Its responsibilities include legislative oversight of the federal budget process, reviewing all bills and resolutions on the budget, and monitoring agencies and programs funded outside of the budgetary process.

This resolution sets the aggregate levels of revenue and spending that is expected to occur in a given fiscal year.

This target date is rarely met, and in at least four years (FY1999, FY2003, FY2005, and FY2007) no budget resolution was ultimately adopted.

This resolution also gives to each committee of the House an "allocation" of "new budget authority".

If a bill comes to the floor to be considered and it causes an increase in spending above this allocation, it is subject to a point of order (under 302(f) of the Congressional Budget Act).

If an entitlement is expanded and it has not been budgeted for in the budget resolution, it is subject to a point of order on the floor and, if not waived, will prevent it from being called up for consideration (if a Member of Congress stands before the body and makes the point of order).

The committee also reviews supplemental budget requests submitted by the president, which cover items which for one reason or another were not included in the original budget request, usually for emergency spending.

Recently, emergency budget supplementals have been used to request funding for the wars in Iraq and Afghanistan as well as for disaster recovery after Hurricanes Katrina and Rita.

It also has the power to enforce established federal budget rules, hold budget-related investigations, and subpoena witnesses.

Additionally, the committee has oversight of the Congressional Budget Office.

Though this is required, it is almost always waived and the committee only meets when a subject of sufficient importance arises.

This usually occurs during the early part of the calendar year when the president's budget is issued and important budgetary decisions must be made.

For a business meeting, such as a "mark-up" of a legislative document, a majority of its members must be present.

If a bill is passed out of committee without the requisite quorum, it may be subject to a point of order on the floor of the U.S. House of Representatives.

The committee may only consider measures placed before it either by the chairman or by a majority vote of its members.

Additionally, John Kasich (chairman 1995–2001) went on to serve as Governor of Ohio from 2011 to 2019, while Paul Ryan (chairman 2011–2015) was the Republican nominee for vice president in 2012 and the House speaker from 2015 to 2019.