Federal Budget Word Scramble
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Question | Answer |
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. |
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