Essay On Budgeting And Finance

The word budget implies President’s budget. It means the budget of US Government. The budget comprises of numerous volume which helps in setting forward the financial plan of president based on suggested precedence for allocation of resources. The report will provide a concise history about the public budget and it will also examine the submission procedure of federal budget. Later, the report will determine if the budget of selected department or agency provides support to the mission. The report will determine the manner in which budget policy has affected the selected department or agency and finally evaluation of budget changes will be made over the last five years.

 

The “US federal budget” involves expenditure and revenues of “US federal government”. The public budget is considered as the monetary illustration of priorities of “US government”, that helps in providing reflection of historical discussions and competing financial viewpoints (1). The government mainly incurs expenses on defence programs, healthcare and retirement. While the non-partisans “Congressional Budget Office” helps in providing widespread analysis of the budget along with its monetary effects. 

 

 

At present, the “congressional budget” procedure has got its roots in “congressional budget” and under the “Impoundment Control Act 1974”. The law seeks to form an comprehensible process for Congress’s revenue and decisions relating to expenses. It aims to constrain the ability of president to held funds that is appropriated by Congress. 

 

 

In the year 1972, “President Richard Nixon” held funds for numerous communal programs. Nixon put forward his argument by stating that the Congress did not had a procedure for implementing control on “federal budget”, the “budget deficit” may expand recklessly if the president does not have power to block funding. Congress responded by creating a formal budget procedure with the help of “Congressional Budget” and “Impoundment Contract Act of 1974”. 

 

 

The budget request of president is considered as the first step in difficult procedure of financing federal government. On or prior to the first Monday in February, the president submits a detailed budget to Congress that contains request for the upcoming fiscal year that begins from October 1. In the second step, on the basis of president’s proposal, budget resolutions are proposed by “House and Senate budget committees” which help in setting targets for spending and tax revenues and recognizes any kind of policies which would be required to move through reconciliation (2). The “budget resolutions” are sent to floor for voting purpose and budget differences gets resolved in conference. 

 

 

In the third stage, the “House and Senate appropriations committees” ultimately divides the discretionary expenditure which is set forward in the budget resolution amid each of the 12 subcommittees. Every single subcommittee conducts hearings on programs that falls under its jurisdiction and eventually votes out a bill (6). The bill is later marked up by the full committee and it is sent to the floor. Both the chambers later pass their bills and lists down their differences in conference. Once again the “House and Senate” votes and the conference report is later sent to the president for obtaining his signature or veto.   

 

 

The selected department is “Administration for Children and Families”. The department has provided immediate relief to the children and families by passing the “American Rescue Plan Act of 2021” (3). The plan is aimed to help in changing the path of covid-19 pandemic by providing urgently required support to millions of families, workers and small businesses. The plan aims to create a channel for a strong and equitable economic recovery.

 

This plan helped in urgently providing the required resources to assist the families and businesses from the most awful of covid-19 scenarios that also included a rescue payment of $1,400 per person for household throughout the America. This plan also helped in providing resources to help the unparalleled Government effort to overthrow the negative effect of covid-19. It included funds to set up public vaccination sites across the nation and scale up the process of testing and finding, removing any kind of shortage problems and addressing the civic health disparities.   

 

The government created administration for “Community Living” based on the fundamental principle that adult aged group and people of all ages that has disabilities are able to select the place where they want to live, with people with whom they want to live and with the disability to take part completely in the communities (4). By providing funds to these services and supports that is provided through community based organisation, the administration for community living helps in making this principle an actual reality for majority of Americans. 

 

 

Beside this, the department has introduced “American Rescue Plan” to fight the covid-19 pandemic and have already started to foster the economy. Inside the span of few months, the administration turned the gradually moving and underachieving vaccination effort in a most operative vaccination system. 

 

 

The budget for Administration for Children and Families has changed over the span of last ten years. This budget has witnessed extended benefits of economic growth by including “American Jobs Plan” and “American Families Plan” as an investment to help the families to cover their basic expenditure that many people struggle at present (5). Over the years, this plan has witnessed reduction in insurance premiums and it has continued the significant decline in “child poverty”. Altogether, the aforementioned plans aim to invest in the US economy future growth and to help the nation in out-competing China and other nations throughout the world. Over the years, the “American Families Plan” have made college more affordable for the lower and middle income students by including Historically Black College and Universities. 

 

On a conclusive note, it can be stated that the Federal budget has changed over the years. The policies are aimed at providing direct support to the children and families by joining the workforce and making contributions to American economy. The current level of policies offers direct support to families in order to assure that families falling under lower and middle income families get well-trained child care workforce support.

 

Crsreports [Internet]. Crsreports. 2022 [cited 16 July 2022]. Available from: https://crsreports.congress.gov/product/pdf/R/R46240

 

 

Usa.gov [Internet]. Usa.gov. 2022 [cited 16 July 2022]. Available from: https://www.usa.gov/federal-agencies

 

 

Usa.gov [Internet]. Usa.gov. 2022 [cited 16 July 2022]. Available from: https://www.usa.gov/federal-agencies/administration-for-children-and-families

 

 

Acl.gov [Internet]. Acl.gov. 2022 [cited 16 July 2022]. Available from: https://acl.gov/

 

 

Cbpp.org [Internet]. Cbpp.org. 2022 [cited 16 July 2022]. Available from: https://www.cbpp.org/research/federal-budget/introduction-to-the-federal-budget-process

 

 

Usa.gov [Internet]. Usa.gov. 2022 [cited 16 July 2022]. Available from: https://www.usa.gov/federal-agencies/u-s-department-of-health-and-human-services