the budget & beurocracy Flashcards
Largest sector of the federal budget
National defense
deficit
When expenditures exceed revenues
National debt
Accumulation of a deficit over time
entitlements
Policy by which congress obligates itself to pay a certian amount of benefits to a certain number of people
incramentalism
the budget increases a little bit each year
medicare
Great society program that provided healthcare to the elderly
Tax expenditures
Revenue losses that result from exclusions, exemptions and other deductions
Progressive tax
Takes a higher percentage of money from higher earners
Uncontrollable expenditures
Money that the government is required to spend by law
16th ammendment
Gave the federal government the power to levy an income tax
Which branch proposes the budget
Executive branch
Office of Management and Budget
Executive office responsible for allotting the budget and giving the president the budgetary details
House ways and means committee
House committee that writes tax codes
Budget resolution
Binds congress to total expenditure level, bottom line for federal spending
Appropriations bills
Bills passed by congress that provide funding to programs established by authorization bills