Obama Releases 2012 Budget

According to the Budget and Accounting Act of 1921, 42 Stat. 20, the president must annually submit a budget to Congress by the first Monday in February. The proposed spending plan, the president’s budget must show:
* The condition of the Treasury at the end of the last completed fiscal year.
* The estimated condition of the Treasury at the end of the current fiscal year.
* The estimated condition of the Treasury at the end of the next fiscal year if the budget proposals are carried out.

Annual budget documents provide Congress, State and local governments, and the public with a complete description of the president’s budget plans for the coming fiscal year. Other related and supporting budget publications, such as the Economic Report of the President, are included, which may vary from year to year.

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