Federal Government Budget Essay

Overspending is a pertinent problem facing the lawmakers in Congress. In 2012 discretionary spending reached $1.3 trillion and mandatory spending $2 trillion, while only bringing in $2.5 trillion in revenue. Since the turn of the century back in 2000, non-mandatory spending by the government has topped out a whopping $16.1 trillion just in the past 13 years (Boccia, Frasser & Goff 2013). This persistent overspending on programs and services that are not necessary to the functionality of the country is what is causing the deficit to rise year after year. To remedy this issue the government must either increase the revenue it brings in through taxes and trade or reduce the amount of money it spend or perhaps even both. In 2012 thirty-one cents of every dollar that Washington spent was borrowed (Boccia, Frasser & Goff 2013). Most of which went to large programs such as Social Security and Medicare and if these large, growing programs, or just the budget in general, do not undergo financial reform it could spell disaster for the economy and fiscal state of the nation.

“The federal budget is the yearly plan for how the US government will spend the money it takes from taxes and borrowing.” After thoroughly analyzing the federal budget from 2012, it is unquestionably evident that a majority of the money is being put into a few major categories, leaving room for the rest of the smaller categories to be financially neglected. Is this fair? It seems that the money could be more fairly distributed, and that there is room for cuts in some of the larger categories, to improve the littler ones. In each of the three budget clusters, the US Government should make adjustments in the way it is distributing money; changes involving the big five, the middle

1. If the U.S. debt is growing, why doesn 't the government cut back on spending and can you make any recommendations on what to cut? (Hint: You should consider the list of "Largest Budget Items" listed on the Debt Clock before making recommendations.)

The federal budget deficit is a much discussed and little understood subject in American politics. The current recession has dramatically decreased tax revenues, driving the United States federal government to increase spending in an attempt to stabilize the economy. As a result the current federal deficit is at over $1.3 trillion dollars. This is approximately $47,754 per U.S. citizen or $137,552 per U. S. taxpayer (U.S. Debt Clock: Real Time, 2012).

A couple of large concerns always arise when discussing politics: the state of the Union, what the president is currently doing, and a few other topics. No topic, however, is as talked about in major concern than the federal budget. As tax payers, the American people always wishes to know where their tax dollars are going. The problem is that very few people actually know who sets the federal budget, and how much power this branch of government really has.

Growing spending and debt are undermining economic growth and may push the nation into a financial crisis in coming years. Edward then stated that the solution to these problems is to downsize every federal department by cutting the most harmful programs. This study proposes specific cuts that would reduce federal spending by almost one-quarter and balance the budget in less than a decade."

The United States is a country that revolves around money, yet is facing a $20 trillion national debt. The current issues of increasing healthcare costs, the Social Security fund, and military expenses are the main issues responsible for the debt. The Affordable Care Act (ACA) was put into effect in 2010 and has become the major spender in the healthcare field. The Social Security fund is expected to be completely drained at the end of the year 2016, which will result in millions of Americans being cut short of receiving their full benefits. The United States military has become a major area to spend tax dollars on. As a result, the military budget has already begun receiving cuts in funding from maintenance and training. The solution to repairing this broken nation is simple; America must cut down salaries of the overpaid government workers. America must begin inciting business within the country to build itself back up from the tremendous debt it has taken on. The only way to recover is to bring more money into the nation than the amount of money that continues to leave. Without a solution enacted America will experience an economic collapse, devastating the country as a whole.

The federal budget is known as the notorious economic tank from which money is distributed to various programs. The money used every fiscal year, which begins October 1st and ends September 30th the next year, belongs to the people. The government raises this money through taxes and they spend it on national defense, Medicare, and social security. The federal budget is an exercise in making choices, and those options will certainly affect individuals living in the U.S. These choices cause debt to pile up on the government, who is struggling to make it disappear. The deficit and debt of a government gauges how well it is being run and how well it has been run in the past. According to The Economist the national debt is the total

The federal budget is known as the infamous monetary tank from which money is distributed to various programs. Why does the federal budget plan cause such uproar of approval or disapproval when it is proposed by the President every February? The money utilized every fiscal year, which runs from October 1st of each year until the end of September of the following year, belongs to the people. The money is raised through income taxes, excise taxes (taxes on goods) and social insurance payroll taxes. Presently, the public is worried about how they will receive a fair share of money appropriations in such a slow economy. The federal deficit has returned, which means that the government’s spending

$5 Trillion and growing; do really need so many overpaid federal workers? Yes, we do. As a federal worker, I see daily all the things federal workers do for citizens and for the government. We work for citizens every day, every month, and throughout the year. Our government work happens from one end of the service spectrum to the other and from day into night, around the clock, and even on holidays and weekends. Not even weather prevents federal work. Weather may make it harder or put the work on hold a day or two, but our assignments, program management, and projects get done. For me and the others I work with in a federal agency, we complete our assignments, we manage our programs,

The first step to creating the federal government budget is the President submits a budget request to Congress. The executive branch gets requests from the federal agencies saying that different things and projects need money or that they don’t need money. So basically they discuss what project is more important. Yet these are all only proposals so they can either be accepted or denied depending on what the people think the country needs.

A company's budget serves as a guideline in planning and committing costs in order to meet tactical and strategic goals. Tactical goals such as providing budgetary costs for daily operations, and strategic objectives that include R&D, production, marketing, and distribution are all part of the budgeting process. Serving as a guideline rather than being set in stone, the budget is a snapshot of manager's "best thinking at the time it is prepared." (Marshall, 2003, p.496) The budget is a method in which to reign-in discretionary spending, and will likely show variances between what costs have been anticipated and what costs are actually incurred.

Taxes are the dollars that we pay to government to supply the services that are not or can not be provided through the free enterprise system. Taxes have been around since the beginning of organized societies. They come in various forms. Most common are income taxes both federal and local government. These taxes are assessed on the amount of income a person earns. Other taxes come in the form of user taxes; these taxes are imposed on the people that are using the goods being taxed, such as gas tax, alcohol tax, sales tax, and luxury taxes. Property taxes make up the major revenues for local and city governments. Furthering the burden of taxation are taxes that are attached to such bills as utility

Budgeting is the systematic method of allocating financial, physical, and human resources to achieve an organization’s strategic goals. Budgets are utilized by for-profit and non-profit organizations to monitor the progress towards the goals, assist in the control of spending, and help predict cash flow for the organization.

Budget is the major financial and economic statement. The role of the budget is to keep track of the money coming in and the money going out. It is essential part of running any business effectively. It can help make a short and long term projections about financial situation, avert a financial crisis and plan for major financial changes.