1、 https:/crsreports.congress.gov August 17, 2016The Federal Budget: Understanding Fiscal OutcomesThe budgetary power of Congress is a core responsibility that affects national economic conditions and future policy choices. This In Focus summarizes the role of Congress in the federal budget process, d
2、escribes the key budget categories, and discusses recent budgetary trends and projections. Framework and Major Components The legislative powers of Congress over the federal budget are collectively known as the “power of the purse.” These powers include the ability to collect and disburse resources
3、and to borrow from the public, and are more formally defined as spending, revenues, and debt in federal budget terminology. Spending moves resources from the government to individuals, firms, and institutions. Revenues move resources in the opposite direction. Debt results from federal government bo
4、rrowing. Budget outcomes (like how much revenue is raised or outlays are spent) are often measured annually over a fiscal year, which begins October 1 and ends September 30. Federal spending is measured in two ways. Budget authority allows for federal agencies to enter into obligations. Outlays are
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