THE FEDERAL BUDGET PROCESS

The Constitution grants Congress preeminent fiscal power. Article I of the Constitution states that all bills designed to raise revenues must originate in the House of Representatives, and that no monies shall be disbursed from the treasury in the absence of an appropriation bill directing such action. Further, by tradition all appropriations bills also originate in the House of Representatives.

The language of the constitution in relation to the development of a national budget is relatively simple. The reality of the budgeting process, however, is quite complex. More than 70 years ago, the Budget and Accounting Act of 1921 "attempted to make the federal budget process more responsible and efficient." The act directed that a federal budget be prepared by the executive branch and submitted by the President to the Congress, and that a budget office be established within the executive branch to coordinate the preparation of the budget. The act recognizes that the Co

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etirement trust fund surpluses to fund the federal budget deficit is both morally wrong and risky for the trust funds. Incorrectly, however, Grace placed all of the blame for this state of affairs on the Democrats and the Congress. In point of fact, however, the Reagan Administration proposed the ruse to the Congress, which bought it, and the Bush Administration successfully resisted Democratic efforts in Congress in 1989 to eliminate the practice. After all, the Bush Administration was in enough budget deficit and no new taxes trouble, without losing access to the trust fund surpluses. In the private sector, of course, the practice is referred to as the commingling of client and professional or corporate funds, and when uncovered usually results in disbarment for attorneys, loss of license for investment and real estate brokers, and often a little jail time for both types. Such outcomes for Presidents and Congresses might produce more honest federal budgets. Efforts to Reform the Federal Budget Process: Deficit Reduction Plans, Balanced Budget Amendment, and Other Exotics, and Their Effects on the Budget Process During the four fiscal years in which Jimmy Carter was president (fiscal years 1977-1980), t
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Approximate Word count = 4304
Approximate Pages = 17 (250 words per page)

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