Federal Budget Process

The United States federal budget process consists of procedures that are named in the Congressional Budget Act of 1974.  The first step in the process is a budget request from the president (developed by the Office of Management and Budget), in which he suggests what the budget should be spent on in the upcoming fiscal year. The House and Senate Committees  then hold hearings on this request and create their own Budget Resolution which allocates spending authority for the next year. From here it goes to the House and Senate for the appropriations bills to be passed. After this there is Consideration of Reconciliation legislation if the spending requires changes to the law and Consideration of Authorization 

legislation.

Budget Calendar - http://www.rules.house.gov/archives/budget_time.htm