UNITED STATES BUDGET
Randy M. Little
Government Finance and Budget
Professor Richard Adamich
September 30th, 2012
TABLE OF CONTENTS
BUDGET MESSAGE OF THE PRESIDENTPAGE 3 – 4
OTHER BUDGET DOCUMENTSPAGE 4 – 5
DEPARMENT OF EDUCATIONPAGE 5 – 6
SUMMARY TABLESPAGE 6 – 7
REFERENCE PAGEPAGE 8
BUDGET MESSAGE OF THE PRESIDENT
When President Obama took office in the White House, the country was in financial turmoil. The housing market was unstable, Wall Street was crumbling beneath our feet, the automobile industry was near collapse and although I hate to mention it, the massive amount of job lost was a major issue as well.
The progress that the county has made from the previous year are that of a stabilized housing market by allowing lenders to work with homeowners to keep them in their homes and the government extended financial assistance to banks, financial institutions and the automotive industry. President Obama has also, created the American Recovery and Reinvestment Act (ARRA) that invested in the infrastructure of the country. The ARRA provided tax cuts to small businesses, invested in health care, education and infrastructure.
The issues that the country faces as we move forward include the revamping of the education, the rising cost of the health care system and figuring out how to support and protect democracy around the world while trying to reduce the overall budget. The national debt is major concern for the President moving forward. The educational system is not preparing our students for future jobs and we rank lower than our counterparts with similar resources. The health care system prices are continuing to rise, therefore millions of Americans will not be able to afford healthcare. The President must chose how to cut the military spending but keep the homeland safe and other countries as well. The President must be innovative in ways of cutting down the national debt that are in the trillions of dollars.
The economic situation seems to be working to implement cost saving practices through the termination and reduction of more than 120 programs. Also, Troubled Assess Recovery Program (TARP) is allowing legislation to recover the money lent to the banks and other financial institutions. OTHER BUDGET DOCUMENTS
There have been other budgetary documents reviewed, the Department of Education and the Small Business Administration are two additional documents inside the Budget Message of the President that are of significant interest at this point. There are many other departments represented in the Budget Message of the President.
The Department of Education has several significant issues that need to be addressed because the education system is in great need of reform. The issues are preparing K – 12 students to become college and career ready, lack of parental and community involvement with school districts and the reformation of the financial aid system.
The department planned to provide three billion dollars for K – 12 to implement the overhaul of the Elementary and Secondary Education Act (ESEA). The focus would be to establish supporting programs that would enable students to be college and career ready when they leave high school. Another initiative would be to expand opportunities to increase charter schools and to invest in high-quality schools by allotting $490 million dollars in the budget. The reformations of children, from birth through age five, initiatives so the children can be prepared and ready for kindergarten.
The Small Business Administration (SBA) has a significant issue, which is the implementation of growing and creating jobs for Americans. Small businesses are the leading creator of employing people and it creates stability within the economy. Another issue is the lack of funding for small business owners via loans. Small businesses are in...