The Budget Quiz Flashcards
What does fiscal mean?
Taxing and spending
What is government budget?
Annual appropriations and revenue plan
Appropriations
Spending
Revenue
How much coming in
Largest amount of revenue comes from
Income tax
Other words for entitlements
Mandatory spending
Nondiscretionary spending
Entitlements are - to change
Difficult
What do entitlement programs do
Appropriations programs that pay out to citizens based on their meeting some criteria based on law
Entitlements made up what percent of budget in 2016
65%
Entitlements are paid - by -. Not - by budget. Only - if - changes.
Automatically, law, changed, change, law
3 largest entitlement programs
Social security
Medicare
Medicaid
Largest percent of entitlements programs, more budget, more money goes to what faction
Health and human services
Discretionary spending
Can be changed through budget process
What percent of budget goes to discretionary spending
35%
What fraction of discretionary spending is military spending
3/5ths
What percent of dis budget is to defense
20%
Non defense is what percent of dis spending
15%
Until 1970s, - was largest area of appropriations
Defense
Deficit
Difference between appropriations and revenue if revenue is lower, per year
National debt
Accumulation of deficits over time
Interest
Must be added to national budget and paid each year (mandatory)
When does budget process for next year begin?
February
What is fiscal year (months)
Oct-Sept
Who starts budget process? How?
President proposes budget to promote policy agenda
Which executive office agency helps president propose agenda? Which congressional staff agency helps?
OMB, CBO
Budget resolution passed by? By when?
Budget committee of each house by April
What does budget resolution do?
Sets total appropriations limit for the budget, sets appropriations limit for each 20 budgetary functions
After budget resolution passed by budget committee of each house…? When does this happen?
Each appropriations committee of each house sets to work to determine how they will specifically spend their assigned portion
April to August
When does pork barrel, log rolling, mark ups, ear marks happen?
In appropriations committees
Ideally, each committee reports its own appropriations bill to ——-, but, most -, all separate bills of all appropriations committees will be —– referred to as an – to be voted on the - as ——–
Ideally each committee reports out its own appropriations bill to be voted on separately by the house, but most often, all the separate bills of all the appropriations committees will be combined into one large bill referred to as an omnibus bill to be voted on the floor as one vote if not completed by August
Omnibus bill is - part of budget and combined - of –
Important, appropriations of different committees
Since budget is working its way separately in each house, the house and senate versions of the bill
Versions of the bill will never be identical
A - committee will be created to create a – version of the budget that can be approved by both houses
What’s this bill called?
Conference, reconciled version
Compromised bill
Pres can - or - bill. He probably won’t - if budget is -.
Veto, sign, veto if budget is late
Continuing resolution
Do we end up with this most often?
Passed by congress if budget isn’t approved by beginning of fiscal year (allows fed spending to continue at previous year’s levels)
Yes
What happens without continuing resolution?
Govt will shut down without cont res or budget
