Money Matters: Become a Budget Guru - 5/29/09
Money Matters:Become a Budget Guru
5/29/09
I. Memorial Day Re-Cap
II. What's Next for the Federal Budget?
III. Become a Budget Guru
IV. The FY2010 Budget: How Much Change from 2008?
After a whirlwind of bill-passing this past week, Congress has finished the work it needed to get done before the Memorial Day recess. Last Wednesday President Barack Obama signed the Helping Families Save Their Homes Act, legislation that will help many homeowners successfully meet mortgage payments and avoid foreclosure.
On Friday, the president signed the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act, formerly known as the Credit Cardholders' Bill of Rights. This bill will protect consumers by significantly reforming credit card lending practices. We are disappointed, however, that the final bill included a completely unrelated amendment making it legal to carry firearms in national parks and wildlife refuges.
The president also signed into law the Weapons Systems Acquisition Reform Act, a bill intended to reform Pentagon purchasing practices. Unfortunately the final version of the bill is too vague and has too many loopholes to be effective. The House and Senate have each passed a supplemental spending bill to cover the cost of the war in Iraq and Afghanistan through the rest of 2009. Differences between the House and Senate versions will be worked in conference after Congress returns from the Memorial Day recess.
What's Next for the Federal Budget?
As soon as Congress returns from the Memorial Day recess, the appropriations process - when Congress assigns spending levels for government programs - will go into full swing. The president has submitted his detailed budget proposal. These details will be used as a guideline, but not as a strict rule for the appropriations process. The appropriations process begins when the House and Senate Appropriations Committees allocate "top line", or maximum spending levels to the 12 appropriations subcommittees (i.e. Defense, Labor, etc.), a process known as 302(b) allocations. This is the point at which the Appropriations Committee chairs can decide to change federal spending priorities. FCNL organized a letter with our colleagues urging the Appropriations Committee chairs in the House and Senate to shift money from the military budget to the domestic and international affairs-related subcommittees.Once the 12 subcommittees have been told how much money they can spend, they will begin to work out the specific allocations for the federal departments and agencies under their jurisdiction. This is a great time for constituent participation! Even though the president has outlined details on how he wants money to be spent, the appropriations subcommittees can significantly change spending levels. FCNL will be lobbying to retain and increase funding for a number of programs. FCNL's spending priorities for this year include funding for the Affordable Housing Trust Fund and Section 8 rental vouchers for low-income people, more money to hire Department of Labor investigators to discourage wage theft, nuclear materials clean-up, conflict prevention, and renewable energy research. Look for updates on the appropriations process in future Money Matters.
The Federal Budget Process: An Interactive Performance in Three Acts
Where is the budget now? - An interactive budget calendar
Your focus list: which appropriations subcommittee works on my issue?
What does that word mean? -- Learn "budgetese"
Learn more about the president's detailed budget proposal
The FY2010 Federal Budget: How Much Change from 2008?
Our friends at the National Priorities Projects have put together a resource that shows how federal spending has changed over the past three years. Note that much of the 2009 spending is from the American Recovery and Reinvestment Act and this chart only includes certain programs, not the entire budget. This resource also breaks down how much your state will receive from the federal budget.The President's Budget: Bush to Obama