Chapter 14
About this set
Created by:
amandainbg on February 1, 2012
Subjects:
Description:
The Budget
Log in to favorite or report as inappropriate.
Order by
19 terms
Terms | Definitions |
|---|---|
 Social Security Act | (1935) Intended to provide minimum level sustenance to older Americans= Save them from poverty |
| 16th Amendment | (1913) Permitted Congress to levy an income tax |
| Capitol Budget | Federal dollars for long-term things like equipment, roads, and buildings |
| Excise | Tax on any manufactured, transportation, sale, or consumption of a good |
| Incrementalism | Taking last year's budget and adding a little more or less |
| Uncontrollable Expenditures | Determined by how many eligible beneficiaries there are for a program/ by previous obligations of he government |
| Entitlements | Policies which Congress has obligated itself to pay X number of dollars to Y number of recipients |
| GDP | All goods/ services produced in the U.S. |
| House Ways and Means Committee | Writes tax codes, subject to the approval of Congress |
| Senate Finance Committee | Writes tax codes with the House Ways and Means Committee |
| CBO | advises congress on the probable outcome of decisions, forecasts and revenues/ check to President's OMB |
| Budget Resolution | Binds Congress to a total expenditure level, the bottom line of all federal spending |
| Reconciliation | Congressional process where program authorizations are revised to achieve savings. |
| Authorization Bill | An act of Congress that establishes, continues, or changes a discretionary program or entitlement |
| Appropriations Bill | An act of Congress that actually funds programs |
| Continuing Resolutions | Allow agencies to spend at the same level of the previous year |
| Sesquerations | Automatic-across-the-board spending cuts (Social Security/ national Debt exempt) |
| Social Insurance Taxes | Taxes collected from employee and employers to pay for social programs |
| Income Security Expenditures | The biggest slice of the federal budget pie belongs to |
First Time Here?
Welcome to Quizlet, a fun, free place to study. Try these flashcards, find others to study, or make your own.