| Term | Definition |
|---|
| CEA | It is an impartial group of experts, composed of 3 professional economists plus a small staff (1946), who are responsible for forecasting economic trends, analyzing economic issues and helping prepare the economic report that the president submits to Congress each year. |
| OMB | (1921)Its chief function is to prepare estimates of the amount that will be spent by federal agencies, to negotiate with other departments over the size of their budget, and to make certain (insofar as it can) that the legislative proposals of these other departments are in accord with the president’s program. |
| Entitlements | A claim for government funds that cannot be abridged without violating the rights of the claimant; for example, social security benefits or payments on a contract. |
| Congressional Budget Act of 1974 | After the president submits his budget, two budget committees study his overall package and obtain an analysis of it form the Congressional Budget Office |
| Gramn-Rudman (Balanced Budget Act) | The Gramm-Rudman Act required that each year form 1986-1991 the budget would automatically be cut until the federal deficit had disappeared |
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