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