Final answer:
Congress controls the amounts of money government units spend through appropriations, exercising 'power of the purse.' The budget process includes approval from both Congress and the President, reflecting the country's values and priorities. Discretionary and mandatory spending are key components, with discussions often encompassing the national debt and economic policies.
Step-by-step explanation:
The amounts of money approved by Congress in statutes that each unit or agency of government can spend are known as appropriations. Congress holds the power of the purse, a significant authority to control government spending and ensure that the executive branch agencies comply with its policy-making priorities. The budget process involves the president, who recommends a budget, and Congress, which votes on appropriations. Each fiscal year, Congress must approve the budget, which includes both mandatory spending, such as entitlements, and discretionary spending, which requires new legislation each year.
One of the key components of this process is the Congressional Budget Office (CBO), which assesses the impact of proposed legislation on the budget. Moreover, the budget reflects the nation's values and priorities, and it is tied to broader discussions about economic strategies and policies. The annual budget exceeds trillions of dollars, a clear reflection of the government's extensive role in servicing national priorities like health, education, and defense.
Section 9 Clause 7 grants Congress the sole power of the purse, which is a critical check and balance against unlimited presidential power. The budget debate often includes discussions around raising the national debt limit and setting spending priorities, with potential consequences like defaulting on the national debt if agreements are not reached.