Definition of budget noun from the Oxford Advanced Learner's Dictionary



    BrE BrE//ˈbʌdʒɪt//
    ; NAmE NAmE//ˈbʌdʒɪt//
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  2. 2(British English also Budget) [countable, usually singular] an official statement by the government of a country’s income from taxes, etc. and how it will be spent tax cuts in this year’s budget a budget deficit (= when the government spends more money than it earns) CollocationsThe economyManaging the economy handle/​run/​manage the economy boost investment/​spending/​employment/​growth stimulate demand/​the economy/​industry cut/​reduce investment/​spending/​borrowing reduce/​curb/​control/​keep down inflation create/​fuel growth/​demand/​a boom/​a bubble encourage/​foster/​promote/​stimulate/​stifle innovation/​competition encourage/​work with/​compete with the private sector increase/​boost/​promote US/​agricultural exports ban/​restrict/​block cheap/​foreign imports the economy grows/​expands/​shrinks/​contracts/​slows (down)/recovers/​improves/​is booming enjoy an economic/​housing/​property boomEconomic problems push up/​drive up prices/​costs/​inflation damage/​hurt/​destroy industry/​the economy cause/​lead to/​go into/​avoid/​escape recession experience/​suffer a recession/​downturn fight/​combat inflation/​deflation/​unemployment cause/​create inflation/​poverty/​unemployment create/​burst a housing/​stock market bubble cause/​trigger a stock market crash/​the collapse of the banking system face/​be plunged into a financial/​an economic crisis be caught in/​experience cycles of boom and bustPublic finance cut/​reduce/​slash/​increase/​double the defence/(especially US English) defense/​education/​aid budget increase/​boost/​slash/​cut public spending increase/​put up/​raise/​cut/​lower/​reduce taxes raise/​cut/​lower/​reduce interest rates ease/​loosen/​tighten monetary policy balance the (state/​federal) budget achieve/​maintain a balanced budget run a ($4 trillion) budget deficit/​surplus Culturethe budgetTo people in Britain the budget means an announcement made each year by the Chancellor of the Exchequer, the minister in charge of finance, about the government's plans concerning taxation and public spending (= money to be spent by the government).Budget Day is in March each year. A pre-budget report each autumn is given to introduce ideas on which the following year's budget will be based.On Budget Day the Chancellor explains in a long speech to the House of Commons the financial policy of the Treasury, plans for government spending, and how the money for this will be raised through taxation. There is then a debate on the budget, which lasts for several days, followed by a vote to accept or reject it. The speech is broadcast on national radio and television and is much discussed by financial and political experts. Photographs of the Chancellor on Budget Day usually show him holding up the red leather case in which the speech is contained. The word budget originally meant a small leather bag.Many people fear budget changes, because they usually mean tax increases rather than reductions, particularly on alcohol, tobacco and fuel. Some of these increases become effective immediately and car drivers may rush to buy fuel just before the budget. Budgets announced close to general elections usually contain fewer tax increases to avoid making the government unpopular.In the US the budget is a document describing how much money the government expects to have, and how it will use that money. Congress spends a lot of time discussing how much money each part of the government needs. Each member of Congress tries to make sure that as much money as possible will be spent in the area he or she represents. This is called pork-barrel politics, and money spent to benefit a particular place is called pork. When Congress has decided on a budget the President considers it. In the past the President had to approve or veto (= reject) the whole budget, but now he has a line-item veto and can veto an individual item. The Office of Management and Budget helps prepare the budget and checks how the money is spent.The US budget includes revenues (= sources of money) and spending (= amounts that will be spent). The government's largest source of money is income tax (= taxes taken out of the money that people earn from their jobs). Since the government's revenues are smaller than its spending, the US has a budget deficit (= a debt). Individual states also make budgets, and the laws of a particular state may say that it must not have a deficit (= spend more than it receives). See related entries: Economy
  3. Word Originlate Middle English: from Old French bougette, diminutive of bouge ‘leather bag’, from Latin bulga ‘leather bag, knapsack’, of Gaulish origin. Compare with bulge. The word originally meant a pouch or wallet, and later its contents. In the mid 18th cent., the Chancellor of the Exchequer, in presenting his annual statement, was said “to open the budget”. In the late 19th cent. the use of the term was extended from governmental to other finances.Extra examples All his projects are on time and on budget. Costs have been held below budget. Is there any money left in the budget? Military spending accounts for around 17% of the federal budget. The IT department manages its own budget. The annual budget deficit for 2008 could run as high as $12.8 billion. The budget for next year has not yet been set. The city has drawn up its budget for next year. The film was was made on a shoestring budget. The museum’s operating budget for 2008 is just over $2 million. The organization has a large annual budget. The project is now well over budget. The school has a struggle to balance its budget. They spent their entire budget on a new kitchen. This hotel caters for people on a tight budget. Work out a weekly budget and stick to it. a budget of $5 000 a product to fit all budgets to keep within budget It’s one of those big-budget Hollywood movies. Tax cuts are expected to be a major part of this year’s Budget. The company must not go over budget. The finance ministry is trying to reduce the budget deficit. The government is planning to double the education budget. The hospital now faces severe budget cuts. The museum has an annual budget of £3 million with which to acquire new works of art. The work was finished on time and within budget. We decorated the house on a tight budget.
See the Oxford Advanced American Dictionary entry: budget