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Comeback America: Turning the Country Around and Restoring Fiscal Responsibility
Each year, some of the revenue the federal government collects comes from various taxes. In 2012, taxpayers paid almost $2.5 trillion, which the government used to partially fund $3.5 trillion worth of spending on Social Security, health care, and other programs in areas such as defense and education. The remainder of spending was funded through deficits.
The Committee for a Responsible Federal Budget is a bipartisan, non-profit organization committed to educating the public about issues that have significant fiscal policy impact. The Committee is made up of some of the nation's leading budget experts including many of the past Directors of the Budget Committees, the Congressional Budget Office, the Office of Management and Budget and the Federal Reserve Board. Since 2003, the Committee for a Responsible Federal Budget has been housed at the New America Foundation. New America is an independent, non-partisan, non-profit public policy institute that brings exceptionally promising new voices and new ideas to the fore of our nation's public discourse.
The budget of the U.S. Government is developed according to principles and statutory requirements defined by the Constitution and subsequent laws, including the Budget and Accounting Act of 1921, which established the executive budget process, and the Congressional Budget and Impoundment Control Act of 1974, which defined the congressional budget process. Further federal budgeting laws followed to help the Congress and the President manage the budget process and enforce budget decisions.