Answer:
Congress holds "the power of the purse" and the president initiates the budget process by submitting a budget plan.
Explanation:
A president can be defined as an individual who is duly elected by the electorates and as such is the head of the country in a democratic government. The president is empowered by the constitution to sign (veto) legislations, draft and initiate a budget plan, adjourn or convene the legislative body (Congress), grant state pardons and reprieve to citizens, command the armed forces, and welcome ambassadors representing other countries.
A budget is a financial plan used for the estimation of revenue and expenditures of an individual, organization or government for a specified period of time, often one year. Budgets are usually compiled, analyzed and re-evaluated on periodic basis. The first step of the budgeting process is to prepare a list of each type of income and expense that will be part of the budget.
Separation of powers can be defined as the division of government responsibilities and authority of the executive, judiciary and legislative arm in separate bodies, so as to prevent an arm from exercising the core functions of another arm of government i.e duplicity or concentration of powers in the hands of an arm of government. Thus, separation of powers in accordance with the Constitution ensure powers, responsibilities and authority are divided between independent and separate bodies rather than being centrally held by one.
Hence, the separation of powers between the legislative branch and the executive branch regarding the budget is that, Congress holds "the power of the purse" and the president initiates the budget process by submitting a budget plan.
