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Intro -- UNITED STATES FEDERAL BUDGET PROCESS -- UNITED STATES FEDERAL BUDGET PROCESS -- CONTENTS -- PREFACE -- Chapter 1 INTRODUCTION TO THE FEDERAL BUDGET PROCESS -- SUMMARY -- THE EVOLUTION OF FEDERAL BUDGETING -- BASIC CONCEPTS OF FEDERAL BUDGETING -- Budget Authority and Outlays -- Scope of the Budget -- DEFICIT REDUCTION AND THE RULES OF CONGRESSIONAL BUDGETING -- BUDGETING FOR DISCRETIONARY AND DIRECT SPENDING -- BUDGETING FOR DIRECT AND GUARANTEED LOANS -- THE BUDGET CYCLE -- THE PRESIDENTIAL BUDGET PROCESS -- Formulation and Content of the President's Budget -- Executive Interaction with Congress -- THE CONGRESSIONAL BUDGET PROCESS -- Formulation and Content of the Budget Resolution -- Budget Resolution Enforcement -- Budget Resolution Aggregates -- Allocations of Spending to Committees -- Scoring and Cost Estimates -- Points of Order -- THE SEQUESTRATION PROCESS -- SPENDING LEGISLATION -- Authorizing Measures -- The Annual Appropriations Process -- REVENUE LEGISLATION -- DEBT-LIMIT LEGISLATION -- RECONCILIATION LEGISLATION -- Reconciliation Directives -- Development and Consideration of Reconciliation Measures -- HOUSE AND SENATE EARMARK DISCLOSURE RULES -- House of Representatives -- The Senate -- IMPOUNDMENT AND LINE-ITEM VETO -- Impoundment -- Rescissions -- Deferrals -- Line-Item Veto -- ACKNOWLEDGMENTS -- End Notes -- Chapter 2 POINTS OF ORDER IN THE CONGRESSIONAL BUDGET PROCESS -- SUMMARY -- INTRODUCTION -- APPLICATION OF POINTS OF ORDER -- PROCEDURES FOR WAIVING POINTS OF ORDER -- End Notes -- Chapter 3 BASELINES AND SCOREKEEPING IN THE FEDERAL BUDGET PROCESS -- INTRODUCTION -- BASELINES -- SCOREKEEPING -- End Notes -- Chapter 4 ALLOCATIONS AND SUBDIVISIONS IN THE CONGRESSIONAL BUDGET PROCESS -- Chapter 5 ENTITLEMENTS AND APPROPRIATED ENTITLEMENTS IN THE FEDERAL BUDGET PROCESS -- ENTITLEMENT SPENDING

The U.S. government spent approximately $52.52 billion in subsidies in 2006, yet many of these subsidies actually reduce social welfare because of a lack of information and political lobbying by influential interest groups and coalitions. Through detailed analysis of economic markets, this report illustrates the economic effects of both proper and improper subsidies and proposes the creation of an independent Subsidy Review Board (SRB). This two‐tiered board with offices representing different sectors of the U.S. economy would evaluate subsidies at the industrial and national level under the specific economic criteria established in this report. This proposal would eliminate information asymmetry problems because the information costs of evaluating subsidies would be shifted away from time‐constrained politicians to the SRB, staffed with economists whose sole responsibility is to evaluate these subsidies. Furthermore, an independent board would not be as susceptible to political or socioeconomic pressures as individual legislators. A reformation of the federal subsidy process would eliminate billions of dollars from the federal budget each year and direct better allocation of the remaining taxpayer funds.

Offsetting collections are one of the largest and least understood types of transactions in the federal budget. This article discusses a number of the most common questions that arise with regard to offsetting collections.