<Ul> <Li> </Li> <Li> </Li> <Li> </Li> </Ul> <P> The United States federal budget comprises the spending and revenues of the US federal government . The budget is the financial representation of the priorities of the government, reflecting historical debates and competing economic philosophies . The government primarily spends on healthcare, retirement, and defense programs . The non-partisan Congressional Budget Office provides extensive analysis of the budget and its economic effects . It has reported that the U.S. is facing a series of long - term financial challenges, as the country ages and healthcare costs continue growing faster than the economy . </P> <P> The budget document often begins as the President's proposal to the U.S. Congress which recommends funding levels for the next fiscal year, beginning October 1 and ending on September 30 of the year following . The fiscal year is named for the year in which it ends . However, Congress is the body required by law to pass appropriations annually and to submit funding bills passed by both houses to the President for signature . Congressional decisions are governed by rules and legislation regarding the federal budget process . Budget committees set spending limits for the House and Senate committees and for Appropriations subcommittees, which then approve individual appropriations bills to allocate funding to various federal programs . </P> <P> If Congress fails to pass an annual budget, a series of Appropriations bills must be passed as "stop gap" measures . After Congress approves an appropriations bill, it is sent to the President, who may sign it into law, or may veto it (as he would a budget when passed by the Congress). A vetoed bill is sent back to Congress, which can pass it into law with a two - thirds majority in each chamber . Congress may also combine all or some appropriations bills into an omnibus reconciliation bill . In addition, the president may request and the Congress may pass supplemental appropriations bills or emergency supplemental appropriations bills . </P>

When is the last time a federal budget was passed