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Government Budget

Government Budget

The government budget, or federal budget, is the President's proposal to Congress for funding during the next fiscal year. The Congress debates over the law and signs appropriations or amendments to the budget. The President will then veto or sign the budget into law. In recent years, the federal budget has come under great debate over deficit spending.

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  3. What percent of the government budget is spent on social security in US?

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About Government Budget

The President of the United States submits a budget proposal between the first Monday in January to the first Monday in February every year. No federal agencies can spend money until the funds have been authorized and appropriated. Congress has the power to pass emergency appropriations, such as during a war or natural disaster.

The money from the budget comes from tax revenue, including individual income taxes, FICA, and corporate taxes. If there is a deficit, money is borrowed on behalf of the public.

Since 2008, the budget has come under scrutiny from the public for deficit spending. In 1999, there was a budget surplus of $850 billion and expected to continue on. However, tax cuts coupled with increases in government spending during 2001-present day created a budget deficit of $14 trillion dollars and an annual budget deficit of $1.4 trillion dollars.

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First deputy prime minister, government spokeswoman and minister of the prime minister's office Soraya Saenz de Santamaria (L) and Spain's Prime Minister Mariano Rajoy attend a plenary session of Madrid's parliament on January 11, 2012 in Madrid. Rajoy warned in an interview on January 10, 2012 that the powerful, debt-laden regions had vastly overshot their budget targets for 2011.

Croatia's new centre-left Prime Minister Zoran Milanovic (R) shakes hands with his predecessor Jadranka Kosor during the handover ceremony in government’s building in Zagreb, on December 23, 2011. Milanovic, was sworn in today as Croatia's new prime minister and faces the difficult task of dragging the country out of an economic crisis and ushering it into the European Union in 2013, vowed to cut public spending and quickly adopt an austerity budget.

A man stands in front of an information board announcing the cancellation of trains due to a strike at Santa Apolonia train station in Lisbon on December 23, 2011. Workers from the national train company (CP- Comboios de Portugal) will be on strike for the next three days to protest against the government budget.

People wait for a train at Santa Apolonia train station during a strike in Lisbon on December 23, 2011. Workers from the national train company (CP- Comboios de Portugal) will be on strike for the next three days to protest against the government budget.

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Government Budget