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Federal Budget

Federal Budget. Today’s objective. After today students will be able to… Explain what motivations and interests determine the federal budget Essential Skill: Examine information from more than one point of view. Revenue (Receipts) & spending (outlays). Revenue

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Federal Budget

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  1. Federal Budget

  2. Today’s objective • After today students will be able to… • Explain what motivations and interests determine the federal budget\ • Essential Skill: • Examine information from more than one point of view

  3. Revenue (Receipts) & spending (outlays) • Revenue • Money that the federal government takes in • Individual income tax • Social insurance tax, such as Social Security and Medicare • Corporate income tax • Estate and gift taxes • Spending • Social Security • Medicare/Medicaid • Defense • Unemployment compensation • Spending on health, education, and transportation

  4. Federal deficit v. debt • Deficit • The YEARLY difference between the government’s outlays and receipts. • The difference between what they spend and what they take in • Debt • The accumulated debt throughout multiple years • Add up the deficits to get the total national debt https://www.nationalpriorities.org/budget-basics/federal-budget-101/spending/

  5. The budget process • Proposed at the State of the Union message in January

  6. Office of management and budget (OMB) • Responsible for preparing the federal budget • OMB sends instructions to agencies • Agencies send requests to OMB • OMB revises the budget

  7. Appropriations committee • The appropriations committee holds hearings and sets budget targets • Reconciliation bills are made if budget does not meet targets

  8. Finalizing the budget • By October 1st, all appropriations bills should be passed • President will sign or veto the bills • If they are not passed, Congress has to pass a continuing resolution where agencies run on last year’s budget

  9. Budget priorities • Number each of the budget options in terms of how high you rank it on priority • Then answer Question A • Share your response with a partner

  10. District roles • Each district has a description • Discuss and decide on your priorities for round #2 • Then answer question B • Be prepared to share your answers

  11. conclusion • How might changes in personal income and corporate earnings impact how much tax revenue the government receives • How do changes in demographics, the economy, war, and other emergencies affect spending? • How does a change in spending impact the budget surplus/deficit? The national debt?

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