Federal Budget & Social Security Vocab
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Created by:
wildchicaoh3 on February 11, 2012
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13 terms
Terms | Definitions |
|---|---|
 balanced budget | A spending plan in which the revenues coming into an organization equal its expenditures. |
| budget surplus | The amount by which an organization's revenues exceed its expenditures. |
| federal deficit | The amount by which the national government's annual expenditures exceed its revenues. To make up the difference, the government must borrow money. |
| national debt | The amount of money a country owes to lenders. The national debt is the total of al yearly deficits funded by borrowing plus the interest owed on those loans. |
| deficit spending | Spending financed by borrowing rather than by tax revenues. |
| progressive tax | Any tax in which the burden falls more heavily on the rich than on the poor. State and federal income taxes are examples of these. |
| regressive tax | Any tax in which the burden falls more heavily on the poor than the rich, at least as a percentage of their incomes. Sales tax is an example of this. |
| entitlement | Benefits that must be provided to all eligible people who seek them. Most important are Social Security, Medicare, and Medicaid payments. |
| discretionary spending | Money that can spent as seen fit. It can be raised or lowered as Congress sees fit. |
| earmarks | Specific spending proposals that members of Congress attach to legislation, usually to benefit their home districts or states. Most lawmakers view these as a way to "bring home the bacon." |
| budget | a plan for spending and receiving money |
| budget resolution | rough budget discount; spending priorities |
| appropriations bill | a bill that lays out how money will be spent. |
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