What is the Highway Trust Fund, and how is it financed? Q.What is the Highway Trust Fund, and how is it financed? A.The Highway Trust Fund finances most federal government spending for highways and mass transit. Revenues for the trust fund come from transportation-related excise taxes, primarily federal taxes on gasoline and diesel fuel. In recent years, however, the trust fund has needed significant transfers of general revenues to remain solvent. Read more about What is the Highway Trust Fund, and how is it financed?
What is the schedule for the federal budget process? Q.What is the schedule for the budget process? A.The congressional budget process is meant to last from early February to the end of June, but recent years have seen delays at each stage, particularly in passing congressional budget resolutions and in completing action on appropriation bills. Read more about What is the schedule for the federal budget process?
What is the history of the federal budget process? Q.What is the history of the budget process? A.In 1972, President Richard Nixon impounded funds for various social programs. Nixon argued that because Congress lacked a process for controlling the federal budget, budget deficits might expand irresponsibly if the president lacked the power to block funding. Congress responded by establishing a formal budget process through the Congressional Budget and Impoundment Control Act of 1974. Read more about What is the history of the federal budget process?