Final answer:
The question discusses the federal budget process, with the President proposing a budget and Congress having the power to revise it before approving it. The House and Senate play crucial roles in setting appropriations and reconciling differences in their respective budget versions.
Step-by-step explanation:
The question pertains to the budgetary process of the federal government, detailing the roles of the president and Congress in the creation, examination, and finalization of the federal budget. The President proposes an annual budget, outlining policy goals, expected revenues, and expenditures. Congress, holding the "purse strings," has the authority to amend this proposal. The House of Representatives sets discretionary spending targets and determines appropriations through various committees. The Senate may propose its version of the budget. Differences are reconciled between the two chambers, and a final budget is presented to the President for approval. The Budget and Accounting Act of 1921 significantly shaped this process by granting the president the role of chief budget agenda setter and creating the Office of Management and Budget (OMB).