Federal budget vocab Flashcards
1
Q
revue
A
money the US government makes (mainly through taxes)
2
Q
Appropriation
A
an act of Congress (law) that allows federal agencies to spend money for specific things
3
Q
Debt ceiling
A
: a law limiting the amount of money the US can borrow
4
Q
Deficit
A
the difference produced when spending exceeds revenues in a fiscal year
5
Q
Deficit spending
A
when the federal government borrows money to pay for its programs
6
Q
GDP
A
the standard measurement of an economy’s size (calculated by adding the total production of goods and services nationwide)
7
Q
National debt:
A
the total money the US has borrowed but not repaid over the years
8
Q
Surplus:
A
the amount by which revenues exceed expenses (when that happens)
