What significant power did the Budget and Accounting Act of 1921 grant to the president?

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The significant power granted to the president by the Budget and Accounting Act of 1921 is the authority to prepare an annual budget for congressional approval. This act was a pivotal moment in the establishment of a more organized and centralized budget process within the federal government. Prior to this act, the budgeting process was largely decentralized, leading to inefficiencies and a lack of coherent planning.

By enabling the president to formulate the budget, the act aimed to enhance fiscal responsibility and establish executive leadership over budgetary matters. This responsibility includes assembling this budget based on the inputs from various federal agencies, which allows for a comprehensive view of the nation's financial needs and priorities before it is presented to Congress for approval.

This shift also underscored the importance of the executive branch in fiscal matters, marking a move towards a more coordinated federal budget process. The specific focus on preparing the budget highlights the critical role that the president plays in shaping fiscal policy and resource allocation at the federal level.

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