Final answer:
The president is required to submit a budget proposal to Congress by February of each year. This marks the beginning of a complex process involving the President, Congress, and various committees, with the goal of creating a finalized budget for the fiscal year starting on October 1.
Step-by-step explanation:
Each year, the president must submit a budget proposal to Congress by February. The budget process involves consultation with the Office of Management and Budget (OMB), the president's Council of Economic Advisors, and various other departments and agencies to prepare for the upcoming fiscal year, which begins October 1 and ends on September 30 of the following year. The proposed budget is then examined and modified by both the House and Senate, eventually leading to a final version that can be signed into law or vetoed by the president.
The detailed process includes the president submitting the initial budget, which is then evaluated by the House and Senate Budget Committees with the assistance of the Congressional Budget Office (CBO), leading to a budget resolution that sets the upper limits on budget items. The House and Senate committees further detail the specific appropriations throughout the summer, which are then voted on by both chambers. When differences occur, a conference committee reconciles the differences to create a compromise bill. If an agreement on the budget cannot be reached, the federal government may experience a shutdown.
The requirement of a proposed budget is a significant presidential duty, reflecting policy choices and needing collaboration with Congress to finalize. While the process is intended to culminate with a balanced budget, it can be complex and contentious, as seen in past government shutdowns due to budget disagreements.