PoliticoPro Blog [free]: To receive federal funding, federal agencies must begin developing their budgets 18 months ahead of the next fiscal year. They must also monitor the progress of their requests as they are pushed and pulled through the White House, House of Representatives and Senate. The federal budget process: step-by-step – Download the entire infographic here.
- Step 1: Agencies and Office of Management and Budget begin working on future budgets. The process begins in the executive branch of government and sets fiscal policy, proposing how much should be spent on public programs and how much revenue should be generated through taxes, and how much deficit or surplus should be tolerated.
- Step 2: President sends a proposed budget to Congress the first Monday in February. While this deadline is never missed, several other deadlines throughout the budget process timeline are often missed. There is no penalty for missing a federal budget deadline…”