Overview
Federal budgeting processes are essential for managing a country's finances and ensuring that resources are allocated effectively. The process involves several stages, including preparation, approval, execution, and evaluation, which require collaboration among various government entities. Understan...
Key Terms
Example: The budget cycle includes preparation, approval, execution, and evaluation phases.
Example: Mandatory spending accounts for a significant portion of the federal budget.
Example: Discretionary spending includes funding for education and defense.
Example: Federal revenue primarily comes from income taxes and corporate taxes.
Example: Government expenditure includes spending on infrastructure and public services.
Example: Fiscal policy can be used to stimulate economic growth during a recession.