How Does President Obama Explain The New Budget Rules That Will Get Federal Government Spending Under Control?
The Budget of the United States Government is the President’s proposal to the U.S. Congress which recommends funding levels for the next fiscal year, beginning October 1. Congressional decisions are governed by rules and legislation regarding the federal budget process. Budget committees set spending limits for the House and Senate committees and for Appropriations subcommittees, which then approve individual appropriations bills to allocate funding to various federal programs. After Congress approves an appropriations bill, it is sent to the president, who may sign it into law, or may veto it. A vetoed bill is sent back to Congress, which can pass it into law with a two-thirds majority in each chamber. Congress may also combine all or some appropriations bills into an omnibus reconciliation bill. In addition, the president may request and the Congress may pass supplemental appropriations bills or emergency supplemental appropriations bills. Several government agencies provide budget d
Local State Nation & World Crime Stoppers Obituaries Video Obama says new budget rules will rein in spending By DARLENE SUPERVILLE The Associated Press Saturday, Feb 13, 2010 – 05:45:14 am CST President Barack Obama said Saturday new budget rules that say spending increases must be matched by spending cuts will force Congress to “pay for what it spends, just like everybody else.” Obama signed a bill Friday reinstating budget rules known as “paygo” _ short for “pay as you go.” In place during the 1990s, the rules helped create balanced budgets and surpluses. Obama blames eliminating them for creating much of the $1.3 trillion deficit he faced upon taking office in January 2009 and for a total debt of $8 trillion projected over the next decade. * The president has been trying to show a public alarmed by higher government spending in the midst of an economic downturn that he is taking steps to tighten Washington’s purse strings. But the bill signed Friday also lifted the cap on the amount
President Barack Obama said Saturday new budget rules that say spending increases must be matched by spending cuts will force Congress to “pay for what it spends, just like everybody else.” Obama signed a bill Friday reinstating budget rules known as “paygo” — short for “pay as you go.” In place during the 1990s, the rules helped create balanced budgets and surpluses. Obama blames eliminating them for creating much of the $1.3 trillion deficit he faced upon taking office in January 2009 and for a total debt of $8 trillion projected over the next decade. Sources: Yahoo!
