OMB works with Congress on congressional appropriations, authorizing, and budgeting processes to enact the President’s Budget and legislative proposals. OMB coordinates the Administration’s proposed legislation, testimony, reports, and other documents to ensure consistency with Administration policies, including the President’s Budget. OMB also prepares Statements of Administration Policy for certain bills scheduled for House or Senate floor action, analyzes legislation that changes revenues or direct spending, and has responsibility under the Statutory Pay-As-You-Go Act of 2010 (PAYGO) for publishing a scorecard itemizing the budgetary effects of enacted legislation. The house and senate has jurisdiction over the Secret service and the U.S. Coast Guard. Federal government spending involves a multi-step process that begins with the enactment of budget authority by Congress. Federal agencies then obligate funds from the enacted budget authority to pay for their activities. Finally, payments are made to liquidate those obligations; the actual payment amounts are reflected in the budget as outlays. In sum, budget authority allows federal agencies to incur obligations and authorizes payments, or outlays, to be made from the Treasury. Discretionary agencies and programs, and appropriated entitlement programs, are funded each year in appropriations acts.
The Army Corps of Engineers civil works program develops, manages, restores, and protects water resources primarily through construction of projects, operation and maintenance, studies of potential projects, and its regulatory program. Working with other Federal agencies, the Corps also helps communities respond to and recover from floods and other natural disasters. To support this work, the President’s 2013 Budget provides... [continues]
Cite This Essay
(2012, 12). Budget and Finance. StudyMode.com. Retrieved 12, 2012, from http://www.studymode.com/essays/Budget-And-Finance-1313182.html
"Budget and Finance" StudyMode.com. 12 2012. 2012. 12 2012 <http://www.studymode.com/essays/Budget-And-Finance-1313182.html>.
- MLA 7
"Budget and Finance." StudyMode.com. StudyMode.com, 12 2012. Web. 12 2012. <http://www.studymode.com/essays/Budget-And-Finance-1313182.html>.
"Budget and Finance." StudyMode.com. 12, 2012. Accessed 12, 2012. http://www.studymode.com/essays/Budget-And-Finance-1313182.html.