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13 terms

Federal Budget & Social Security Vocab

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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.