Mark Daniell

Wealth Wisdom for Everyone: An Easy-to-Use Guide to Personal Financial Planning and Wealth Creation

Wealth Wisdom for Everyone, as featured on Prime Time Morning on Channel NewsAsia, provides a simple yet powerful approach to managing your personal finances and building your personal wealth.

THE BUDGET PROCESS

One of the important documents is the president’s annual budget proposal, which lays out the president’s budget priorities in account-level detail. The Congress has never voted to accept the President’s budget in its entirety, but it acts as a comprehensive statement of an administration’s priorities. The Congress has its own process to set its priorities: The House and Senate prepare their own separate budget resolutions that serve as a broad framework for many separate pieces of legislation that will determine spending, revenues, deficits and debt. Until 2010, the House and Senate were generally able to compromise and adopt a congressional budget resolution. Since then, sharp disagreements about fiscal policy have prevented the Congress from agreeing on an overall budget plan. However, because the president does not sign them, budget resolutions are not law and are not required to fund the government. Instead, the congressional budget process operates without an overall framework. Twelve appropriations subcommittees in each congressional body manage legislation to fund the annual operations of government. House and Senate authorizations committees have oversight over tax law and entitlement programs. Finally, the president must sign any legislation passed by the Congress before it goes into effect.