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American Economy
Terms from the Federal Budget Activity
| Question | Answer |
|---|---|
| An act of Congress that enables federal agencies to spend money for specific purposes | Appropriation |
| Occurs when total revenues equal total outlays for a fiscal year | Balanced Budget |
| Relating to the agreement or cooperation of two political parties that normally oppose each other | Bipartisan |
| The annual framework within which Congress makes its decisions about spending and taxes. This includes targets for total spending,total revenues, and the deficit, as well as allocations, for discretionary and mandatory spending | Budget Resolution |
| Legislation used by Congress to fund the government if appropriations have not been signed into law by the beginning of the fiscal year | Continuing Resolution |
| Enacted in 1917, this law limits the amount of money the United States can borrow | Debt Ceiling |
| The difference produced when spending exceeds revenues in a fiscal year | Deficit |
| Occurs when the government’s revenues do not cover the cost of all its spending and it borrows money to finance its programs, using that borrowed money to | Deficit Spending |
| Is the amount by which revenues exceed outlays | Surplus |
| What the president and Congress must decide to spend for the next fiscal year through annual appropriations bills. Ex. include $ for programs as the FBI, housing, education, space exploration, highway construction, defense, and foreign aid | Discretionary Spending |
| A program that legally obligates the federal government to make payments to any person who meets the legal criteria for eligibility. Examples include Social Security, Medicare, and Medicaid | Entitlement |
| This is the government’s accounting period. It begins October 1 and ends on September 30. For example, fiscal year 2019 ends September 30, 2019 | Fiscal Year |
| GDP is the standard measurement of the size of the economy. It is the total production of goods and services within the United States | Gross Domestic Product (GDP) |
| Also called non-discretionary spending this is authorized by permanent law. An example is Social Security. The president and Congress can change the law to change the level of spending on mandatory programs—but they don’t have to do so | Mandatory Spending (Non-discretionary Spending) |
| When revenues do not cover the costs of government spending, the government borrows money to finance this deficit. The total it has borrowed over the years, but not repaid | National Debt |
| Part of the Executive Office, the Office of Management and Budget assists the president in the development and implementation of the federal budget | OMB |
| Include the collections that result from government activity, such as taxes. Does not include collections that result from the govt’s business-like activities, like entrance fees at national parks. | Revenue |
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Regents Review 1
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