Overview of the budget process

The President, according to the Budget and Accounting Act of 1921, must submit a budget to Congress each year. In its current form, federal budget legislation law (31 U.S.C. 1105(a)) specifies that the President submit a budget between the first Monday in January and the first Monday in February. The President's budget contains detailed information on spending and revenue proposals, along with policy proposals and initiatives with significant budgetary implications.. Thus, the President is suppose to submits a **FY20?? budget in February 20??.

Each year in March, the Congressional Budget Office (CBO) publishes an analysis of the President's budget proposals. CBO computes a current law baseline projection that is intended to estimate what federal spending and revenues would be in the absence of new legislation for the current fiscal year and for the coming 10 fiscal years.

The House and Senate Budget Committees begin consideration of President's budget proposals in February and March. Other committees with budgetary responsibilities submit requests and estimates to the Budget committees during this time.

The House and Senate each consider those budget resolutions and are expected to pass them, possibly with amendments, by April 15.

Appropriations committees, starting with allocations in the budget resolution, put together appropriations bills, which may be considered in the House after May 15. A conference committee is typically required to resolve differences between House and Senate bills.

Once a conference bill has passed both chambers of Congress, it is sent to the President, who may sign the bill or veto. If he signs, the bill becomes law. Otherwise, Congress must pass another bill to avoid a shutdown of at least part of the federal government.

**The federal government's fiscal year currently begins on October 1 and ends on September 30 of the next calendar year.


Details of Rival Plans on Spending and Debt.....Saturday, 30 Jul 2011 08:16 AM

DEBT INCREASE

House GOP: Immediate $900 billion increase in the debt limit; $1.6 trillion more would be made available after enactment of up to $1.8 trillion in future spending cuts and by adoption by both House and Senate of an amendment to the Constitution requiring a balanced federal budget. That would require a two-thirds margin in both chambers.

Senate Democrats: Immediate $2.4 trillion debt limit increase.

SPENDING CAPS

House GOP: Cuts $756 billion over 10 years from the day-to-day operating budgets of Cabinet agencies. Caps new spending at $1.043 trillion in 2012, $7 billion below 2011 levels. Total cuts of $917 billion, including interest savings.

Senate Democrats: Nearly identical caps on agency budgets. Saves $1 trillion more by assuming steep cuts in war funding. Total cuts of $2.2 trillion, including interest savings.

Question...Do you really think that these limits of billions/trillions of dollars increases in the debt limit & spending caps of billions/trillions of dollars will survive beyond this current fiscal year (if pasted)?
You know as well as I do they will not!!!!!!!!! So why the waste of time on this current stupid process that is going on in the Congress?

In a change announced on Friday, House Republicans would make the bulk of the debt limit increase contingent on Congress adopting an amendment to the Constitution requiring a balanced budget and sending it to the states for ratification.

Think about this for a moment....what will happen if ''an amendment to the Constitution requiring a balanced budget'' is passed and the economy goes down the tube???
The Federal government could not do the necessary thing to get the economy back on track! Like...reducing the tax rate to get the economy going again....this is not allowed because that would unbalance the budget! This is just one example..I am sure you can think of more!!!