Fiscal Year 2024 (FY24) President’s Budget

Thursday, March 9, 2023

Editor’s Note: The President’s annual budget is a proposal presented to the United States Congress by the President of the United States.

It outlines the President’s spending priorities for the upcoming fiscal year, which begins on October 1st and ends on September 30th. The budget proposal includes estimates for revenue and expenses across various government programs, including defense, healthcare, education, and more.

The budget proposal also serves as a “guide” for Congress as they develop and pass appropriations bills to fund government operations. The President’s budget proposal is an important part of the government’s budget process and serves as a starting point for negotiations between the Executive Branch and the Legislative Branch.

HOWEVER, Congress has the power to approve, modify, or reject the President’s budget proposal(See: US Constitution) and the President’s Budget holds no statutory spending authority.

It is important to keep in mind, the President’s Budget is a request, and Congress makes all spending decisions.

White House President’s Budget Summaries – Released on March 9, 2023


FY24 Budget-in-Brief’s

Individual Breakdowns by Department or Agency

Keep in mind, these budgets do not always reflect actual spending. To see actual federal spending, refer to enacted Congressional Appropriations HERE.

How the Annual Budget & Appropriations Process Works:

This summary of the annual Budget and Appropriations Process is provided by the House Budget Committee (source):

The framework of the budget process can be divided up into five stages each of which is governed by its own procedures outlined in the Budget Act, the rules of the House and Senate, and other relevant statutes. The last three stages often occur simultaneously.

The President’s Budget Submission. The President submits a comprehensive budget request to Congress in early February which outlines the Administration’s policy and funding priorities and the economic outlook for the coming fiscal year. This budget, which estimates spending, revenue and borrowing levels, is compiled by OMB from input by the various federal agencies, with funding broken down into 20 budget function categories.

Adoption of the Budget Resolution. House and Senate Committees hold hearings on the President’s budget and the Budget Committees report a concurrent resolution on the budget that sets each committee’s allocation of spending authority for the next fiscal year and aggregate spending and revenue levels for at least 5 years. The budget resolution also establishes aggregate totals with respect to revenues and spending for the entire federal budget. This resolution, once adopted, is not law, as it is not signed by the President. The allocations, enforceable through points of order, establish the framework to consider spending and revenue bills on the House and Senate floor.

Passage of Appropriation Bills. In May the House begins consideration of the 12 annual appropriation bills for the next fiscal year based on the discretionary spending allocation in the budget resolution. As these bills move through hearings, markups, Floor consideration, and conference they are constrained by the levels and allocations in the budget resolution and the enforcement of the Budget Act and through House and Senate rules.

Consideration of Reconciliation Legislation. If the spending and revenue levels in the budget resolution require changes in existing law, the resolution would contain instructions to committees to report legislation containing such statutory changes. Whether for tax increases or decreases, deficit reduction, mandatory spending increases or decreases or adjustments in the public debt limit, this process has been used to focus many agents on one goal, often in a large bill.

Consideration of Authorization Legislation. Congress considers numerous measures authorizing the appropriation of funds on a myriad of programs each fiscal year. This decision-making is constrained by the Budget Act and through House and Senate rules.

Time Table of the Budget Process:

Title III of the Congressional Budget Act establishes a specific timetable for the congressional budget process. Editor’s Note: This timetable is entirely unenforceable and is seen by Congress as a “recommended schedule.”

On or Before:Action to be completed:
First Monday in FebruaryPresident submits his budget.
 February 15Congressional Budget Office
submits report to Budget Committees.
Not later than 6
weeks after the
President submits
the budget.
Committees submit views and
estimates to Budget Committees.
(Frequently, the House Budget
Committee sets own date based
on Legislative Calendar)
April 1Senate Budget Committee reports
concurrent resolution on the
April 15Congress completes action on the
concurrent resolution on the budget.
(This is not signed by the President).*
May 15Annual appropriation bills may
be considered in House.
June 10House Appropriations Committee
reports last annual appropriation bill.
June 15Congress completes action on
reconciliation legislation.
(If required by the budget resolution).
June 30House completes action on
annual appropriation bills.
 October 1Fiscal year begins.

This section will be updated as documents are released.

Back to Home