Final answer:
The federal budget is designed for a fiscal year, which begins on October 1 and ends on September 30 the following year. It undergoes a complex process involving the President, OMB, Congress, and is crucial for determining national spending and priorities.
Therefore, the correct answer is: option B). October 1 through September 30
Step-by-step explanation:
The federal budget is prepared by the President and involves consultation with the Office of Management and Budget (OMB), the Council of Economic Advisors, and heads of Cabinet Departments, among others.
The process begins with a proposed budget submitted to Congress, which is subject to changes by the congressional budget committees and appropriations committees. The budget is designed for a fiscal year, which begins on October 1 and ends on September 30 of the following year.
After adjustments and approval by Congress, it is sent back to the President for final approval or veto. Failure to agree on a budget could lead to a government shutdown, as happened in 1995-96 and 2013.
The federal budget process can be contentious and is not merely a financial exercise but also a reflection of the nation's priorities and socio-political debates such as the one connected to the Affordable Health Care Act in 2013.