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The Office of Management and Budget (OMB) prepares a budget proposal.

The president submits a budget proposal to Congress.

Congress decides on the overall level of spending and taxation.

Congress passes specific spending bills.

The president signs spending bills into law.Final step

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9y ago
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3y ago
Thats wrong. Its..       1. The office of management...... 2. the president submits... 3. congress decides... 4. congress passes.. 5. the president signs... 
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Joe Shmoe

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3y ago
It's not wrong it's from a different answer pool, not everyone takes the same test
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9y ago

Federal agencies send funding requests to the White House Office and Management Budget. (OMB) The OMB and the President. propose a budget and send to Congress. Congress the revises the budget and returns to the President. The President will either turn it into a law or veto it.

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8y ago

Four steps in preparing a budget are:

1.) Find your income

2.) Write out your fixed expenses (rent, car payments, etc.)

3.) Write out (and set aside money) for your variable expenses (groceries, gas, etc.)

4.) Find your cash surplus (Cash surplus or deficit is revenue (including grants) minus expense, minus net acquisition of non-financial assets)

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Q: What are the four basic steps in creating the federal budget?
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