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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.
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 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.
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 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.
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, 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
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 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.
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'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.


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


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 ?
The yard sale: Following the White House lead, and budgeteers are likely to sell off airwaves, strategic oil reserves and anything else they can think to get a one-time budget boost in 2002.
However, many government regulators and budgeteers have forbidden this reaction because it would eliminate the single rationing device that is lawfully available.
It's really unusual to have both of the top legislative budgeteers leave at the same time.
So, all of you budgeteers who think you don't need to become certified or just don't think you're are ready to take the challenge, I am here to say, YOU CAN DO IT
By prioritizing services that the state provides, the budgeteers can then decide what programs, if any, to add back to the budget if additional money becomes available and which, if any, to drop.
The attorney general said what budgeteers already know: Spending from the Rainy Day Fund counts against the constitutional spending cap.
Likewise, budgeteers can home in on the cost of war for inquiring taxpayers, whether by contingency operations in Iraq, Afghanistan, or elsewhere, or by appropriation, year, or supplemental funding act.
The budgeteers are on a two-year clock that starts and ends in even-numbered years.
Senior budgeteers also noted that moving SRM to BOS was fixing only one problem while causing another; this traditional solution merely produced insufficient funding in SRM to support the Army's infrastructure.
And he didn't object when clever budgeteers chopped $4.
budgeteers attempt to develop an accurate projection during the budget formulation process using the most logical economic assumptions and factors available at the time of budget formulation.
Even without amendments, the bill is a hodgepodge of fiscal reforms: It includes a laundry list of changes to the tax code and gives the state comptroller the ability to call off the back-to-school tax free weekend if the state is short on revenue (an idea that House budgeteers have agreed to ditch).