The German government issued The Sussex Pledge that basically told the U.S. that they were going to change their policies on navel war.
1. President gives a proposed budget to Congress
2. Congress decides on the details of the budget.
3. President signs it into law (or can veto it)
There was a recession when Nixon took office. He essentially came in and helped clean up the economy. To answer your question the condition, of the American economy, was poor.
Germany, Austria-Hungary, Bulgaria, and the Ottoman Empire
