House Appropriations Committee reports last regular appropriations bill.ДЄction on appropriations to be completed by House. House consideration of annual appropriations bills may begin.

Congressional committees hold hearings on the PresidentвЂ™s budget and the Budget committees report a concurrent resolution on the budget.ДЄction to be completed on congressional budget resolution. President submits budget request, compiled by the Office of Budget and Management, to Congress.Д¬BO submits report on economic and budget outlook to budget committees. If they do not, the Government will pay the benefits for Social Security and other programs and collect the taxes required by laws in place.

The President and Congress do not have to enact new laws governing entitlements or taxes. Each year Congress must pass and the President must sign, 13 appropriation bills that include all of the discretionary spending.The President, the Budget Director, the Cabinet, and others work with Congress as it accepts some proposals, rejects others, and changes still others. If the President's plan contains proposals that affect Federal revenues, the House Ways and Means and Senate Finance committees would hold hearings. The House and Senate Armed Services Committees, for instance, would hold hearings on the President's defense plan. Scores of committees and subcommittees hold hearings on proposals under their jurisdiction. After receiving the President's budget, Congress examines it in detail.This plan, however, only becomes official after Congress passes, and the President signs spending bills and legislation creating new taxes and entitlements. This proposal is his/her plan for the next fiscal year, beginning October 1. The President's Budget is sent to Congress in early February.The President and Congress can change the laws that govern entitlements or taxes, but they must take explicit action to do so. Despite its name, however, mandatory spending is not fixed in stone. It also includes interest on the national debt, which the Government pays to individuals and institutions that buy saving bonds and other US securities. It includes entitlements - such as Social Security, Medicare, and Food Stamps - through which individuals receive benefits because they meet some criteria of eligibility (e.g. This is the money that the Federal Government appends automatically - unless the President and Congress change the laws that govern it. It includes money for such programs as the FBI, the Coast Guard, housing, education, space exploration, highway construction, defense, and foreign aid. This is the money the President and Congress must decide to spend each year. Types of Spending:Дiscretionary - 35% of all Federal Spending

The total it has borrowed over the years, but not repaid, is the national debt. * Because all of the revenues do not cover the costs of all spending, the Government borrows money to finance this deficit. * The Government collects most of its revenues from a few main sources: the Government spends most of your money on a few major programs. The fiscal year for each budget starts at the beginning of October and goes until the end of September the following year. Revenues come largely from taxes, but stem from other sources as well (such as duties, fines, licenses, and gifts). The federal budget is a compilation of numbers about the revenues, spending, and borrowing and debt of the government.

Federal budget calendar