The Federal and Georgia Budgets Differences

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Table of Contents

Introduction
Discussion
Conclusion
Reference

Introduction

The federal and Georgia budgets are both financial blueprints that detail how their governments will spend the funds. The President and Congress developed the federal budget, which is the budgetary blueprint for the United States government. Individual income taxes account for 51% of the federal budget, estimated to reach $4.5 trillion in 2023. (Kanso, 2022).

Discussion

It is separated into two classifications: discretionary spending (military, schooling, and infrastructure) and required expenditure (Social Security, Medicare, and Medicaid). The government budget also includes revenues from taxes, fees, and other sources. Both financial plans differ significantly in terms of the breadth of their expenditure, the size of the government entities they serve, and the method by which they are developed.

On the other hand, the Georgia budget is the financial plan for Georgias state government. It is created by the Governor and the Georgia General Assembly and outlines how the state will raise and spend money for the upcoming fiscal year. The Georgia budget includes revenues from taxes, fees, other sources, and federal funds allocated to the state (Kanso, 2022). The budget is divided into several categories: education, health, human services, public safety, and transportation.

The federal government has a greater budget and spends more broadly on things like the military, education, and transportation (Kanso, 2022). On the other hand, the Georgia budget is more oriented on the states particular requirements and objectives, such as schooling, healthcare, and public security. Another significant distinction is the method through which they are produced. The federal budget process is more complicated, involving the presidents budget plan, legislative hearings, and numerous votes in both chambers of Congress before the budget is approved (Kanso, 2022). The budget process in Georgia is likewise complicated, although it is more simplified, with the Governors budget proposal, legislative hearings, and votes in the Georgia General Assembly before the budget is passed.

Conclusion

To summarize, while both are financial plans outlining how monies will be spent, they differ greatly in the above-mentioned aspects. The federal budget is larger and more complicated, whereas the Georgia budget is more focused on the states specific needs and priorities, with a simpler approach.

Reference

Kanso, D. (2022). Georgia revenue Primer for State Fiscal year 2023. Georgia Budget and Policy Institute. Web.

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The Federal and Georgia Budgets Differences

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