The Budget and Accounting Act of 1921 (P.L.67-13, 42 Stat. 20) provided much of the framework for the current budget process, including directing the President to submit a single, annual, consolidated budget proposal to Congress, establishing the Bureau of the Budget (renamed Office of Management and Budget(OMB)), and creating the General Accounting Office (renamed Government Accountability Office (GAO)) to provide Congress with the resources to ensure accountability.
Glossary Term