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Federal Budget
Chapter 13
| Question | Answer |
|---|---|
| Appropriation | A legislative grant of money to finance a government program or agency |
| balanced budget | Budget in which revenues are equal to spending for a fiscal year |
| bipartisan | supported by two political parties |
| budget resolution | A resolution binding Congress to a total expenditure level, supposedly the bottom line of all federal spending for all programs. |
| Continuing Resolution (CR) | A congressionally approved act required when no national budget has been passed before the start of a new fiscal year. This extends spending at current levels for a prescribed period of time. |
| debt | something, typically money, that is owed or due |
| debt ceiling | a limit on the total amount of money the federal government can legally borrow |
| deficit | An excess of federal expenditures over federal revenues. |
| deficit spending | government spending, in excess of revenue, of funds raised by borrowing rather than from taxation. |
| discretionary spending | Federal spending on programs that are controlled through the regular budget process |
| entitlement programs | Government benefits that certain qualified individuals are entitled to by law, regardless of need. |
| excise tax | Consumer tax on a specific kind of merchandise, such as tobacco, alcohol, transportation fuels, telephones. |
| fiscal year | A 12-month pd, October through Septmeber, for planning the federal budget |
| Gross Domestic Product (GDP) | A measurement of the total goods and services produced within a country. |
| mandatory spending | Federal spending required by law that continues without the need for annual approvals by Congress. |
| national debt | the total amount of money that a country's government has borrowed, by various means. |
| Office of Management and Budget (OMB) | The office that prepares the president's annual budget proposal, reviews the budget and programs of the executive departments, supplies economic forecasts, and conducts detailed analyses of proposed bills and agency rules. |
| revenue | incoming money from taxes |
| social insurance payroll taxes | Social Security taxes, Medicare taxes, unemployment insurance taxes, and federal employee retirement payments. |
| surplus | the amount by which revenues exceeds outlays |
Created by:
Mrs. Kaminski
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