Abstract:
In this paper we will describe US budget in general. The budget mainly highlights the President's budget plan for a particular financial year. The Office of Management and Budget (OMB) issues the budget of the United States.
The US budget is a cluster of documents which contain all the budgetary informations and issues including President's budget message and budget proposals for a particular financial year. Usually, the
Office of Management and Budget issues the US budget.
Some issues may vary from one year to other, for example, Economic Report submitted by the President. In accordance with the 1921 Accounting Act, the President has to submit a budget within the month of February, precisely on first Monday, to the Congress every year.
The US budget for a particular financial year must reflect the following things:
- The proposed plans of spending for that particular financial year.
- The estimated Treasury condition at the end of that financial year.
- The anticipated Treasury condition at the end of the previous financial year.
- What would be the Treasury condition for the next financial year if the current year's budget proposals are executed.
The President is normally assisted by the Office of Management and Budget (OMB) at the time of budget creation. The OMB collects all the data from several agencies and compiles the final plan which is subject to the President's approval.
However, the US budget documents basically provide an unabridged version of the President's budget plans to the public, Congress and the State governments.