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The President’s Budget $$$. COOK’S “caveat emptor”. I am a Historian,. Not an Economist. The President's plan is known as the Budget of the U.S. Government. * “Fiscal Year” FY2013. * Congress must approve the President’s Budget (Power of the Purse). * The President’s Suggestions:. - PowerPoint PPT Presentation
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The President’s Budget
$$$
COOK’S “caveat emptor”
I am a Historian,
Not an Economist
The President's plan is known as the
Budget of the U.S. Government
* “Fiscal Year”FY2013
* Congress must approve the
President’s Budget
(Power of the Purse)
* The President’s Suggestions:
•#1 How Much to Spend?•#2 What to spend it on?•#3 How to Raise the Money They Decided to Spend?
Budget and Accounting Act of
1921
Annually, the First
Monday in February
The President Must Show:
•condition of the Treasury at the end of the last completed fiscal year
Prez Must Also Show:
•estimated condition of the Treasury at the end of the current fiscal year
Prez Must Also Show:
•estimated condition of the Treasury at the end of the next fiscal year if the budget proposals are carried out
* Office of Management and
Budget (OMB)
The Budget Timeline
• Spring : President's develops an overall budget strategy• Summer: Federal agencies submit their budget estimates
The Budget Timeline
• Fall: Estimates provided by the agencies are reviewed by OMB•Winter: The President's budget is reviewed, finalized, and submitted to Congress as required
Printing the Budget
• GPO also makes the President's Budget available to the public in both print and electronic formats.
The people can freely access it online via GPO Access or even buy their own printed copy ($26.00)
* Debt vs. Deficit?
•DEFICIT: Spending more $ than you are bringing in as income
•DEBT: The result of annual deficit spending
1989 to 2000; 2002- Present DayExceeded 10 Trillion in 2008
(out of numbers)
New clock in the works later this year
Obama’s FY 2011 Budget
$ 3,830,000,000,000
http://www.gpoaccess.gov/usbudget/fy11/fct.html
$ 3,830,000,000,000Spent on What?!
• Nat’l Defense$ 701,790,000,000• Soc. Sec. $ 731,542,000,000 • Education $ 118,633,000,000• Nat’l Resources $
40,252,000,000 • Science $ 31,459,000,000• Energy $9,970,000,000
Where does $ 3,830,000,000,000?!Come From?!!
• First Off: We DON’T Have It!! Creates a $ 1,270,000,000,000 DEFICIT• Cuts Bush Tax Cuts on $250,000
and up families
Let me show you a TRILLION dollars!
A Packet of one hundred $100 bills = $10,000
$1,000,000
$100,000,000
$1,000,000,000
$1,000,000,000,000!!
