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Pa 581 Case Study 2

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Submitted By sharon14340
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Govt Budgeting and Finance
Professor: Vaida Maleckaite

2011 US.Budget A Summary
02/03/2014

“Budget Message of the President” – A Summary
Introduction
The President of the United States prior to a budget year gives a speech on the fiscal well being of the Nation. This budget is published by the by the Office of Management and Budget. This speech outlines the economic situation, the progress that the country has made during the year 2011and the issues facing as we look forward and. The budget also includes other important documents such “Rescuing the Economy,” “Reviving Job Creation and Laying a New Foundation for Economic Growth,” and “Restoring Responsibility.” This summary discusses some of the economic indicators that caused the recession. How we were declining in manufacturing, product demand being down, and the financial institutions on the verge of collapse. This was happening along with high unemployment. “The first order of business for the new Administration was to arrest the rapid decline in economic activity.”
Economic Situation
In the year, preceding the President Obama’s budget speech 2011 the banking industry had stopped lending money; credit was hard to come by. They were investing in high risk ventures with bad speculations that were not successful. There were no regulations to prohibit the banks in unsound investments. The country was going into a recession and perhaps a depression. The Gross Domestic Product was the lowest in 25 years. We were losing 700,000 jobs per month. The United States population was losing five trillion dollars in a 12 week period and home values were declining. The automotive industry was collapsing with several of the largest corporations about to close their doors. This would increase the chances of the country going into a depression.
Economic Progress
The government recognized that if something was not

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