Not generally known is the relative youth of the formal budget process for the U.S. national budget. Although the Budget and Accounting Act of 1921 established a federal budget process requiring the president to submit a proposed federal budget to the Congress for the forthcoming fiscal year, there was still no formal budgeting system. Only in 1974 did one finally come about, when the Congressional Budget Act created the congressional budget process and established October 1 through September 30 as the federal fiscal year.
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