<P> The federal budget is prepared by the Office of Management and Budget, and submitted to Congress for consideration . Invariably, Congress makes many and substantial changes . Nearly all American states are required to have balanced budgets, but the federal government is allowed to run deficits . </P> <P> The first budget of India was submitted on 18 February 1869 by James Wilson . James Wilson is known as the father of Indian budget . Finance Minister is the head of the budget making committee . The budget is prepared by the Budget Division Department of Economic Affairs of the Ministry of Finance annually . This includes supplementary excess grants and when a proclamation by the President as to failure of Constitutional machinery is in operation in relation to a State or a Union Territory, preparation of the Budget of such State. The present Indian Finance minister is Arun jaitley . </P> <P> The Philippine budget is considered the most complicated in the world, incorporating multiple approaches in one single budget system: line - item (budget execution), performance (budget accountability), and zero - based budgeting . The Department of Budget and Management (DBM) prepares the National Expenditure Program and forwards it to the Committee on Appropriations of the House of Representatives to come up with a General Appropriations Bill (GAB). The GAB will go through budget deliberations and voting; the same process occurs when the GAB is transmitted to the Philippine Senate . </P> <P> After both houses of Congress approves the GAB, the President signs the bill into a General Appropriations Act (GAA); also, the President may opt to veto the GAB and have it returned to the legislative branch or leave the bill unsigned for 30 days and lapse into law . There are two types of budget bill veto: the line - item veto and the veto of the whole budget . </P>

What are the major objectives of a budget system