The president’s budget, officially referred to as the Budget of the United States Government, is required by law to be submitted to Congress early in the legislative session, no later than the first Monday in February.
The president’s budget is only a request to Congress; Congress is not required to adopt his recommendations.
SOURCE: Congressional Research Service
National Debt Glossary
Looks up the key terms for understanding America's financial crisis
Frequently Asked Questions: National Debt
- How did the national debt get to be so big?
- What's the difference between the debt and the deficit?
- Why can't the government just print more money to get out of debt?
- How much U.S. debt is owned by foreign countries?