Under the U.S. Constitution the federal budget legislation originates in the House of Representatives and is then sent to the Senate with both bodies resolving any differences before sending the final budget to the president for signature or veto.  When President Clinton left office in 2001, the federal government showed a budget surplus of $127 billion.  But after 11 years of tax cuts, foreign wars, deficit spending and massive stimulus and bailout programs related to the national economic meltdown, the budget deficit for the federal fiscal year that ends Sept. 30, 2012 is forecast to hit $1.1 trillion.  During that time the gross national debt, which includes things like IOUs to the Social Security trust fund, has grown from $5.7 trillion to nearly $16 trillion, according to the U.S. Treasury Department.  (The public debt held by the public and foreign governments has grown from $3.4 trillion to $9.7 trillion.)  The Simpson-Bowles deficit-reduction commission recommended a mix of broad budget cuts and revenue increases to stabilize federal spending, but the partisan debate in Congress has stalled most progress.  In general Democrats have favored tax increases and spending cuts that include the military while Republicans oppose tax increases and would target budget cuts on social programs.


Related Legislation

SB 535 Capital outlay plan

Capital outlay plan.  Updates the six-year capital outlay plan for projects to be funded entirely or partially from… more »

SB 220 General fund

Assignment of year-end surplus.  Changes the priority for assigning any year-end surplus by requiring that of any general… more »

SB 211 Comptroller

Assignment of general fund balance remaining at year end.  Changes current law for the assignment of any year-end general… more »

SJ 91 U.S. Constitution

United States Constitution; amendment. Makes application to the United States Congress to call a constitutional convention… more »

SB 31 Higher Educational Institutions Bond Act of 2012

Bonds; capital projects at institutions of higher learning.  Authorizes the issuance of bonds in an amount not to exceed… more »

SB 30 Budget Bill

Budget Bill. Appropriations of the Budget submitted by the Governor of Virginia providing a portion of revenues for the… more »
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Virginia (change)

Virginia was founded in 1607 in Jamestown. Since then, Virginia has grown and prospered into a thriving state rich with diversity from culture to climate.
Offices & Officials

Governor: Robert F. McDonnell
Lieutenant Governor: Bill Bolling
Attorney General: Ken Cuccinelli
Secretary of State: Janet Polarek