The forthcoming budget is expected to bring about changes in various sectors of the economy. The Department of Commerce and budget will be attending to many issues in the same. The article below highlights the essential features of the budget.
The Department of Commerce and Budget aims at fostering growth in the economy. This is attained by making use of latest innovations in technology through President’s American Competitiveness.
The essence of the department of Commerce and budget 2009 will mainly revolve around the factors mentioned below.
Overview of the Department of Commerce and Budget:
The budget looked into by the department of commerce, would do the following:
It would open new vistas for the exporters of the country, compliance pertaining to trade agreements would be obtained, protection of property rights would be effected. Statistical data related to the economic status as well as demography would be supported. This would also comprise the 2010 Decennial Census.
Other areas, which would be paid heed to would include:
Improving stewardship pertaining to wildlife, ocean as well as resources in the coastal areas.
Developing a sound understanding of the climate and weather.
Holding back expenses in areas of low priority.
Department of Commerce and Budget- Details:
In general, Department of Commerce and Budget is likely to bring about changes under the following aspects:
Improving decisions pertaining to the private as well as public sector with the help of “Enhanced Data”:
Working out data thereby showing the contribution of R&D as well as health care sector in GDP growth. Data related to the services sector is also worked out.
Earth’s Resources-observation, protection and management:
Approximately, $981 million is utilized for acquisition and development of climate and satellite sensors. The Department had backed the Ocean Action Plan, which incurred an expenditure of USD$31 million. The fund assigned in the current year(2008) would also help in working towards the Magnuson Stevens Act, which requires overfishing to be completely eradicated by 2011.
American Competitiveness Initiative, Intellectual Property Protection and Free Trade:
For the Initiative Program, as much as USD$634 million has been spent for various programs related to investment pertaining to:
The Department of Commerce and budget also aims at opening up new markets for services and goods in USA. It also aims at implementing agreements pertaining to free trade. Better US competitiveness in the global markets, bring down barriers in the sale of various products of USA.
Department also helps in preventing counterfeiting, strengthening the Office of United States Patent and Trademark. Preventing global piracy is also taken care of by the Department.
The other reforms, which are likely to take place in the budget are:
As many as 6 programs have been identified to be taken up in the forthcoming budget involving USD$375 million. They are as follows :
Grants related to Economic Development Administration is likely to be decreased and more emphasis will be laid on “economic adjustment assistance”.
Grants related to Public Telecommunications Facilities, Construction as well as Planning to be attended to.
Federal Financing of the centers dealing with Manufacturing Extension Partnership is likely to function as independent programs.
The amount assigned for various purposes are estimates of expenses.