USA HISTORY

Detailed explanation-1: -The U.S. Constitution gives Congress the ability to create a federal budget – in other words, to determine how much money the government can spend over the course of the upcoming fiscal year.

Detailed explanation-2: -Federal spending is classified in two basic categories: mandatory and discretionary. About 63 percent of the federal budget is mandatory spending, 30 percent is discretionary spending, and the rest is interest payments on debt (see chart).

Detailed explanation-3: -The Indian Union Budget is prepared by the Ministry of Finance in consultation with Niti Aayog and other concerned ministries. Also, the Budget division of the department of economic affairs (DEA) in the finance ministry is the nodal body responsible for producing the Budget.

Detailed explanation-4: -The Federal budget process can be broken down into four phases: budget formulation, the congressional budget process, budget execution and control, and audit and evaluation.