The Senate Budget Committee was established in 1974 by the Congressional Budget and Impoundment Control Act. Along with the House Budget Committee, it is responsible for drafting Congress' annual budget plan and monitoring action on the budget for the Federal Government. In addition, the Budget Committee has jurisdiction over the operation of the Congressional Budget Office (CBO).

The Committee is currently chaired by Senator Kent Conrad (D-ND). Senator Jeff Session (R-AL) serves as Ranking Member.

The Budget Committee is often confused with the Finance Committee and the Appropriations Committee, both of which have different jurisdictions.

The Senate Finance Committee (like the Ways and Means Committee in the House of Representatives) has legislative jurisdiction in the areas of taxes, Social Security, Medicare, Medicaid and some other entitlements.

The Senate Appropriations Committee has legislative jurisdiction over annual appropriations bills, which provide funding for government programs. While the budget resolution prepared by the Budget Committee sets out a broad blueprint for the Congress with respect to the total levels of revenues and spending for the government as a whole, these other Committees prepare legislation that actually enacts specific tax and spending policies.

For more information about the Committee and the budget process, read The Congressional Budget Process: An Explanation (.pdf).