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

Budgets at the Federal, State, Local and Agency Levels - Term Paper ExampleAll of them collect revenue, unremarkably 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 matter 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 ontogenesis 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 place and a reduced credit rating that would cost the US a substantial amount in interest would also have increased our debt earlier 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 still 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% , brotherly 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, in-migration and Immigration Law Enforcement are all set at nearly 1- 2% and comprise the remaining 15%. In the political climate of at present it is essential to spend on matters of defense and the US as leaders in promotin g democracy and assisting our neighbors in need has come to the forefront since the beginning of the century. kind Security, Healthcare and Income Security, in total amount to roughly 55% is a huge sum of the budget assigned to taking care of the nations people. President Obama firmly believes that the road to recovery is in educating the nations youth and enhanced job training, so that we can advance with the times and fracture 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