According to the U.S. Constitution, Article I, section 7, clause 1 “power of the purse” (National priorities Project, 2013, p. 1) falls to the function of Congress. Congress has the ability to tax and spend public money on social services and programs that the American people value (Segal, 2010). Next, the Appropriations bill specifies how much money will go to different agencies or programs and Congress creates the discretionary budget (Segal, 2010). The budget is adopted after careful thought by the full House and Senate and each appropriation bill is signed by the President (Segal, 2010; National priorities Project, 2013). Then the budget becomes the law (Segal, 2010; National priorities Project, 2013).
What is the current state of the Federal Budget?
According to Shultz (2002), individuals and businesses fund the Federal Government through personal income and payroll taxes. With the unemployment rate at 8.1% as of January 1st 2014 (Bureau of Labor Statistics, 2014) there must be an overall shortage in both individual and business taxes. According to the information on the House of Representatives fiscal budget committee for 2014, the US debt for 2012 was 11.5 Trillion with 48% of the national debt held by foreign holdings (National priori...
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...Assistance Program (SNAP) formerly food stamp program is actually an economic booster for the overall economy as well as the stimulus checks of 2008 (Segal, 2010).
Things of interest to me:
Budget Authority - Legal power given to a federal agency to spend money through “obligations”
Discretionary Spending - Spending that is newly appropriated each year through Congress's annual appropriations process. This spending makes up roughly one-third of the federal budget
Entitlement Programs - Programs such as Social Security and the Special Nutrition Assistance Program (SNAP) gives benefits to anyone who applies and meets the eligibility requirements for that specific program.
Federal Funds - All government funds besides trust funds. Federal funds include money from individual and corporate income taxes and accounts for roughly two-thirds of all federal expenditures.
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