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 in use today.
Glossary Term