Federalism

Federalism Federal budget is an essential tool in the government's expenditure arsenal. It estimates the spending and revenue for each fiscal year. Like a household budget, the federal budget shows the public funds' estimated expenditure for the coming year, which begins in October. Although some expenses are mandatory, such as Medicare and social security, all other spending has to be approved via the passage of bills. Other interests on the federal budget include public debt and national security. However, these are not mandatory spending. This essay discusses the problem with the federal budget is mandatory, discretionary, deficit spending, the overall public debt, and the tax reforms needed to increase fairness and revenues.