US Budget 2007

By: EconomyWatch   Date: 30 June 2010

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US economy is growing at a healthy pace presently. In the face of a series of challenges, including most recently devastating natural disasters, Americans have stood firm and America's economy has demonstrated its strength and resilience. This is a part of the budget speech of the president of the United States.

Here in this section we have covered the highlights of the US Budget 2007 as well as the budget speech of the US President.
US Budget 2007 session commences on October 1st and it is an outline of the US fund recommendations for the upcoming financial year. The US Budget is the Federal document that contains the government's estimation of the revenue and expenditure for the next fiscal year. Since the American Government is a Presidential government the budget is prepared by the Congress with the help of the President's valuable inputs. The Congress also approves appropriation bills of individuals and allots money to the federal programs recommended by the President that are incorporated in the budget.

The Contents of Presidential Budget

The Budget for the following year is submitted by the President to the Congress on the first Monday of the month of February. This process is repeated every year by the respective US Presidents. The budgetary figures presented by the President do not necessarily match the figures which are ultimately appropriated by the American Congress. The actual budget is the one which the Congress appropriates after making significant changes in the budget. There is a disparity often visible in the budgets presented by the President and the final draft prepared by the Congress. The President's draft consists of an account of the revenue and the resultant deficit or surplus generated from it.

Fund Allotment

The budget is finally issued by the Office of Management and Budget. It contains the Economic Report of the President also which keeps on changing every year. The fund is allotted to the various sectors according to their importance in the economic structure. The allocation of money takes place in the following form:

  • 21% of the fund is spent for Social Security
  • Another 21% is allotted for the American Defense
  • 19% of the Fund is allotted for the Medical purpose
  • 9% is spent for the Safety Programs
  • 9% for Interest on Debt
  • Finally another 21% for other essentials
For more information on US Budget you can browse through the following pages:

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