budget

(redirected from Annual budget)
Also found in: Dictionary, Thesaurus, Legal, Financial, Wikipedia.

budget,

inclusive list of proposed expenditures and expected receipts of any person, enterprise, or government for a specified period, usually one year. Budget estimates are based on the expenditures and receipts of a similar previous period, modified by any expected changes. The governmental budget originated during the late 18th cent. in England.

The U.S. Budget

In the United States, the president was not required to submit an annual federal budget estimate until the passage (1921) of the Budget and Accounting Act. According to the act, the president must annually submit to Congress a budget that shows the condition of the Treasury at the end of the last completed fiscal year, its estimated condition at the end of the current fiscal year, and its estimated condition at the end of the ensuing year if the budget proposals are carried out; the revenues and expenditures during the last completed year and the estimates thereof for the current year; recommendations of provisions for meeting the revenues and expenditures for the ensuing year; and any other data considered helpful to Congress in its determination of the government's financial policy. No other administrative officer is allowed to make revenue recommendations unless asked to do so by Congress.

To help the president, the Budget and Accounting Act also created the Bureau of the Budget, under the Treasury Dept., to receive, compile, and criticize estimates of expenditure needs submitted by the various governmental services and to study in detail all government services and recommend to the president any changes that will increase their economy and efficiency. The bureau was transferred (1939) to the executive office of the president, and reconstituted (1970) as the Office of Management and Budget (OMB), with additional functions involving the review of organizational structure within the executive branch of the federal government. The national budget is often regarded as one of the major policy statements of a presidential administration.

The U.S. Budget Deficit

Since the beginning of World War II the national budget has grown immensely, in part because of increased defense expenditures. Revenues have not kept pace with expenditures, and the federal budget has had annual deficits since 1969. During the 1960s and 70s, the overall economy grew faster than the deficits. In the 1980s, however, annual deficits grew to over $200 billion, reaching a record high of $290 billion in 1992.

Budget reforms passed in 1974 mandated congressional budget resolutions to serve as alternatives to the president's proposed budget, and budget impasses became common. The 1985 Gramm-Rudman-Hollings ActGramm-Rudman-Hollings Act,
officially the Balanced Budget and Emergency Deficit Control Act of 1985, U.S. budget deficit reduction measure. The law provided for automatic spending cuts to take effect if the president and Congress failed to reach established targets; the U.S.
..... Click the link for more information.
 tried to control America's escalating deficits by giving the U.S. comptroller general the right to order spending cuts if the president and Congress did not reduce the deficit, but the bill was ultimately declared unconstitutional. There have been repeated calls for balanced budget and line-item vetoveto
[Lat.,=I forbid], power of one functionary (e.g., the president) of a government, or of one member of a group or coalition, to block the operation of laws or agreements passed or entered into by the other functionaries or members.

In the U.S.
..... Click the link for more information.
 amendments to the ConstitutionConstitution of the United States,
document embodying the fundamental principles upon which the American republic is conducted. Drawn up at the Constitutional Convention in Philadelphia in 1787, the Constitution was signed on Sept.
..... Click the link for more information.
, but no such measures have been passed. In 1996 a law establishing a limited presidential line-item veto was passed by Congress, but it was ruled unconstitutional in 1998. In the late 1990s budget-tightening measures—aided by the U.S. economic boom—reduced the deficit and led to two consecutive federal budget surpluses (1998–99); back-to-back surpluses had last occurred in 1956–57. In 1998, President ClintonClinton, Bill
(William Jefferson Clinton), 1946–, 42d President of the United States (1993–2001), b. Hope, Ark. His father died before he was born, and he was originally named William Jefferson Blythe 4th, but after his mother remarried, he assumed the surname of his
..... Click the link for more information.
 presented to Congress a balanced federal budget, the first such budget since 1969. A balanced budget was maintained through late 2001, but tax cuts, the cost of President BushBush, George Walker,
1946–, 43d President of the United States (2001–9), b. New Haven, Conn. The eldest son of President George H. W. Bush, he was was raised in Texas and, like his father, attended Phillips Academy in Andover, Mass., and Yale, graduating in 1968.
..... Click the link for more information.
's "war on terrorism," increased defense and other spending, and the effects of an economic recession produced a deficit again beginning with the 2002 budget. The 2004 deficit reached a new record level, $412.6 billion, a figure that did not include tens of billions spent on the occupation and reconstruction of Iraq, but it dropped in subsequent years until a financial crisis and severe recession caused it to rise to $455 billion in 2008 and soar to $1.4 trillion in 2009.

Bibliography

See J. D. Savage, Balanced Budgets and American Politics (1988); D. S. Ippolito, Uncertain Legacies: Federal Budget Policies from Roosevelt through Reagan (1990).

Budget

the. an estimate of British government expenditures and revenues and the financial plans for the ensuing fiscal year presented annually to the House of Commons by the Chancellor of the Exchequer
References in periodicals archive ?
In 2004, their first American Nutcracker recouped the entire start-up investment of $28,000, and they project future revenues to cover up to 30 percent of their annual budget.
Under the laws governing tax-exempt institutions, the bishops may lobby as long as lobbying activities do not constitute a substantial portion of their annual budget.
The government servants are completely dependent on their salary so government should keep the inflation rate in mind while raising their salaries in the annual budget.
14 /PRNewswire-FirstCall/ -- Open Joint Stock Company "Vimpel-Communications" ("VimpelCom" or the "Company") , today announced that after being unable to reach unanimous agreement on the proposed 2006 annual budget at today's Board meeting, the Board decided to work constructively with management to resolve all remaining budget issues in order to try and obtain final Board approval for the 2006 budget in early 2006.
The MTA board has an annual budget of about $20,000 to spend on food for the members, who also get a stipend of $150 per board meeting.
The DOD program--which involvesnearly 20 government labs and more than 100 universities and private groups, but is the primary responsibility of the Army-- has an annual budget of about $60 million.
Air Force as a lieutenant general in 2005, having served as vice commander, Air Force Material Command since 2003, where he was responsible for a workforce of 78,000 and a $47-billion annual budget.
Total quantity or scope: Lot 1 Average annual budget for the purpose of market 60 000 EUR benefits.
Still, the ruling Democratic Party of Japan needs opposition backing to pass a key bill authorising the government to issue deficit-financing bonds to fund spending in the annual budget.
At midyear, KMP is on target to meet our published annual budget of 16 percent cumulative growth across all four business segments.
Officials with the college, which has an annual budget of about $21 million, said they believe they can make up the loss with summer enrollment in for-credit courses that bring in about twice as much money from the state as noncredit enrollment.
The proposed increase is small, but it also marks the first time in four annual budget cycles that NASA has not requested less money for planetary R&A than it received the previous year.

Full browser ?