OMB:
The Federal budget process starts with the Executive Office of Management and Budget (OMB), who must prepare the budget for the President before he submits it to Congress. The OMB manages the budget throughout the year.
The President:
The President submits his proposed budget to Congress by the first Monday in February each year. He sets the strategy and policies for each fiscal year. He is assisted by the Council of Economic Advisors, who also submit the "Economic Report of the President." This report gives their analysis of the upcoming economic trends.
CBO:
The Congressional Budget Office (CBO) provides information to the Congress to facilitate its review of the budget. This includes a detailed review of the President's budget for Congress.
Congress:
Using the President's budget as a base, each house of Congress develops their own budget proposal separately. They then meet to agree on a budget by April 15th. Congress then develops 13 spending appropriation bills that they must deliver to the President by June 30th.
Back to the President:
The President must either approve these bills, disapprove them or allow them to go forward without his approval within the next 10 days.
Back to Congress:
By October 1st, the beginning of the new fiscal year, the budget must be worked out between the President and the Congress so that government agencies can continue to spend and function.
Treasury:
The Treasury Department's Financial Management Services executes the budget. This is the agency that makes payments, collects revenues and delinquent debt and issues reports including the Treasury statements.
