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Knowledge Base

The Budget Process

Where can I find the most recent Federal Budget?

The most recent Federal Budget can be found on the White House website.

The Budget Process video refers to transfer payments as a type of spending. What are transfer payments and what do they include?

Transfer payments are payments made without any exchange of goods or services. Some examples include unemployment assistance, nutritional aid, health and welfare payments, and temporary tax cuts.

What was the Budget Control Act and where can I learn more about it?

President Obama signed the Budget Control Act into law in 2011 which allowed an increase in the debt limit and included provisions to restrict spending in order to reduce the budget deficit. To learn more about the effects of the Budget Control Act see the CRS report The Budget Control Act of 2011 as Amended: Budgetary Effects.