All levels of government combined consume about this percent of the nation's output of goods and services?
What is one-third of the nation's output?
100
The largest category of spending for most local governments
What is elementary and secondary education?
100
Higher-than-normal interest rates and diminished access to financial capital faced by private borrowers when they compete with government borrowing in financial markets.
What is the crowding-out effect?
200
12-month financial planning period that may or may not coincide with the calendar year.
What is fiscal year?
200
Annual budget in which expenditures equal revenues
What is a balanced budget?
200
National defense is an example of this type of spending.
What is discretionary spending?
200
This category of spending includes interest payments on the federal debt, Medicare and Medicaid, and Social Security.
What is mandatory spending?
200
The total amount borrowed from nvestors to finance the federal government's deficit spending.
What is the national debt?
300
The part of the economy made up of individuals and privately owned businesses.
What is private sector?
300
Social programs that provide services or income to all individuals who meet eligibility requirements.
What are entitlements?
300
This act was created during the Clinton presidency in an attemp to trim $500 billion from the deficit over a five-year period.
What was the Omnibus Budget Reconciliation Act?
300
Special accounts used to hold revenues designated for a specific expenditure such as Social Securit, Medicare, or highways.
What are trust funds?
300
About $4.4 trillion of the national debt in late 2009 are in these types of funds and is money the government owes to itself.
What are trust funds?
400
A constitutional provision requiring that annual spending cannot exceed revenues.
What is a balanced budget amendment?
400
Payment for which the government receives neither goods nor services.
What is a transfer payment?
400
Passed in 1935, this law lifted nearly half of America's senior citizens out of poverty in 1999.
What is Social Security?
400
A general conclusion that can be made about federal deficits compared to surpluses since 1965.
What are many more years of federal deficits than surpluses since 1965?
400
A line-item budget expenditure that circumvents normal budget procedures and benefits a small number of people or business. Also goes oink, oink.
What is pork?
500
Spending authorized by law that continues without the need for annual approvals by Congress.
What is mandatory spending?
500
Spending in excess of revenues collected.
What is deficit spending?
500
The "pay-as-you-go" provision was a feature of this act.