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Explain Who Is Responsible For Preparing The Federal Budget

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When is the federal budget prepared?
The federal budget is prepared each February for the coming fiscal year, which begins on Oct. 1.
Who is responsible for preparing the federal budget?
Once the budget is prepared then it’s sent to the Office of Management and Budget (OMB) serves the President of the United States in overseeing the implementation of his vision across the Executive Branch. Specifically, OMB’s mission is to assist the President in meeting his policy, budget, management and regulatory objectives and to fulfill the agency’s statutory responsibilities.
How is the final federal budget determined? Explain in detail how the government creates its budget.
The final budget is determined by five key steps that need to take place when they are preparing the final budget. The first step is the President submits a budget request to …show more content…

US Federal Government gross domestic product is at 22.34%, compared to 22.43% last quarter and 22.27% last year. This is higher than the long term average of …show more content…

Although budget deficits may occur for numerous reasons, the term usually refers to a conscious attempt to stimulate the economy by lowering tax rates or increasing government expenditures. The influence of government deficits upon a national economy may be very great. It is widely believed that a budget balanced over the span of a business cycle should replace the old ideal of an annually balanced budget. Some economists have abandoned the balanced budget concept entirely, considering it inadequate as a criterion of public policy. Deficit financing, however, may also result from government inefficiency, reflecting widespread tax evasion or wasteful spending rather than the operation of a planned countercyclical

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Pg. 377-388 • Office of Management and Budget- An office that prepares the president’s budget and also advises presidents on proposals from departments and agencies and helps review their proposed regulations. o This specific organization also contains many specialist and professionals to equalize the workload.

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Solution : Introduction: A budget is an estimation of particular commodity, quantity etc. It can be prepared for any number of days but generally it is prepared wither for a year or quarter... A budget may or may not become the actual outcome.

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