The federal budget is a financial plan created by the U.S. government that outlines expected revenues and expenditures for a specific fiscal year. It includes funding for various programs and services, such as education, healthcare, and national defense. The budget is proposed by the President and must be approved by Congress. The budget process involves several steps, including drafting, reviewing, and amending the proposal. Once approved, it guides how the government allocates resources and manages its finances. The federal budget is crucial for maintaining economic stability and ensuring that government operations run smoothly.