The 1967 President’s Commission on Budget Concepts addressed growing confusion in the budget process during a time when the executive branch was presenting various forms of the budget, such as an administrative budget, a consolidated cash budget, and a National Income Accounts budget. The commission recommended the adoption of a unified budget, under which Federal and trust funds are brought together to improve understanding of the budget and its effect on the economy. Recommendations from the commission created a framework for budgeting that is still in use today.
Glossary Term