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4 months ago
First Monday in February Congress receives Presidents budget.
February 15 CBO submits a budget report to Budget committees (House and Senate)
February 25 Other committees submit reports on expenditures and revenues in each house. ex. Ways and Means and Medicare
April 15 Congress completes action on concurrent resolution on the budget.
June 10 House appropriations committee reports last annual bill.
June 15 Congress completes action on reconciliation legislation. Brings budget into conformity with ceiling.
June 30 House completes action on annual appropriation bills
October 1 The New Fiscal Year begins
Budget poilcy deveped OMB president with analysis of economy and thier outlook
Office of budget and management conveys the decisions to agencies, Health and Human services.
Agencies revise the estimates to conform with the presidents decision. OMB again r eviews economy and drafts his message.If President approves, its sent to Congress.
Agencies, like Chamber of Commerce, submit their budget to OMB for upcoming fiscal year. OMB holds hearings, reviews assement, and prepares recommendations f or President.
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