The US budget in general mainly highlights the President’s budget plan for a particular financial year. The Office of Management and Budget (OMB) issues the budget of the United States.
The US budget is a cluster of documents which contain all budgetary information and issues including the President’s budget message and budget proposals. The economic report is submitted by the President In accordance with the 1921 Accounting Act.
The act states that the President has to submit a budget precisely on first Monday or February, to Congress every year. The US budget for a particular financial year must reflect the following things:
The proposed spending plan for that particular financial year.
An estimated treasury condition at the end of that financial year.
The anticipated treasury situation at the end of the previous financial year.
The potential treasury condition for the next financial year, should the current year’s budget proposals be executed.
The President is normally assisted by the OMB at the time of budget creation which collects all the data from several agencies and compiles the final plan and is then subject to the President’s approval.
However, the US budget documents basically provide an unabridged version of the President’s budget plans to the public, congress and the state governments.