The Congressional Budget Act of 1974 requires that the President
of the United States submit to Congress, on or before the first
Monday in February of each year, a detailed budget request for
the coming federal fiscal year, which begins on October 1.
Prepared by the president and the president's Office of
Management and Budget (OMB), the president's annual budget
request performs three key functions in the annual federal
budget process: •The presidential budget request informs
Congress of the president's vision of the three basic elements
of U.S. fiscal policy: (1) how much money the government should
spend on public needs and programs; (2) how much money the
government should take in through taxes and other sources of
revenue; and (3) how large a deficit or surplus will result --
simply the difference between money spent and money taken in.
•The presidential budget request tells Congress how much money
the president believes should be spent on the various Cabinet-
level federal functions, like defense, educat