While this “holiday” isn’t nearly as exciting – except maybe for accountants – as the real New Years, there are a few things to note.

Last week, taxpayers spent roughly $107.8 million on Congress.

Today, the Congressional Budget Office (CBO) announced its preliminary estimates for spending and tax revenues in the month of September. Because September was the last month in the 2010 fiscal year, we now have a good idea of what total spending in 2010 looked like.

California lawmakers got their first look Wednesday at a proposal that attempts to end the state’s record-long budget impasse and close a $19 billion deficit.

Among many less-than-flattering stories on Congress’ end-of-the-fiscal-year/ pre-election day wrap-up, last week’s AP story provides a particularly concise rehash of a generally dismal year.

Today marks the first day of the federal government’s 2011 fiscal year. Regrettably, for trillions of reasons, Americans aren’t exactly popping the champagne corks. A quick review of Washington’s 2010 fiscal record shows why.

A fiscal year is an accounting year, which is not the same as the calendar year. Most governments and publicly listed corporations keep their books on a fiscal year, rather than a calendar year.

An appropriations bill is a piece of legislation passed by Congress giving federal agencies the legal authority to spend money. Each year, by the beginning of the next fiscal year (October 1), Congress is supposed to pass 12 appropriations bills. So far this year, Congress has not passed any. If the Congress doesn’t make that [...]

The fiscal year is the government’s accounting year, which is not the same as the calendar year. Similar to many publicly listed corporations, the federal government keeps its fiscal books on a schedule that does not coincide with the calendar year. Specifically, the government’s fiscal year begins on October 1st and ends on September 30th every year.