what is a budget?

Question

can anyone clearly define a budget and how governments prepare national budgets?

Answer 1

To put it simply, a budget is just a plan for spending money.

It is written by the President and his cabinet and it is delivered to Congress (with some fanfair, I might add) for approval by both houses. Of course, changes are made and the budget is re-submitted to the President and some back and forth takes place. In the end, Congress will approve the budget and it will be implemented.

Answer 2

A budget deficit occurs when an entity (often a government) spends more money than it takes in. The opposite is a budget surplus.The size of a governmental budget deficit is often an important political issue as well as one of economic policy. Fiscal conservatives denounce deficit spending and advocate balanced budgets. Keynesian's argue that under some circumstances, deficit spending is justified. "Starve-the-beast" strategies usually lead to high budget deficits.An accumulated deficit over several years (or centuries) is referred to as the government debt. Often, a certain part of spending is dedicated to paying of debt with certain maturity, which can be refinanced by issuing new government bonds. That is, a fiscal deficit leads to an increase in an entity's debt to others. A deficit is a flow. And a debt is a stock. Debt is essentially an accumulated flow of deficits. Any deficit must, ultimately, be repaid, either through taxation, or signage. The Ricardian equivalence hypothesis states that this means a public deficit is exactly the same as a tax rise.The existence of a deficit has in some cases led to the existence of a capital market and been a great benefit to economic activity.

Answer 3

A budget is, or should be, the strategic plan expressed in financial terms. Representative governments prepare budgets through consensus and negotiation.

Failures of policy usually result from improperly aligning budget expenditures with the goals and objectives of the body politic or misappropriation.

Answer 4

The chancellor's annual announcement of the government's fiscal policy changes. Inside the chancellor's famous red briefcase are details of how much cash he plans to raise through taxes and how he then plans to spend it. It usually takes place in March. In a balanced budget, the government matches income with expenditure. Classical economists argued that this should always be the aim of government policy.

Answer 5

Budget (from French bougette) generally refers to a list of all planned expenses and revenues.

Answer 6

According to a comment made by no less than George W. Bush early in his administration "if it has numbers, it's a budget." And he should know, right?

Answer 7

You don't know what a budget is? You must be a Democrat!