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per capita

per person basis; total divided by population

public sector

that part of the economy made up of the local, state, and federal governments

private sector

that part of the economy made up of private individuals and businesses

federal budget

annual plan outlining proposed expenditures and anticipated revenues

fiscal year

12 month financial planning period that may not coincide with the calendar years

mandatory spending

federal spending authorized by law that continues without the need for annual approvals of congress

discretionary spending

spending for federal programs that must receive annual authorization

appropriations bill

legislation earmarking funds for certain purposes

medicare

federal health care program for senior citizens, regardless of income

medicaid

joint federal state medical insurance program for low income people

federal debt

total amount of money the federal gov has borrowed from others

balanced budget

annual budget in which expenditures equal revenues

trust fund

special account used to hold revenues designated for a specific expenditure such as social security, medicare, or highways

entitlement

programs or benefits using established eligibility requirements to provide health, nutritional, or income supplements to individuals

deficit spending

annual gov spending in excess of taxes and other revenues

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