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Agency debt

portion of federal debt when federal agency (which is NOT Treasury) borrows $ directly from people

Back-door authority

ability to spend money w/o going through appropriations process

Borrowing authority

permits a federal agency to incur obligations and make payments for specified purposes out of money borrowed from the Treasury. BORROWS $$ FROM GOVT. TO HELP PEOPLE/PUBLIC, $$ BORROWED FROM TREASURY

Budget Authority

to enter into obligations that will result in future outlays involving federal government funds. ENTERING INTO A CONTRACT SO THEY HAVE TO PAY IN FUTURE

Budget surplus

government budget receipts that exceed its budgets outlays for the given budget/year.

Budget year

the fiscal year of the government in which the session begins. This determines how much money can be spent during the fiscal year. LOOK AT DIAGRAM

Capital budget

divided budget with investment in capital assets and the budget surplus or deficit.BUDGET USED FOR GOODS, NOT SERVICES

CBO (Congressional Budget Office)

the budget set by Congress in a concurrent resolution on the budget. GIVES BUDGET #'s + FIGURES FOR OUTYEARS

COLA (coast of living adjustments)

cost of maintaining a certain standard of living.

concurrent resolution on the budget

the congressional budget for the United States Government for a fiscal year and revising the congressional budget for

congressional budget

appropriated funds for Congress

continuing resolution

provide temporary budget authority for federal agencies to keep them in operation when their regular appropriation bill hasn't been enacted at the beginning of the fiscal year

contract authority

authority to spend money based on a contract

controllability

The ability of Congress and the President to increase and decrease budget outlays or budget authority in the year in question

credit authority

to incur direct lean obligations or to incur primary loan guarantee commitments

current year

The fiscal year for which operations are currently underway or the budget year for which funds are currently being requested

Debt ceiling

the maximum amount of debt that a government can take on

Deferral of budget authority

an action by the executive branch that delays the obligation of budget authority beyond the point it would normally occur

Deficit

the amount by which the total budget outlays exceed total revenues in a fiscal year.

Deficit financing

outlays over receipts, financed primarily by borrowing from the public. DEFICITS PAYED FOR BY BORROWING FROM PUBLIC

Discretionary appropriations

budgetary resources provided in appropriations act.

Entitlements

Social Security benefits and veterans compensation or pensions, legislation that requires the payment of benefits to any person or unit of government that meets the eligibility requirements established by such a law.

Federal debt

consists of public debt, which occurs when the Treasury of the Federal Financing Bank (FFB) borrows money directly from the public or other funds or accounts GROSS: PUBLIC&AGENCY DEBT PUBLIC: PORTION OF FEDERAL DEBT

Fiscal year

a 12-month accounting period, begins on October 1 and ends September 30. For example, fiscal year 1995 is the year beginning October 1, 1994 and ending September 30, 1995.

Fiscal policy

federal government policies with respect to taxes, spending and debt management, intended to promote the nation's macroeconomic goals, with respect to employment, gross national product and price level stability and equilibrium in balance of payments. The budget process is a major vehicle for determining and implementing federal fiscal policy.

Impoundment

Any action or inaction that precludes the obligation or expenditure of budget authority provided by Congress

Mandatory (direct) spending

Budget authority provided by law (ex. interest)

Monetary policy

Management of money supply ex. Federal Reserve System. Aim= price stability and full employment

Off-budget entities

people who don't need to be on budget b/c their revenue comes from own organization or borrowing (ex. Social Security)

Off-setting receipts

Income from public that results from the sale of products or services(ex.timber from federal lands or entrance fees to national parks). NOT COUNTED AS RECEIPTS, JUST REDUCES SPENDING!

Outyear

any of the fiscal years that follow the budget year, through fiscal year 1995

President's budget

sent to Congress n January that estimates government receipts and outlays for the ensuing fiscal year and recommending appropriations in detail

Public debt

debt owed to the people, borrows funds directly from public

Real economic growth

the growth in the gross national product during such year WHICH INCLUDES inflation

Reconciliation

a process in which congress includes in a budget resolution "reconciliation instructions" to specific committees, directing them to report legislation that changes existing laws, usually for the purpose of decreasing spending or increasing revenues by a specified amount by a certain date.

Rescission (of budget authority)

cancellation of budget authority before the time when the authority would otherwise cease to be available for obligation CAN'T ENTER INTO OBLIGATIONS

Revenue

collections from the public arising from the government's sovereign power to tax, MONEY MADE!

Sequestration

spending equally btwn. defense and non-defense

Snapshot

The estimate of the projected deficit for the upcoming fiscal year made by the directors of the Congressional Budget Office and the Office of Management and Budget on August 15 under the provisions of the Gramm-Rudman-Hollings Act ESTIMATED DEFICIT

Subsidy

a payment or benefit made by the federal government for which there is no current charge. They are designed to support the conduct of an economic enterprise or activity, such as ship operations PAYMENT = NO CHARGE

Supplemental appropriations

An act appropriating funds in addition to those in the thirteen regular annual appropriations act. They provide additional budget authority beyond the original estimates for programs or activities. BORROWED MONEY, DOESN'T EFFECT BUDGET b/c ITS NOT IN THE BUDGET

Tax expenditure

a tax break- cutting the amount of which you are taxing people, revenue losses attributed to provisions of federal income tax laws, allows deduction from gross income

Trigger

exceeds the maximum deficit amount for the coming fiscal year by more than 10 Billion, this potential action by Congress and the president by way of a joint resolution to reduce defense and non-defense spending by uniform percentages in order to meet the maximum deficit amount. DECREASES SPENDING ACROSS THE BOARD

Trust fund

A fund consisting of assets belonging to a trust, held by the trustees for the beneficiaries MONEY USED FOR CERTAIN PURPOSE!

Unified budget

Describes the way the federal budget is currently displayed. This display includes revenues and spending for all regular federal programs and trust funds except Social Security

Appropriations Act (13)

generally provides authorization for federal agencies to incur obligations and to make payments for specified purposes. It generally follows enactment of authorizing legislation.

Outlay

Disbursements by the federal Treasury in the form of checks or cash

Budget (Receipts)

Collections from public and from payments by participants in certain voluntary federal social insurance programs.

OMB,office of management and budgeting

office that assists president in overseeing the preparation of federal budget

on-budget entity

transaction included in the budget

nondiscretionary spending

...

means-tested entitlements

money one is
entitled to only if one meets certain qualifications

GDP, Gross Domestic Product

total of good and services produced every year, money produced in US in a year

Earmarked reciepts

are monies dedicated to
specific purpose only

current dollar

money from certain year

constant dollar

money used to try and compare taxes overtime

base-line projections

a 5 year projection used for economic purposes

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