Introduction

Several differing opinions are presented when it comes to defining budgets. However, if one were to attempt to define it simply as, "Budget" can be defined as the plans that are meant to monitor the income of the organization and govern the future expenditure. The Budgets are meant to decide the expenditure of the organization and the management of its income for one fiscal year, which does not necessarily correspond to the actual calendar years.

Generally, four cycles are considered inclusive in the Budgeting process – beginning from the preparation of the budget, followed by the approval and implementation of the process, and then finally concluding it with the review of the budget. (R. Mark Mussell, ft. nt. 3 U.S. Government Accountability Office, 1993). These Budgeting cycles also overlap at times, and it may happen that while one budget is being implemented, the government may simultaneously be seeking approval for the future budgets as well.

Federal Budgeting Process

Before the federal government decides the budget, the preparations for the proposals of the budget to come are put into contemplation precisely a year and a half before the budget comes into force. After that, these proposals are sent to the President so that he can decide upon his request for the budget before the Congress for the next fiscal year. Each chamber of the Congress analyzes the President's budget plan, and then both of them draft a budget resolution for deciding their spending levels. In the end, a conference committee of both the chambers comes up with a final version of these resolutions, after eradicating the differences between the two, so that each chamber can vote upon that final version of the budget. Once the final draft is completed and voted upon, the House and Senate Appropriations Committee decide upon the portion to be spent between twelve subcommittees which further monitors another group of agencies. It is these twelve subcommittees that are responsible for the drafting of the appropriations bill for the funding to each of the agencies that are further under their control. These appropriations bills are then voted upon by the full House and the Senate respectively.

The two bills are then presented before the Conference Committee, and they are then tasked with merging the two bills. After that, both the House and the Senate vote on the merged bill and if it gains the approval, it is then sent to the President for his approval. The president may sign it if he deems it appropriate. However, if the designated date does not sign the appropriations bill, the Government shall be without a budget for the new fiscal year.

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