Budget

A budget is a plan for expected revenue and spending over a defined period. The federal budget process includes the President’s budget request, congressional budget decisions, authorization and appropriations legislation, and execution by agencies. A budget plan does not itself provide every agency with legal authority to spend money.

Example: The President submits an annual budget request to Congress, and Congress considers budget and appropriations measures to determine federal spending priorities.

Common misconception: The President’s budget request is the final federal budget. Congress controls appropriations through legislation, and the enacted amounts may differ substantially from the request.

Sources: https://www.whitehouse.gov/omb/budget/; https://www.cbo.gov/topics/budget