Explain Who Is Responsible For Preparing The Federal Budget
When is the federal budget prepared?
The federal budget is prepared each February for the coming fiscal year, which begins on Oct. 1.
Who is responsible for preparing the federal budget?
Once the budget is prepared then it’s sent to the Office of Management and Budget (OMB) serves the President of the United States in overseeing the implementation of his vision across the Executive Branch. Specifically, OMB’s mission is to assist the President in meeting his policy, budget, management and regulatory objectives and to fulfill the agency’s statutory responsibilities.
How is the final federal budget determined? Explain in detail how the government creates its budget.
The final budget is determined by five key steps that need to take place when they are preparing the final budget. The first step is the President submits a budget request to
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US Federal Government gross domestic product is at 22.34%, compared to 22.43% last quarter and 22.27% last year. This is higher than the long term average of …show more content…
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