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The Budget Process
| Question | Answer |
|---|---|
| What is the name of the 12-month period used for federal budgeting? | Fiscal Year – October 1 to September 30 |
| What is the difference between mandatory and discretionary spending? | Mandatory = Required by law, like Social Security; Discretionary = Congress must approve yearly, like defense funding |
| What government office helps the president prepare the budget? | Office of Management and Budget – OMB |
| What happens when Congress fails to pass a budget before the fiscal year starts? | A government shutdown or a continuing resolution to extend funding temporarily |
| Which of the following is the largest category of federal spending? | Social Security & Medicare take up the largest portion of federal spending |
| Which part of the budget is most likely to be debated and changed each year? | Discretionary spending must be approved annually |
| True or False: The federal government is required to have a balanced budget each year. | False – The government can run deficits and borrow money. |
| True or False: Congress controls the budget more than the president does. | True – Congress approves all federal spending through appropriations bills |
| Congress is debating whether to increase spending on infrastructure. Where will this money most likely come from? | Discretionary spending – It must be included in the annual budget process |
| What’s the difference between a budget deficit and the national debt? | A deficit is yearly overspending; the national debt is the total amount borrowed over time! |
| What does a debt ceiling limit? | The total amount the U.S. government can borrow |
| If Congress wants to reduce the deficit, what are two ways it can do so? | Increase taxes or cut spending |
| The economy is in a recession. What are two ways the government can use fiscal policy to stimulate growth? | Increase government spending and/or cut taxes! This puts more money into the economy, boosting demand and job growth. |
| What is fiscal policy? | Fiscal policy refers to how the government uses taxing and spending to influence the economy |
| How do Republicans and Democrats typically differ in their approach to fiscal policy? | Republicans generally favor lower taxes and reduced government spending to encourage private sector growth, while Democrats typically support higher government spending on social programs and infrastructure, funded by progressive taxation, to stimulate the economy. |
| What is pork-barrel or earmark spending? | Government funds directed toward local projects to benefit a legislator’s district or specific funds in a bill directed toward particular projects |
| What is logrolling? | A practice where legislators agree to vote for each other’s bills |
| What is a Conference Committee | A temporary, joint committee that reconciles the differences between House and Senate versions of a bill. This is necessary in the Budget Process too because the House and Senate Appropriations have to agree on the same language of a spending bill. |
| How many Appropriations Committees are there? | 12 in the House and 12 in the Senate. They are aligned with each other because both chambers need to reach agreement on the spending bill being approved for the President to consider. There are 12 spending bills to create and send to the President in the Budget Process. |
| What is an omnibus bill? | All 12 Appropriations Bills are combined in one large package to send to the President for his/her signature. |
| What is a minibus bill? | Less than 12 Appropriation Bills are send to the President for a signature. |
| What is a CR? | A temporary funding measure that allows the government to continue operating at current spending levels when Congress fails to pass a new budget on time. It helps prevent government shutdowns while lawmakers negotiate a full appropriations bill. |
| What are individual entitlement programs, and can you name two examples? | Individual entitlement programs make up the Mandatory Budget. They provide individual benefits established by legislation with specific eligibility criteria or formulas. Examples include Social Security, Medicare, and Medicaid. |
| What is the largest source of federal revenue? | Income Taxes |
Created by:
Lynn Pritt