What is a government budget?

The government budget is a document that records and predicts all public revenues and expenses for the next fiscal year. The government budget states all the supposed sources of income for the coming year. It then reports all expected expenses based on revenue projections in the coming year and in more detail how the funds will be divided for each budget item. The process of passing the government budget varies from one government entity to another. Almost all existing governments, regardless of their size or structure, work on some form of the budget process.

In the United States, the federal budget is required by the constitution to be introduced by the House of Representatives. It is at the forefront of the Budget Committee. All 435 representatives have the word when adding or subtracting budget items, but most of the federal budget is directed by the speaker of the house, the leader of the majority and the chairman of the Budget Committee. One sake is created, then it must go through the Committee review. Then a vote must be approvedm floors in the house. From there, the Senate must approve the budget and align any discrepancies at the conference with the house. After he had passed both congress houses, he heads for the President's table with a signature or veto.

National governments are not the only ones who use the budget process to design income and expenditure. Regional and local governments in countries around the world also use a form of budget. In countries with parliamentary systems, the party usually creates a budget in power. They must be voted and ratified by the entire parliament. Countries with autocratic governments generally do not require a formal budget vote, yet they still work with one.

While the government budget is a document that applies revenue for the expected public interest of projects and other expenditure may occur during the fiscal year. War, disasters, new initiatives created by law - all these may require changesexisting budget or require further resolution on financing to secure public money.

Some say the government budget should not differ from the household budget. However, the problem with this analogy is that governments are able to function with a budget deficit, while the household cannot generally. The government budget can and often requires the government to spend more money than it takes.