a summary of intended expenditures along with proposals for how to meet them
the amount by which expenditures exceed income
Federal spending of revenues. Major areas of such spending are social services and the military.
The financial resources of the federal government. The individual income tax and Social Security tax are two major sources of revenue.
interest on debt
the payments required each budget year for at least the owed interest on the public debt by the United States.
a personal tax levied on annual income
Pollock v. Farmer's Loan and Trust Co.
The 1895 case in which the Supreme Court declared the first peacetime income tax unconstitutional.
Internal Revenue Service
the bureau of the Treasury Department responsible for tax collections
any tax in which the rate increases as the amount subject to taxation increases
proportional tax on income after a specific threshold has been reached
all the money borrowed by the federal government over the years and still outstanding
exceptions or oversights in the tax law that allow some people and businesses to avoid paying taxes
Providing automatic increases to compensate for inflation.
Tax Reform Act of 1986
simplified the income tax code, broadened the tax base and eliminated many tax shelters and other preferences
Clinton tax plan
tax cuts for middle and lower-class families but not upper-class people
Gross domestic product
the sum total of the value of all the goods and services produced in a nation
MIlitary industrial complex
Eisenhower first coined this phrase when he warned American against it in his last State of the Union Address. He feared that the combined lobbying efforts of the armed services and industries that contracted with the military would lead to excessive Congressional spending.
Social Security Act
A 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.
a federal program of health insurance for persons 65 years of age and older
the term for the domestic programs of the Johnson administration
the belief that the best predictor of this year's budget is last year's budget, plus a little bit more (an increment)
spending required by law
Office of Management and Budget
the executive agency that advises the President on the federal budget
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 Finance Committee
The Senate committee that, along with the House Ways and Means committee, writes the tax codes, subject to the approval of Congress as a whole.
Congressional Budget Office
staff agency that advises Congress on the likely economic effects of different spending programs and provides information on the costs of the proposed policies.
congressional committee that deals with federal spending
General Accounting Office
reviews spending activities of federal agencies, studies programs, and recommends ways to spend taxpayers' dollars wisely
Budget and Accounting Act
This act created the Bureau of the Budget in the treasury department and enhanced presidential control over the budgetary process in the executive branch.
Congressional Budget and Impoundment Control Act
an act designed to make Congress less dependent on the president's budget and better able to set and meet its own budgetary goals
A resolution binding Congress to a total expenditure level, supposedly the bottom line of all federal spending for all programs.
A congressional process through which program authorizations are revised to achieve required savings. It usually also includes tax or other revenue adjustments.
An act of Congress that establishes, continues, or changes a discretionary government program or an entitlement. It specifies program goals and maximum expenditures for discretionary programs.
An act of Congress that actually funds programs within limits established by authorization bills. Appropriations usually cover one year.
When Congress cannot reach agreement and pass appropriations bills, these resolutions allow agencies to spend at the level of the previous year.
Omnibus spending bills
a bill that sets the budget of many departments at once.
A deficit reduction bill passed in 1985 that forced Congress to reduce the deficit by $36 billion a year, for 5 years.
Automatic across-the-board spending cuts made if Congress failed to meet the deficit goals.
requires spending increases on some programs to be offset by spending decreases somewhere else