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Spending Policy

Agency that audits, monitors, and evaluates what agencies are doing with their budgets General Accounting Office
Funds programs within limits established in an authorization bill; usually covers one year Appropriations bill
Binds Congress to a total expenditure level, supposedly the bottom line of all federal spending for all programs Budget resolution
Phrase coined by President Eisenhower to characterize the close relationship between the Pentagon and defense industry Military industrial complex
Agency that advises Congress on the budget process Congressional Budget Office
A program that provides hospitalization insurance for the elderly and permits older Americans to purchase inexpensive coverage for doctor fees and other health expenses Medicare
Establishes, continues, or changes a discretionary government program or an entitlement; specifies program goals and maximum expenditures for discretionary programs Authorization bill
Automatic across-the-board spending cuts mandated by the Gramm-Rudman-Hollings bill if Congress couldn't meet the deficit goals Sequestration
Designed to reform the budgetary process by establishing a budget calendar and created the CBO Congressional Budget and Impoundment Control Act
Committee that approves funding programs within limits established by authorization bills Appropriations Committee
When appropriations bill have been lumped together in one bill, instead of the 13 separate appropriations bills, forcing the president to accept or veto the funding Omnibus spending bills
Initiatives backed by Lyndon Johnson that expanded America's social services and created many new programs designed to aid the poor Society
Law intended to provide a minimal level of sustenance for older Americans Social Security Act
The type of spending on entitlement program such as Medicare "Pay as you go"
Senate committee that writes the tax code Finance
Policies for which Congress has obligated itself to pay X level of benefits to Y numbers of recipients Entitlements
Executive agency responsible for creating the President's budget proposal Office of Management and Budget
House committee that writes the tax code Ways and Means
Mandated maximum allowable deficit for each year for eight years until there was supposed to be a balanced budget Gramm-Rudman-Hollings
This allows agencies to spend at the level of the previous year when Congress cannot reach agreement and pass appropriations bills Continuing resolution
The belief that the best predictor of this year's budget is last year's budget plus a little bit more Incrementalism
The total market value of all final goods and services produced within a country Gross Domestic Product
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 Mandatory spending
Process through which program authorizations are revised to achieve required savings; usually includes tax or other revenue adjustments Reconciliation
Created by: betsynewmark