Macroeconomics Term Paper Example | Topics and Well Written Essays - 1500 words

Macroeconomics - Term Paper ExampleAt present, the bailiwick debt is $8.8 trillion and is increasing at nearly $2 billion per day (Hall, 2007). If sexual intercourse does not go for its overspending through measures such as passing a balanced cypher amendment to the Constitution and adhering to it, the countrys economic future is in deep peril. This discussion will provide an overview of the federal budget mold and outline the disastrous consequences of continuing to be a debtor nation.The President submits a proposed budget to Congress in early February for the coming fiscal category that runs from October 1 to September 30. The Presidents budget request to Congress accomplishes two main objectives. First, it relays the Presidents opinion of how much should be interpreted in via taxation and how much should be spent. Second, it prioritizes the Presidents present and future federal backing desires. The budget typically sketches out fiscal policy and budget priorities not only for the coming year but for the next five years or more (Coven & Kogan, 2006). When Congress receives the Presidents budget, it commonly conducts hearings to discuss many of the requests before developing a budget resolution. This is the budgetary parameters that Congress will fashion within when making their determinations regarding taxes and spending. The budget resolution, drafted by both Senate and House Budget Committees includes both mandatory and arbitrary spending goals. Following committee approval, the resolution is submitted for a vote and possible amendments by the entire rank of the Senate and House. Afterwards, a joint House-Senate committee is convened to resolve any disparities in the resolution of the two versions passed by each house of congress. The resulting joint report is sent back to both houses for a vote. Congress can look at to employ a procedure known as