3 Review(s)

The federal budget process is the primary means by which the President and Congress select among competing demands for federal funds. The President's budget is the Administration's proposed plan for managing funds, setting levels of spending, and financing the spending of the federal government. It is not only the President's principal policy statement but is also the starting point for congressional budgetary actions. The budget's importance makes it essential that it be comprehensive and clear. This glossary provides standard terms, definitions, and classifications for the government's fiscal, budget, and program information. It serves as a basic reference document for the Congress, federal agencies, and others interested in the federal budget-making process. Budget terms are the primary focus, but relevant economic and accounting terms are also defined to help the user appreciate the dynamics of the budget process and its relationship to other key activities (eg: financial reporting). It also distinguishes between any differences in budgetary and non-budgetary meanings of terms.