Chapter 14 Vocab
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21 terms
Terms | Definitions |
|---|---|
 Budget | A policy document allocating burdens (taxes) and benefits (expenditure |
| deficit | an excess of federal expenditures over federal revenues |
| expenditures | federal spending of revenues. (social services and military) |
| income tax | shares of individual wages and corporate revenues collected by the government. (16th amendment authorized congress to levy a tax on....) |
| sixteenth amendment | consitutional amendment adopted in 1913 that explicitly permitted congress to levy taxes on income tax |
| federal debt | all the money borrowed by the federal government over the years and still outstanding. today the federal debt is more than 7 trillion |
| tax expenditures | revenue losses that result from special exemptions, exclusions, or deductions on federal tax law. |
| social security act | 1935 law passed during the Great Depression that was intended to provide a minimal level of sustenance to older Americans and thus save them from poverty |
| Medicare | a program added to the social security system in 1965 that provides hospitalization insurance for the elderly and permits older americans to purchase inexpensive coverage for doctor fees and other health expenses |
| incrementialism | the belief that the best predictor of this year's budget is last year's budget plus some |
| uncontrollable expenditures | expenditures that are deterrmined not by a fixed amount of money appropriated by congress but by how many eligible beneficiares there are for a program or by previous obligations of the government |
| entitlements | policies for which congress has obligated itself to pay X level of benefits to Y number of recipients (social services) |
| House Ways and Means Committee | the house of representatives committee that, along with the senate finance committee writes the tax codes, subject to the approval of congress as a whole |
| Senate Finace Commeittee | Senate committee that along with HWMC writes tax codes subject to approval of congress as a whle |
| Congressional Budget and Impoundement Control Act of 1974 | act designed to reform the congressional budgetary process. Its supporters hoped that it would also make Congress less dependent on the president's budget and better able to set and meet its own budgetary goals |
| Congressional Budget office (COB) | Advise congress on the probable consequences of its decisions, forcast revenues and is a counterweight to the president's OMB |
| budget resolution | a resolution binding Congress to a total expenditure level, supposedly the bottom line of all federal spending for all programs |
| reconciliation | a congressional process through which program authorizations are revised to achieve required savings. it usually also includes tax or other revenue adjustments |
| authorization bill | act of congress that establishes changes a discretionary government program or an entitlement. (specifies program goals and maximum expenditures for discretionary programs |
| appropriations bill | an act of congress that actually funds programs w/n limits established by authorization bills (cover one year) |
| continuing resolutions | when congress cannot rreach agreement and pass appropriations bills, these resolutions allow agencies to spend at the level of the previous year |
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