Chapter 14 Vocab Flashcards
A policy document allocating burdens and benefits
Budget
An excess of federal expenditures over federal revenues
Deficit
Government spending of revenues
Expenditures
The financial resources of the government
Revenues
Shares of individual wealth and corporate revenues collected by the government
Income tax
All the money borrowed by the federal government over the years and still outstanding
Federal debt
Revenue losses that result from special exemptions exclusions or deductions on federal tax law
Tax expenditures
1935 act during the great depression that was intended to provide a minimal level of sustenance the older Americans and save them from poverty
Social security act
A program added to the Social Security system in 1965 the provides hospitalization insurance for the elderly and permits older Americans to purchase inexpensive coverage for Dr. fees and other health expenses
Medicare
Description of the budget process for the best predictor of this year’s budget is last year’s budget plus a little bit more
Incrementalism
Expenditures that are determined not by a fixed amount of money appropriated by Congress bye-bye how many eligible beneficiaries there are for a program or by previous obligations of the government
Uncontrollable expenditures
Policies for which Congress is obligated itself to pay X level of benefits to Y number of recipients
Entitlements
The House of Representatives committee that along with the Senate Finance Committee writes the tax codes
House ways and means committee
Senate committee that along with the house ways and means committee writes the tax codes
Senate finance committee
And act designed to reform the congressional budgetary process it supporters hope that it would also make Congress less depending on the presidents budget and better able to set and meet its own budgetary goals
Congressional budget and impoundment control act of 1974
Advises Congress on the probable consequences of his decisions forecast revenues and is a counterweight to the presidents office of management and budget
Congressional budget office
Resolution binding Congress to a total expenditure level supposedly the bottom line of all federal spending programs
Budget resolution
A congressional process through which program authorizations are revised to achieve required savings
Reconciliation
An act of Congress that establishes continues or changes and discretionary government program or an entitlement
Authorization bill
Act of Congress that actually funded programs within limits established by authorization bills
Appropriations bill
When Congress cannot reach agreement and pass appropriation bills these resolutions allowed agencies to spend at the level of the previous year
Continuing resolutions
The spending category in which the government to make choices in the amounts to budget
Discretionary spending
