The Federal Budget

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The Federal Budget

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 exceeds its raised revenues. The federal budget is an exercise in making choices, and these choices will inevitably make a dramatic impact on individuals living in the U.S.

Historical View

The present federal budget can be characterized by one word: deficit spending. It has been a way of life for the federal government since World War II. The last times that federal budget expenses were brought into balance with revenues were in 2000, 1998, 1969, and 1960. Prior to 1940, the federal budget was balanced, except in years of war and economic recession.

There are many theories to the causes of persistent federal budget deficits during the last forty years. Many experts believe the cause of the current deficit originates in policy mistakes of the 1980s, such as the reduction in taxes and increase in defense spending. Others believe that the American public is demanding more in government benefits than it is willing to pay for in taxes. However, the complex budget...

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... are more connected to their constituents. Conservatives argue that even the federal government should be held accountable for spending. In particular, government programs must be held to strict standards and accountability whether the balance is balanced or not.

Works Cited

Cogan, John F. “Federal Budget.” The Concise Encyclopedia of Economics. 05 Oct. 2003 .

Crapo, Mike. “Federal Budget.” Mike Crapo: United States Senator: Fast Facts. 06 Oct. 2003 .

“Overview: The Issue at a Glance.” Public Agenda. 05 Oct.03 agenda.org/issues/overview.cfm?issue type=federal budget>.

“The Perspectives in Detail.” Public Agenda. 05 Oct.2003

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