The word Budget in crude term means the amount of money one has in his/her wallet,to spend on necessary items, to carry on their lifestyle. Budget is an exercise done by businesses and countries at the start of the financial year to make sure that they do not overshoot on their expenses, depending on the availability of funds. However, it is important to note that the United States and many other countries are allowed to run a deficit.
Budget has gained the attention of media and blogs around the world after President Barack Obama chalked out a spending plan to save the failing financial sector and release the nation from clutches of recession via "fiscal stimulus packages". The President recently released a blue print of the Federal budget on February 26,2009 wherein he has pointed out the urgency of controlling irresponsible budget allocation for wasteful spending and directing the budget allocation towards clean energy, education, health care and new infrastructure.