Chat with AIExam 11: Budgeting
What was the Budget and Accounting Act and how did it change the government's economic functioning?
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VerifiedAnswers will vary. In essence,the Budget and Accounting Act,passed in 1921,divided traditional budgeting into areas of executive and legislative supremacy (executive branch:preparing and execution; legislative:appropriating and auditing). The Act requires the president to submit an annual budget to Congress. Furthermore,within the Treasury Department,a Bureau of the Budget was created to conform to the president's program. At the same time,the auditing functions of the Treasury Department were transferred to Congress's brand new General Accounting Office (renamed the Government Accountability Office in 2004).
Why is it important to follow the flow of money throughout the bureaucracy?
(72) VerifiedAnswers will vary. The flow of money throughout the bureaucracy provides a valuable tool for controlling the implementation of government programs. First,the money trail demonstrates who is doing what. Second,by controlling the flow of money,the executive can control the direction and pace of governmental activity. Finally,the flow of money is important for reporting and evaluating an agency's performance; it can help managers to identify the "hot spots" that need attention.
What budget technique did Wildavksy argue best answered how to allocate scare resources?
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What mechanisms allow Congress to fund the government for short periods of time in instances where it is unable to pass a budget for an entire year?
(78) The larger the federal deficit, the more of the federal budget must be devoted simply to paying interest.
(89) The relationship between the federal budget and the national economy is ______.
(78) The Congressional Budget Office is the congressional equivalent to the president's Office of Management and Budget.
(78) What budget reform is associated with multiyear planning to connect annual budget objectives to long-range plans?
(83) Though not having the final word on appropriation amount, what do appropriation committees recommend regarding spending?
(91) How has the power of congressional authorizers and appropriators involved with the federal budget process decreased in the past few decades?
(83) The president prepares the overall budget, but who oversees the federal budget appropriations process?
(93) The ______ proposes the budget and the ______ authorizes expenditures and determines how revenues are obtained.
(69) The federal budget is just like state and local budgets, having the same amount of resources to sustain deficits and the same amount of fiscal authority that state and local governments do.
(65) What is the major distinction between federal and state budget processes?
(81) Briefly describe how the Congressional Budget Act of 1974 changed the process of congressional appropriations from what existed before this law went into effect.
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