A policy document allocating burdens (taxes) and benefits (expenditures)
What is Budget
100
An excess of federal expenditures over federal revenues
What is Deficit
100
Where the money goes” Government spending of revenues
What is Expenditures
100
“Where the money comes from” Income tax and Social Security tax are two of the resources the government get their money from
What is Revenues
100
: all the money borrowed by the federal government over the years and still outstanding.
What is Federal Debt
200
: controlled by the Federal Reserve board, it regulates the money supply, controls inflation, and adjusts interest rates.
What is Monetary Policy
200
: Controlled by the executive and legislative branch, in charge of raising and lowering taxes as well as government spending programs.
What is Fiscal Policy
200
Shares of individual wages and corporate revenues collected by the government.
What is Income Tax
200
The Constitutional amendment adopted in 1913 that explicitly permitted Congress to levy an income tax.
What is the Sixteenth Amendment
200
: Revenue losses that result from special exemptions, exclusions, or deductions on federal tax law.
What is Tax Expenditures
300
what is an example of entitlements?
social security
300
President Reagan proposed to eliminate many tax deductions and tax expenditures
What is tax reform
300
a long and complicated process which starts and ends with the president and has Congress squarely in the middle
What is budgetary process
300
Expenditures that are determined not by a fixed amount of money appropriated by Congress but by how many eligible beneficiaries there are for a program or by previous obligations of the government
What is "Uncontrolable" expenditures
300
What is the "power of the purse"?
a long and complicated process which starts and ends with the president and has Congress squarely in the middle
400
An act designed to reform the congressional budgetary process. Its supports hoped that it would also make Congress less dependent on the president’s budget and better able to set and meet its own budgetary goals.
Congressional Budget and Impound Control act of 1974
400
What are the two budget committees suppose to do?
these two committees are suppose to recommend target figures to Congress for the total budget size by April 1 of each year.
400
What are the two budget committees?
House Ways and Means Committeen and Senate Finance Committee
400
advises Congress on the probable consequences for its budget decisions, forecasts revenues, and is a counterweight to the presidents’ Office of Management and Budget (OMB)
What is the Congressional Budget Office
400
A resolution binding Congress to a total expenditure level, supposedly the bottom line of all federal spending for all programs.
What is budget resolution
500
An act of Congress that establishes, continues, or changes a discretionary government program or an entitlement. It specifies program goals and maximum expenditures for discretionary programs.
What is Authorization Bill
500
An act of Congress that usually funds with limits established by authorization bills. Appropriation usually covers one year
What is Appropiation Bill
500
A 1935 tax passed during the Great Depression that was intended to provide that was intended to provide a minimal level of sustenance to older Americans and thus save them from poverty.
What is Social Security Act
500
A program added to the Social Security system in 1965 that provides hospitalization insurance for the elderly and permits older Americans to purchase inexpensive coverage for doctor fees and other health expenses.
What is Medicare
500
Term used to describe the spending and appropriations process