This is not a paper just a MIDTERM question Essay - 1

This is not a paper just a MIDTERM question - Essay Example However, through the Bureau of budget formed in 1970 during President Nixon’s Administration which was and is still referred to as the Office of Management and Budget (OMB). This office is the largest office in the Executive office of the President, and is mandated to advise the president on issues related to budgeting and finance, also to countercheck and oversee budget and financial management of other executive branch groups (Gibbler, 2006, p. 14). In the congressional; action process, the budgeting committee through the Congressional act of 1974 direct s that the president submits the proposed budget to the House and Senate Budget committees so that the budget resolution may be created to serve as a universal framework through which the decisions of specific government spending and tax levies would be based upon. However, they do mot make budget nor do they require president’s signature but their mandate is to establish the budget structure to avoid both misappropriation and over estimation of the US Budget. The process is mandated to lay out guideline plan for government tax and disbursement in the next fiscal year. The Budget resolution is mandated to dictate the amount of money that ne government is permitted to pay out in the 20 Budget allocations. This process is controlled by the Committee on appropriation (Gibbler, 2006, p. 38). The process is mandated to take effect after the budget is through. Through the Appropriation Bill, the process should distribute funds to the key government programs through agencies to ensure that the prospective departments receive funding as appropriated in the budget (Gibbler, 2006, p. 72). Due to the poor economic state affecting the whole world, tax rates should be reviewed so tat the country and world businesses move. At present, business is at a stand still being that traders spend much during service delivery just to