The National Budget System
Financial Procedure Prior to 1921
The federal budget for the fiscal year 1932, opening July 1, 1931, will be transmitted to Congress by President Hoover on December 3, 1930. This budget will be the tenth submitted to Congress during the life of the national budget system, which was born in the Budget and Accounting Act of June 10, 1921.
Nine and one-half years' experience with a national budget system and, incidentally, the possibility of a federal deficit in the current fiscal year, 1931, present the occasion for a description of the executive budget, its formulation, legislative modification, and execution; an estimate of how successfully the system has worked since its adoption in 1921; and a review of suggestions for its improvement.
Prior to the ...