Terms
Budget Process
Revenue Sources
Expendatures
mis·cel·la·ne·ous
100
a spending plan where revenue equals expenditures
What is balanced budget
100
The first step and date
What is President Proposes by First Monday in Feb
100
In 2015, its where 80 of federal revenue came from
What is individual income taxes and payroll taxes
100
Amount the federal gov spent in 2015
3.8 trillion
100
the values of the majority of Americans
What is what the federal budget should reflect
200
when there is a revenue shortfall
What is deficit
200
2nd step
What is Congress drafts authorization bills
200
type of tax where the rich pay more. and an example
What is progressive tax. income taxes, property taxes
200
The % that the feds provide for state budgets
What is 30%
200
The role the Constitution specifies the president should have in finances
What is none
300

The amount a country owes to its lenders

What is federal debt?

300
Its where the mark up takes place
What is subcommittee
300
when the tax burden falls more heavily on the poor. and an example
What is regressive tax. sales tax, licences, fees (when its one cost for everyone)
300
Money that has to be spent on programs. Largest part of this expenditure
What is mandatory Social Security
300
The number of appropriations bills that congress must pass. AND What they pass if they miss the deadline.
What is 12 and a CR
400

The time period an organization uses for budgeting purposes

What is fiscal year?

400
In step 4, the differences are reconciled here.
What is joint conference committee
400
Its why income tax may not be as progressive as it seems
What is tax breaks (loopholes) that often allow the wealthy to reduce tax liability
400
The spending that congress decides. Largest part of this spending
Discretionary, Defense
400
Taxes on a specific good
What is excise or luxary
500

Where a Government increases its spending to improve economic growth

What is an expansionary stance?

500
5th step and date by which it must legally happen
What is president signs by Oct 1st
500
______ out of the last 50 years the government had to ______________ $ by issuing _____________ This is called ______________
What is 45, borrow , bonds, deficit spending
500
Benefits that must be provided by all who are eligible and examples
What is What is entitlements Social Security, Medicare, Medicade
500
National Priorities is this
What is an interest group concerned with reforming the revenue and expenditures of our federal gov.
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