GAO Glossary of Terms and Definitions (September 2005)

Budget Update

A revised estimate of budget authority, receipts, and outlays issued subsequent to the issuance of the President’s budget. The President is required by provisions of the Congressional Budget and Impoundment Control Act of 1974 (see provisions of  31 U.S.C. §§ 1105(d), 1106) to transmit such statements to Congress by July 15 of each year; however, the President may also submit budget updates at other times during the fiscal year. (See also Budget Estimates.)

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