Balancing The Federal Budget Process

2282 WordsSep 15, 201610 Pages
Group Project Joint Paper: Balancing the Federal Budget Luis A. Santiago-Gaetan, Abby Baumann, and Erin Kirchner University of Massachusetts-Amherst Introduction This is Red Team’s joint paper on balancing the budget of the government of the United States of America. Red Team’s (from here on we/our) position regarding balancing the budget and reducing the federal deficit varies slightly. In many ways some team members believe that the federal budget is much like any other budget, with a set amount of money coming in, a set of expenditures that are “mandatory”, and the choice to save any money left over for emergencies, or spend it on those things that aren’t mandatory. Some team members also believe that increasing taxes or cutting spending alone will not effectively reduce the deficit and balance the federal budget. However, the federal budget process is a complex one. How, where and when does the federal budget process originate? The first step in the Federal budget process as required by law is the President’s Budget Request, initiated every February. The purpose of this budget request is to allow the President to make recommendations pertaining to how much money the federal government needs to operate successfully, how much money the government needs to collect, in the form of tax revenue, and how much of a budget surplus or deficit the budget will have for the following fiscal year. The second step in the budget process is the Congressional Budget Resolution, which
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