budget

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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.
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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.

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 ?
Cadeau previously served as editor for the Budgeteer while Power worked as a news clerk at the News Tribune.
Goert told the Budgeteer News: "The city of Duluth does not have the capacity to keep up with all of the maintenance for all of the memorials in addition to their other duties, but groups like ours are extremely invested in the up-keep, and we are willing to have it be part of our ongoing work.
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Political imperatives include cues received by the budgeteer during the BDI analysis (both execution and development phases) that indicate the chief executive has a definite view regarding an issue.
said last week that it plans to invest $5 million-$7 million on a new production facility for its Duluth News Tribune and the ancillary titles paper prints, including Forum's Duluth Budgeteer News, the Superior Telegram in Wisconsin, the Lake County News-Chronicle in Two Harbors, Minn.
The papers are the Budgeteer News of Duluth, the Pine Journal of Cloquet, the Daily Telegram of Superior, Wis.
John Otto, R-Dayton, is chairman of the Appropriations Committee, and Sylvester Turner, D-Houston, is the vice chairman and possibly the most experienced budgeteer in the state Capitol.
Pitts, a veteran legislator and budgeteer, gave them a head start: Call a freshman.
But right now, the country's budgeteers have only given him 3 trillion or 15 percent of what he says is needed this year.
9 billion by the Texas Taxpayers and Research Association) that will face budgeteers when the next Legislature assembles in January 2019.
The QDR, a key PPBE document, provides a strategic framework of future plans for programmers, budgeteers and the personnel executing the PPBE process phases.
Various proposals from the Reagan, Bush and Clinton administrations led stakeholders to conclude that the idea of getting more money out of Northwest ratepayers was likely to be persistently pursued by budgeteers without regard to which party is in power.