From the Introduction: "The Constitution establishes the role of the House and Senate in federal budgetary decisions by giving Congress the power of the purse. Article I, Section 8, grants Congress the power to lay and collect taxes and the power to borrow money. Article I, Section 9, grants Congress power over spending decisions as well, stating that 'No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law.' While the Constitution establishes that the power of the purse must be exercised through the lawmaking process, it does not specify how, when, and in what order decisions on budgetary legislation should be made. As a consequence, Congress has created a budget process over time through various statutes, rules, practices, and precedents. Together, they form a complex process involving multiple decisions and actions occurring at various points during the year. This means that there is no single timeline that can be used to predict with certainty when the various actions that comprise the congressional budget process will occur for any given fiscal year. There is, however, a general order that the basic steps in the process follow. This report provides an overview of the general timing and sequence of the actions that make up the congressional budget process. First, it outlines the timetable in Section 300 of the Congressional Budget Act of 1974. Next, it discusses how each of the major steps in the process fit into this timeline in practice. These steps include the submission of the President's budget, adoption of a budget resolution, potential consideration of reconciliation legislation, consideration of annual appropriations bills, and the use of continuing appropriations and the completion of the annual appropriations process."
CRS Report for Congress, R47235
Congressional Research Service: https://crsreports.congress.gov/