Final answer:
The fiscal year of the United States government starts on October 1 and ends on September 30 of the following year. This period is crucial for planning the federal budget, involving various government departments, the OMB, and oversight by Congress. Option A is correct.
Step-by-step explanation:
The fiscal year of the United States government begins on October 1 and ends the following September 30. This period is vital for the budgeting process as it dictates how the government plans its spending and revenue collection. The President, alongside the Office of Management and Budget (OMB) and various departments and agencies, establishes a budget projecting for the upcoming fiscal year, ensuring it accounts for either a surplus or a deficit based on the differential between tax revenues and expenditures.
The process to set the federal budget is elaborate, starting with the submission of the budget to Congress by February 1. Following this, the House and Senate Budget Committees, with aid from the Congressional Budget Office (CBO), prepare a budget resolution. Eventually, the specific appropriations are decided over the summer by the House and Senate Appropriations Committees and their subcommittees.