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Federal Budget

KHS federal budget

Budget a policy document that distributes the tax burden and determines benefits (the expenditures). A budget is a list of goals with price tags.
Expenditures government spending
Revenues sources of income
Deficit the annual difference between expenditures and revenues
Debt the accumulated difference between expenditures and revenues
mandatory spending funds not controlled by annual decision of Congress. ie entitlement programs and net interest on the debt.
entitlements Benefits for individuals / businesses that are written into law with no set number of people and all must meet eligibility conditions
discretionary spending spending set by annual appropriation levels made by decision of Congress
incrementalism The idea that last year’s budget is the best predictor of this year’s budget, plus some.
Loopholes a tax break or tax benefit.
reconciliation bill A single piece of legislation that typically includes multiple provisions all of which affect the federal budget. The only piece of legislation (other than a budget resolution) that cannot be filibustered on the Senate floor.
Congressional Budget Act of 1974 created the budget resolution process which is a concurrent resolution which does not require a pres. signature. Cannot be filibustered and attempted to set spending and revenuew limits.
Office of Management and Budget Tells Congress what the President believes overall federal fiscal policy should be, lays out the Pres's spending priorities, tells Congress the Pres's spending and tax policy change recommendations
House Ways and Means Committee jurisdiction over all taxation, tariffs and other revenue-raising measures, as well as Social Security, Unemployment benefits, Medicare, child support laws, federal welfare program, foster care and adoption programs
Impoundment Control Act of 1974 Attempt to limit the pres. ability to not spend appropriated funds. He must ask Congress and Congress must approve the recission.
Created by: afailoni