the part of the economy made up of federal, state, and local governments
the part of the economy made up of private individuals and privately-owned businesses
a payment for which the government receives neither goods nor services in return
a transfer payment one level of government makes to another
distribution of income
the way in which income is allocatedamong families, individuals, or other designated groups in the economy
an annual plan outlining proposed revenues and expenditures for the coming year
spending authorized by law that continues without the need for annual approvals of Congress
programs that must receive annual authorization
a 12-month financial planning period that may or may not coincide with the calender year
federal budget deficit
an excess of expenditures over revenues
federal budget surplus
federal budget that shows a positive balance after expenditures are subtracted from revenues
an act of Congress that allows federal agencies to spend money for specific purposes
a joint federal-state medical insurance program for low-income persons
balanced budget amendment
a constitutional amendment that requires that annual spending not exceed revenues
funds that one level of government transfers to another level for spending
spending in excess of revenues collected
the total amount borrowed from investors to finance the government's deficit spending
an annual budget in which expenditures equal revenues
special accounts used to fund specific types of expenditures such as Social Security and medicare
the higher-than-normal interest rates that heavy government borrowing causes
a requirement that new spending proposals or tax cuts must be offset by reductions elsewhere
legal limits on annual discretionary spending
broad social programs that use established eligibility requirements to provide health, nutritional, or income supplements to individuals
Please allow access to your computer’s microphone to use Voice Recording.
We can’t access your microphone!
Click the icon above to update your browser permissions and try again
Reload the page to try again!
Press Cmd-0 to reset your zoom
Press Ctrl-0 to reset your zoom
It looks like your browser might be zoomed in or out. Your browser needs to be zoomed to a normal size to record audio.
Your microphone is muted
For help fixing this issue, see this FAQ.