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Budgets at the Federal, State, Local and Agency Levels - Term Paper Example

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Public budgets are instruments of the government at the federal, state, and local levels. They are instruments in the execution of government spending policies and a forecast of expenditures and revenues…
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Budgets at the Federal, State, Local and Agency Levels
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"Budgets at the Federal, State, Local and Agency Levels"

Download file to see previous pages All of them collect revenue, usually through the form of taxes and make necessary expenditures for the operation of the various departments that comprise their role as provider to the people. With the exception of salaries and other operational expenses, their primary responsibilities are to provide services, programs and funding to various segments of the population. Federal, state, local and agency levels all have their own various programs, offices and duties that contribute to the intricate workings of the national economy as a whole. They are though each inherently individual decision-making bodies. Thornhill summarizes the most important features of a public budget as follows: • The budget, after its approval by the legislative authority, is enforceable. • The results of most of the objectives to be realized by the budget are not quantifiable. • The budget brings together a variety of considerations. • As the objectives of action taken by public institution differ widely from those of private organizations, the processes for determining the content of a public budget are therefore unique. • Authorities do not always adapt their expenditure to fit their available revenue. (check citation from original Thornbill, 1984) . Budgets at the Federal, State, Local and Agency Levels Faced with the past decade of national deficits, the recession, and other difficult situations, the United States government has had to set forth a plan to reduce debt, cut spending and increase revenues. In the news as of late because of our enormous debt and the need to raise the debt ceiling or face negative ramifications by defaulting on our loans from the World Bank. Paying higher interest rates and a reduced credit rating that would cost the US a substantial amount in interest would also have increased our debt rather than alleviate it. The government therefore has had to arrive at a budget for the coming year that would substantially cut spending to stave off further economic decline. In efforts to balance the budget, President Obama has focused on reducing military spending by reducing the number of troops in both Afghanistan and Iraq, minimal cuts in other government programs and increasing revenue with more uniform tax rates for all citizens coupled with fewer loop holes for corporations and other businesses. The nations budget is characterized by largely proportionate amounts set forth for areas of prime importance. Defense at roughly 30% , Health care at 21.5% , Social Security, 20%, Income Security at 14% and although considerably lower at 8.5% for education and job training. Other areas such as NASA and scientific discovery, Natural Resources, Immigration and Immigration Law Enforcement are all set at nearly 1- 2% and comprise the remaining 15%. In the political climate of today it is essential to spend on matters of defense and the US as leaders in promoting democracy and assisting our neighbors in need has come to the forefront since the beginning of the century. Social Security, Healthcare and Income Security, in total amount to roughly 55% is a huge sum of the budget assigned to taking care of the nation’s people. President Obama firmly believes that the road to recovery is in educating the nation’s youth and enhanced job training, so that we can advance with the times and better prepare ourselves to grow as leaders in the highly competitive world. He specifically points to areas of medicine, technology and science. 8.5% for education and job training. President Obama also hopes to increase our Gross Domestic Product with an increase in exports and foreign investments. By creating a greater demand globally and enhancing foreign trade relations. In ...Download file to see next pagesRead More
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