Sources of Federal Revenue
Federal Expenditures
Budgetary Process
100
A document that allocates income and expenditures.
What is budget?
100
Passed during the Great Depression, this law was designed to provide a minimal level of sustenance for older Americans and save them from poverty.
What is Social Security Act?
100
Its main function is to assist the president in preparing the budget.
What is the Office of Management and Budget (OMB)?
200
Collected by the IRS, this is a share of individual incomes & corporate revenues
What is income tax?
200
Congress is required to pay X level of benefits to Y number of eligible recipients.
What are entitlements?
200
The bottom line of all federal spending for all programs. It binds Congress to a total expenditure level.
What is budget resolution?
300
It is the cause of federal debt.
What is borrowing?
300
It used to be the most expensive part of the federal budget before social services.
What is military budget?
300
It advises Congress on possible consequences of its budget decisions and forecasts revenues.
What is the Congressional Budget Office (CBO)?
400
This amendment explicitly permits Congress to levy a tax on income.
What is the Sixteenth Amendment?
400
Belief that this year's budget will be the same as last year's budget plus a little bit more.
What is incrementalism?
400
An act of Congress that creates, modifies, or extends agencies or programs.
What is authorization bill?
500
Money that the government could collect but does not as a result of special exemptions from taxation.
What are tax expenditures?
500
The portion of the federal budget determined by previous government obligations or by the number of eligible beneficiaries for a program.
What are uncontrollable expenditures?
500
A congressional process that revises program authorizations in order to achieve required savings.
What is reconciliation?
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