Terms in this set (20)
an estimate of income and expenditure for a set period of time.
the amount by which something, especially a sum of money, is too small. 1 yr
an action of spending funds, a certain amount of money spent
income, public expenses are met
Tax paid to the state, federal, and local governments based on income earned over the past year.
Allows the federal government to collect income tax
the total amount of money that a country's government has borrowed, by various means.
Social Security Act
(FDR) 1935, 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
A federal program of health insurance for persons 65 years of age and older
Small changes in policy over long periods of time; usually in reference to budget-making--that the best indicator of this year's budget is last year's budget plus a small increase
Policies for which Congress has obligated itself to pay X level of benefits to Y number of recipients. Social Security benefits are an example.
Congressional Budget Office
Advises Congress on the probable consequences of its decisions, forecasts revenues, and is a counterweight to the president's Office of Management and Budget.
A resolution binding Congress to a total expenditure level, supposedly the bottom line of all federal spending for all programs.
an act making financial accounts constant and consistent
An act of Congress that establishes, continues, or changes a discretionary government program or an entitlement. It specifies program goals and maximum expenditures for discretionary programs.
Federal spending on programs that are controlled through the regular budget process
Required govt spending by permanent laws
A temporary funding law that Congress passes when an appropriations bill has not been decided by the beginning of the new fiscal year on October 1.
total amount of money the federal government is allowed to borrow
a tax that removes money directly from workers' paychecks
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