Question

Complete the diagram below by filling in the necessary steps in the budget-making process.

Answer 1

February-September

The executive branch agencies develop requests for funds and submit to the Office of Management and Budget (OMB).

September-December

The president and the OMB review requests and make fiscal decisions about what goes into the budget. The budget is then printed and sent to Congress.

January-September (of the following year)

The budget committees in the House and the Senate review the proposed budget. By April 15th, the committees prepare the initial resolution for the budget. The initial resolution then goes to Congress for debate. By September 25th, the congressional budget should be finalized.

October 1

The fiscal year begins.

October 1-September 30

This is the fiscal year. The agency program managers implement budget and disperse funds.

October-November

The data on the actual spending and receipts for the completed fiscal year becomes available. The Government Accountability Office also audits the fiscal-year outlays.