Budget I

Question 1

Fiscal Year

Answer 1

October 1- September 30 (1 year)

Question 2

Budget and Accounting Act of 1921

Answer 2

Presidents budget and yearly budget proposal presented at the state of the union

Question 3

Congressional Budget act of 1974

Answer 3

Established by the house and senate budget committees

Established congressional budget office

Question 4

Does the presidents yearly budget have force of law?

Answer 4

No

Question 5

Order of Budget I

Answer 5

President–> Congressional Budget Committee–> Appropriations

Question 6

Article 1 Section 7 Clause 1

Answer 6

All bills for raising revenue shall originate in the House of Representatives but the senate may propose or concur with amendments as on other bills

Question 7

Article 1 Section 8

Answer 7

Power to lay and collect taxes and the power to borrow are enumerated powers of congress

Question 8

Article 1 Section 9

Answer 8

Allows withdrawals from treasury ONLY when congressional appropriations are approved by law

Question 9

What does the president do in terms of budgetary matters

Answer 9

Only signs the bills at the end

Question 10

What is the Budget Resolution?

Answer 10

Passed by Congress and sets upper limit on discretionary spending

Question 11

Who does the Budget Resolution?

Answer 11

The Congressional Budget Office but it must be passed in both houses

Question 12

What does the budget resolution include?

Answer 12

Congress’ take on spending, revenue, borrowing, and economic projections

Question 13

Features of the Congressional Budget Office

Answer 13

• works for congress
• Non-partisan
• Parties trade-off appointing director
• Creates revenue/cost projections

Question 14

What types of projections does the CBO create?

Answer 14

• Baseline
• Zero-based budgeting
• Dynamic scoring

Question 15

Define baseline

Answer 15

Look at what is spent, add increase for any expected increases

Question 16

Define zero-based budgeting

Answer 16

start with a blank slate and every program/department has to earn its budget

Question 17

Define dynamic scoring

Answer 17

Looks at current policy changes and projects how they will affect revenue

Question 18

What are the types of spending?

Answer 18

• Direct/mandatory

- Discretionary

Question 19

Define direct/mandatory spending

Answer 19

level of funding is controlled outside the annual appropriations process (medicare, Medicaid, social security)

Question 20

Define discretionary spending

Answer 20

Controlled through annual appropriations process

Question 21

What are the types of appropriations?

Answer 21

• Regular annual
• Supplemental appropriations
• Continuing appropriations

Question 22

Define regular annual appropriations

Answer 22

Provides budget authority to fund programs and agency activities for the next fiscal year

Question 23

Define supplemental appropriations

Answer 23

provides additional budget authority during current FY if regular appropriations are insufficient or are needed to fund activities not provided in regular appropriations

Question 24

Define Continuing appropriations

Answer 24

Provides interim funding to agencies for activities not yet covered by regular appropriations

Question 25

Debt

Answer 25

Difference between government revenues and outlays in a FY= budget deficit/surplus

Question 26

Debt Ceiling

Answer 26

A limit on the amount of national debt that can be incurred by the treasury and limits how much money the government may pay on debt already borrowed

Question 27

President’s budget submission

Answer 27

the president submits a comprehensive budget request to Congress in early February which outlines the administrations policy and funding priorities

Question 28

What does the president’s budget submission include?

Answer 28

• includes economic outlook for the coming fiscal year

- Budget estimates spending, revenue and borrowing levels

Question 29

Budget committee

Answer 29

Set broad spending guidelines, develops priorities for upcoming budget , determines expected revenues and overall spending levels

Question 30

Federal spending

Answer 30

Entitlements, interests on debt, defense (discretionary), everything else (discretionary)

Question 31

Authorizing committees

Answer 31

Committees that deal with substantive bills as opposed to providing money for operation

Question 32

Powerful committee

Answer 32

12 subcommittees (Cardinals)

• each with authority over particular areas of the govt
  each produce a stand alone bill
• all 12 bills collectively is the federal budget

Question 33

Budget Impoundment

Answer 33

Legislation enacted by congress uses the phrase deferral of budget authority

Question 34

What does budget impoundment include?

Answer 34

• withholding or delaying the obligation or expenditure of appropriating monies
• any other type of executive action or inaction which effectively precludes the obligation or expenditure of appropriated monies

Question 35

When was impoundment executed

Answer 35

Nixon to reduce public spending and to negate programs established by congress

Question 36

Recissions

Answer 36

recommendation or proposals by the President on delaying, lowering, or eliminating funds for a particular program or policy

• must be approved in 45 days
• NOT a line item veto bc it asks congress not tells

Question 37

Omnibus bill

Answer 37

one huge bull comprised with all remaining $

Question 38

Failure to pass 12 sub-committee bills before new fiscal year solutions

Answer 38

• shutdown agency
• continuing resolution
• omnibus bill