Question

Most of the current federal government budget procedures come from the following two laws: The Budget and Accounting Act of 1921 and the Congressional Budget and Impoundment Control Act of 1974. Please clearly indicate how each law affects the current federal budget processes. (4 points)

Answer 1

The Budget and Accounting Act of 1921 gave all the power to the President to submit the annual budget plan to the congress, and he had the sole control on deciding the budget for both the houses and all the states. However, due to suppressing behavior of some of the Presidents especially Nixon, Congressional Budget and Impoundment Control Act of 1974 was formulated so that two committees could be instituted in both the houses who were responsible for planning the respective budgets and the overall control of the President was reduced to make sure no biased approach was followed by any of the succeeding Presidents.

Moreover, after so many decades of Budget and Accounting Act of 192, which was all about Presidential power, Congressional Budget and Impoundment Control Act of 1974 was formulated to attain congressional power rather than the Presidential one.