Final answer:
The approval sequence for the federal budget starts with the President's proposal to Congress, continues through a series of revisions by the House of Representatives and the Senate, and concludes with Presidential approval or veto. Congress and the President often reconcile differences through a meticulous process that can be influenced by political dynamics.
Step-by-step explanation:
The sequence for the approval of the federal budget involves multiple steps, starting with the President submitting a proposal to Congress. Congress, which 'holds the purse strings,' can make changes as it sees fit. The process begins in the House of Representatives, where various committees meet to determine appropriations. After the House votes on the complete budget, it's forwarded to the Senate, which may draft its own version or approve the House's. Differences between the two versions are worked out by a conference committee.
After both the House and Senate agree on the budget, it is sent back to the President, who can sign it into law or veto it. If vetoed, it can only become law if Congress overrides it with a 2/3 majority in both houses. Throughout the year, Congress passes budget resolutions and appropriations bills, which set specific allocational limits for spending. Eventually, a reconciled budget is sent to the President to be signed into law.