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Review: Office of Management and BudgetLinks to an external site. Review: The US Debt ClockLinks...

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Accounting

Review: Office of Management and BudgetLinks to an external site.

Review: The US Debt ClockLinks to an external site.

Assignment Instructions

Refer to the Office of Management and BudgetLinks to an external site. website and review the Presidents BudgetLinks to an external site. for the upcoming fiscal year. Answer the following questions:

Identify when the federal budget is prepared and who is responsible for preparing the federal budget. Summarize how the final federal budget is determined and created.

Calculate the percentage of the gross domestic product (GDP) that is represented by the federal budget.

Identify the revenue sources for the federal budget and indicate the percentage contribution of each of the major sources.

Each year watchdog agencies identify budgetary waste and ineffective government spending. Search the Internet to find an example of government wasteful spending. Explain in detail what the spending is for and the amount spent.

Refer to The US Debt ClockLinks to an external site., which has the US federal budget deficit calculating in real-time (top left box). Explain how deficits are financed.

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