Senate Budget Committee

Senate Budget Committee came to exist in 1974 under the Act of Congressional Budget and Impoundments Control. The Senate Budget Committee is empowered to draft Congress’ structure of the annual budget and supervise the implementation of the Federal Budget. It also possesses the legal power to monitor the operation of the Congressional Budget Office.

Senator Kent Conrad is the Chairman of the Senate Budget Committee. The Ranking Member of the Committee is Judd Gregg from New Hampshire. The Budget Committee prepares a broad report with respect to government expenditure and revenues.

Composition of the Budget Committee

The members in the committee belong to different categories. There are two classifications. They are:

• The Minority – in which there are 10 members
• The Majority – in which there are 11 members

Current Budget Taken Up by the Senate

The recent budget presented by the senate is successful in striking a balance between funding for the national crisis and earning their revenue by not increasing their tax percentages. This budget is touted to be the best one in recent years which would put the country’s monetary situation back on track. The budget states that in near future the government would be able to generate a surplus of $132billion which would eventually bring down the national debt of USA by 2009. The expenditure on the part of the government would decline leading to a consequence of a balanced budget. The pay go rule would also be implemented rigorously and scope is left only for the reductions in deficit.

The 2008 Fiscal Year Senate Budget has taken up the topic of financing the defense for US. According to the budget they would also sponsor the additional expenditure entailed in the war in 2007, 2008 and 2009. The Senate Budget of 2008 has taken up the subject of domestic funding. Under the Bush Ministry it has suffered a lot and hence this area has been taken up during the current budget session to ensure funds for the domestic sector which has been neglected by the Bush government. Two areas which have been most neglected by the Bush government are:

• Health of Kids
• Education

In the 2008 Budget children’s health has become a priority issue for the government. It not only provides for the disabled students but also has increased the purview of education considerably. The Education Department would receive an aid of $6.1million from the government and none of the young ones would be left out as far as education is concerned. The committee discards President’s proposal of reducing the funds for education.