In a pivotal moment for the United States, the Continental Congress convened to address the pressing financial issues facing the new nation. The budget addressed critical funding needs for the army and naval forces, which had been stretched thin due to the ongoing Revolutionary War efforts against Great Britain. Defined by a list of expenditures, this financial document was a reflection of the priorities of Congress in supporting the war, facilitating supplies, and handling debts incurred by the warfront. This inaugural budget not only provided insight into the Congress's priorities but also marked the first structured approach to federal financial management in the continent's history.

The budget passed included necessary allocations for munitions, food for troops, and support for military campaigns, as Congress aimed to sustain morale and readiness during the difficult years of war. The process was not without debate; discussions revealed the varying perspectives on both funding levels and the necessity of military expenditures amidst growing popular support for independence. Moreover, it set a precedent for future congresses in terms of budgetary responsibilities and financial governance, echoing the need for a centralized fiscal policy that countered the challenges of state-based financial decision-making.

By establishing the first budget, the Continental Congress recognized the importance of economic planning and accountability in government operations. It also highlighted a significant shift from colonial governance to a nascent federal establishment. As the nation continued to grapple with military and logistical challenges, the budget’s passage signified a commitment to orderly governance and funding—a foundation upon which future government finance would be built as the United States matured into an independent nation.