KHS federal budget
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| Budget | a policy document that distributes the tax burden and determines benefits (the expenditures). A budget is a list of goals with price tags.
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| Expenditures | government spending
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| Revenues | sources of income
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| Deficit | the annual difference between expenditures and revenues
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| Debt | the accumulated difference between expenditures and revenues
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| mandatory spending | funds not controlled by annual decision of Congress. ie entitlement programs and net interest on the debt.
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| entitlements | Benefits for individuals / businesses that are written into law with no set number of people and all must meet eligibility conditions
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| discretionary spending | spending set by annual appropriation levels made by decision of Congress
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| incrementalism | The idea that last year’s budget is the best predictor of this year’s budget, plus some.
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| Loopholes | a tax break or tax benefit.
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| 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.
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| 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.
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| 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
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| 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
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| 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.
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