Term
| 1st phase of the Budget cycle |
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| 2nd phase of the Budget Cycle |
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| 3rd phase of the Budget Cycle |
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| The 1974 Congressional Budget Act requires that by this time the President submits the proposed budget to Congress for the next fiscal year. |
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| The formulation phase starts as early as this. |
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| 21 months prior to the fiscal year. |
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| OMB issues "allowance Letter" with planning levels for 5 years and policy guidance around this month of the formulation process. |
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| Budget policy development. |
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| The Agencies begin their internal budget process. Program, budget, and management issues are identified throughoutthe process, issues internal instructions on preparations of tannaula budget estimates during this time of the Budget Formulation Phase. |
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| OMB discusses program, budget and management issues with agencies throughout the process. issues technical instructions for preparations of annual budget estimates around this time of the budget formulation process. |
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| The President and Advisors Discuss critical policy issues and resulting budgetary effects as needed during this time of the Budget formulation process. |
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| OMB prepares Mid-Year Review of previous budget during this time of the budget formulation process. |
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| Compilation & Submission of Agency estimates are provided during this time of the budget formulation phase. |
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| Agencies allocates budgetary planning target to agency programs and develops and compiles detailed estimates during this time of the budget formulation phase. |
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| OMB prepares and issues the sequester update report for the previous budget during this time of the budget formulation phase. |
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| President transmits Mid-Year Review during this time of the budget formulation process. |
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| OMB Review and Presidential Decision |
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| Agencies submit budget request to OMB for the budget year; estimates projected for 4yrs beyond and supporting materials. |
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| OMB analyzes budget submissions. Hearing are held with agency reps on program, budget, and management issues. |
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| OMB Reviews economic outlook and fiscal policy. Reviews budget recommendations and decides on agency budget amounts and on overall budget assumptions and policies. |
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| Economic Outlook assessed again by the OMB, Treasury, Council of Economic Advisors. |
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| Agencies revise estimate to conform to decisions. Agency may appeal for further consideration of selected terms by OMB and/or the President. |
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| President and Advisors discuss overall policy and key budget decisions. President decides final reclama issues. |
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| OMB Drafts President's budget message and prepares other parts of the budget. |
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| President and Advisors revises and approves the OMB budget message before transmitting the budget to Congress between this specific time. |
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| 1 Monday in January and the First Monday in Feburary. |
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| After all guidance is incorporated in the organizations budget, the agency submits its budget to OMB. |
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| The internal review by the OSD known as the Fall Review is done during this period. |
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| On behalf of the SECDEF, the USD(C) submits the DoD budget request to OMB during this time of the following year. |
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| The OMB Passback is done during this period. |
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| September to Late December |
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| Budget Policy Development |
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