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A document that states tax collections, spending levels, and the allocation of spending among purposes.

budget resolution

A congressional decision that states the maximum amount of money the government should spend.


What occurs when the government in one year spends more money than it takes in from taxes.

economic planning

The belief that government plans, such as wage and price controls or the direction of investment, can improve the economy.


A claim for government funds that cannot be changed without violating the rights of the claimant.

fiscal policy

Managing the economy by the use of tax and spending laws.

fiscal year (FY)

For the federal government, October 1 to September 30.

gross domestic product (GDP)

The total of all goods and services produced in the economy during a given year.


The belief that the government must manage the economy by spending more money when in a recession and cutting spending when there is inflation.


The belief that inflation occurs when too much money is chasing too few goods.

monetary policy

Managing the economy by altering the supply of money and interest rates.

national debt

The total deficit from the first presidency down to the present.


The belief that a combination of monetarism, lower federal spending, and supply-side economics will stimulate the economy.


Automatic spending cuts.

supply-side economics

The belief that lower taxes and fewer regulations will stimulate the economy.

graduated income tax


honeymoon period


fiscal federalism


critical realignment




Establishment Clause


14th Amendment


Map v. Ohio


Federal Reserve Board


US. v. Nixon


Munn v. Illinois


26th Amendment


Gideon v. Wainwright


17th Amendment


16th Amendment


Lockner v New York


Youngstown Sheet & Tube v. Sawyer


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