Federal Budget Research Paper

Most Americans agree that getting an education is the key to success and prosperity however is getting harder and harder. Back in 1980 only one in six Americans twenty-five and older were college graduates and now half of all Americans between the ages of twenty-five and thirty-four have a college degree. Usually all students go to school thinking on getting a degree and once they start they will go to the last stage of their educational program to attain the highest degree. Once students achieve this goal they assume they will find a job soon, and they will start paying their debt, once they realize is not that easy that is when the head ache starts phone calls, mail and emails start coming from the loan companies. Not a lot of people

In order for us to participate in a decision on how is the budget been spent we need to understand what is going on and what the process is. The budget is done once a year in February for the coming fiscal year which begins on October 1, and this is when they decide where the money will go for different government agencies and programs for example social security, medicare and education which are some of the mandatory spending because is the law to pay out benefits to all eligible recipients and to allocate money for education. The President submits a budget request to Congress, the House and Senate passes budget resolutions, House and Senate Appropriations subcommittees “markup” appropriations bills, the House and Senate vote on appropriations bills and reconcile differences, and the President signs each appropriations bill and the budget becomes law. If for any reason the budget is not finish by October 1, congress pass continuing resolution for agencies to continue to receive funding until the full budget is finished. www.nationalpriorities.org

The United States debt as of June 4, 2015 was set at 18.153 trillion and is increasing rapidly. United States debt has passed the size of United States economy in 2011 which it was 15,064 trillion and it will pass 20% of the world’s combined economy. The federal government has run out of money for the past 45 years. Government owes China (1.3 Trillion), Japan ($1.2 trillion) and Brazil (262 billion). Also government owes money to Iran, Iraq, Kuwait, Ecuador, Nigeria and others, $297 billion and Caribbean banking center (Bermuda, Cayman Islands, and others, $293 billion.