Who's Who in the U.S. Budget
Friday January 26, 2007
In January and February, the President and Congress begin preparing the U.S. budget for the following year. Therefore, now would be a good time to review Who's Who in the U.S Budget.
- OMB: The Executive Office of Management and Budget (OMB) prepares the budget for the President.
- The President: The President creates the budget proposal and submits it to Congress by February 1st each year. He is assisted by the Council of Economic Advisors
- CBO: The Congressional Budget Office (CBO) reviews the President’s budget for Congress.
- Congress: Congress develops a budget proposal by April 15th. Congress delivers their version to the President by June 30th.
- Back to the President: The President must take action within the next 10 days.
- Back to Congress: By October 1st, the budget must be worked out between the President and the Congress so that government agencies can continue to function.
- Treasury: The Treasury Department executes the budget.
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