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Bipartisanship

support from both parties for policy, e.g., a bipartisan foreign policy.

Budget Deficit

when federal expenditures exceed federal revenues for a one year period.

Deficit Spending

the federal government's practice of spending more money than it takes in as revenues.

Deregulation

elimination of federal regulations on private companies

Entitlements

federal benefit payments to which recipients have a legal right, e.g., social security. Also known as uncontrollables

Fiscal Policy

taxing and spending policies.

Means testing

requiring that those who receive federal benefits show a need for them.

Monetary Policy

Federal Reserve Board's regulation of the supply of money in circulation.

National debt

total debt owed by the federal government due to past borrowing. Also known as the public debt.

Subsidy

federal financial aid to individuals, e.g., welfare, food stamps, agricultural subsidies.

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