ABSTRACT
This chapter talks about the federal budget as if it were an extension of the family: presenting conversations between Mom and Pop who were sitting down at the kitchen table, sorting through their budget for the year. The budget covers the fiscal year that begins the following October, eight months away. It is a complex set of documents and tables—developed by departments and agencies and coordinated by the Office of Management and Budget (OMB)—that take into account the president's policies, the state of the economy, such urgent priorities as overseas military conflicts, and the costs of administering laws that Congress has previously passed. The budget covers not only spending, but also revenues. The two income streams just described—personal income taxes and entry fees to national parks—have important differences for budget purists. The chapter provides an overview of the key concepts discussed in the subsequent chapters of this book.
