What is the Federal Budget?
The federal budget forecasts how much money should be spent, allocated to various expenses, and raised for the coming year. Primarily, the budget system focuses on how to distribute funds. However, it can also determine how to allocate other resources like federal employment. The President and Congress are responsible for making these important decisions, which ultimately impact change on local, state, national, and global levels. For more information, please click here.
Fiscal Year 2016 Federal Budget
The FY 2016 Federal Budget contains many initiatives geared towards improving care for children in the United States, such as:
- Expanding access to high-quality, affordable child care for all eligible low- and moderate-income working families. This will increase access for more than 1.1 million additional children under age four by 2025.
- Cutting taxes for families paying for child care (up to $3,000 credit per child). The Budget triples the maximum Child and Dependent Care Tax Credit (CDCTC) for families with children under age five. In addition, it will make the full CDCTC available to families with incomes of up to $120,000, benefiting families with young children and other dependents. These tax reforms will help cover costs for 6.7 million children.
- Increasing the duration of Head Start programs and investing in high quality infant and toddler care. Through Early Head Start-Child Care Partnerships, the Budget will expand access to high-quality care for tens of thousands of additional infants and toddlers. Also, it will provide over $1 billion in additional funding for Head Start to make sure children are served in full-day, full-year programs. Research shows that these programs lead to better outcomes for children.
- Investing in voluntary, evidence-based home visiting to enable nurses, social workers, and other professionals to connect families with support services for children’s health, development, and education.