U.S. Federal Government Budget: President proposes Fiscal Year budget, U.S. Congress approves or rejects budget. Government Fiscal Year Oct. 1st through Sept. 30. Ofifce of Budget and Management director assists with preparing and managing the budget. Current U.S. Gov't. FY Budget is approximately 7 trillion. Concept of Deficit Spending explained. Appropriations of budget dollars determined by the U.S. Congress. During today's important topic on the U.S. Federal Government Budget, PJ was very attentive and on-task.