| Term | Definition |
|---|
| Public Policy | the course of action the goverment takes in response to an issue or problem |
| Gross Domestic Product | the dollar amount of all final goods and services produced within a country's borders in a year. |
| Federal Reserve Board | Executive agency that is largely responsible for the formulation and implementation of monetary policy. By controlling the monetary supply, the Fed helps maintain a stable economy. |
| Fiscal Policy | The federal government efforts to keep the economy stable by increasing or decreasing taxes or government spending |
| Monetary Policy | domestic government policies affecting interest rates and the supply of money available within an economy |
| Sixteenth Amendment | granted congress the power to levy taxes based on an individual's income |
| Federal Budget | the document that details how much money the government collects and spends in a given year. |
| Congressional Budget and Impoundment Act | congress regains control of the budget; creates the congressional budget office, required president to submit requests for recissions of appropriations |
| Mandatory Spending | money that must be spent but Congress has no control over the spending rate; interest on national debt, social security, |
| Discretionary Spending | Spending set by the govt through appropriations bills, including operation expenses & salaries of govt employees |
| Entitlements | government benefits that are distributed automatically to citizens who qualify on the basis of a set of guidelines set by law; for example, americans over the afe of 65 are entitled to medicare coverage |
| Deficit Spending | Government spends more than it recieves in taxes, increases national Debt |
| Balanced Budget Act | The 1997 law that promised to balance the budget by 2002 |
| Poverty Line | the federal government's calculation of the amount of income families of various sizes need to stay out of poverty |
| Social Security act | guaranteed retirement payments for enrolled workers beginning at age 65; set up federal-state system of unemployment insurance and care for dependent mothers and children, the handicapped, and public health |
| Medicare and Medicaid | Health benefits for the elderly and poor |
| Family and Medical Leave Act | 1993 legislation that allows an employee to take unpaid leave due to illness or to care for a sick family member or to care for a new son or daughter including by birth, adoption or foster care. |
| Clean Air Act | 1970- law that established national standards for states, strict auto emissions guidelines, and regulations, which set air pollution standardds for private industry |
| Global warming | A gradual increases in average global temperature. |
| War Powers Act | ('73) required the president to consult Congress whenever possible before committing troops, to send an explanation for his actions within 2 days, and to withdraw any troops after 60 days unless Congress voted to retain them |
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