the general fund, they go in the Social Security trust fund, and should NOT be counted as general revenue. The trust fund is supposed to be used to pay future benefits. But.... Currently, there is more being paid into the Social Security Trust Fund than is being paid out to beneficiaries. What's left over is routinely being "borrowed" and used as if it were general budget revenue. Government agencies using that money promise to pay it back. All of the money in the Social Security Trust Fund has been spent! That's part of the National Debt. So Social Security is just a very large tax collection tool.

Conclusion ? In Fiscal Year 2006, the U. S. Government spent $406 Billion of your money on interest payments* to the holders of the National Debt. Compare that to NASA at $15 Billion, Education at $61 Billion, and Department of Transportation at $56 Billion. Each year since 1969, Congress has spent more money than its income. The Treasury Department has to borrow money to meet Congress's appropriations. The total borrowed is more than $8,000,000,000,000 and growing. Even when government officials claim to have a surplus, they still spend more than they get in.

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