The 1974 Budget Act, also known as the Congressional Budget and Impoundment Control Act of 1974, was a law that established the modern budget process in the United States. It created procedures for setting federal budgetary priorities and increased Congress's control over the budget.
Related terms
Federal budget: The federal budget refers to the government's plan for spending and revenue collection. It outlines how taxpayer money will be allocated.
Appropriations: Appropriations are funds set aside by Congress for specific purposes or agencies within the federal government.
Impoundment: Impoundment occurs when the president refuses or delays spending funds appropriated by Congress.