Pearson/Longman
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| 51593440 | budget | a policy document allocating burdens (taxes) and benefits (expenditures) | |
| 51593441 | deficit | An excess of federal expenditures over federal revenues. | |
| 51593442 | expenditures | Federal spending of revenues. Major areas of such spending are social services and the military. | |
| 51593443 | revenues | The financial resources of the federal government. The individual income tax and Social Security tax are two major sources of revenue. | |
| 51593444 | income tax | a personal tax levied on annual income | |
| 51593445 | sixteenth amendment | The constitutional amendment adopted in 1913 that explicitly permitted Congress to levy an income tax. | |
| 51593446 | federal debt | all the money borrowed by the federal government over the years and still outstanding | |
| 51593447 | tax expenditures | Revenue losses that result from special exemptions, exclusions, or deductions on federal tax law. | |
| 51593448 | social security act | 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 | |
| 51593449 | medicare | a federal program of health insurance for persons 65 years of age and older | |
| 51593450 | incrementalism | the belief that the best predictor of this year's budget is last year's budget, plus a little bit more (an increment) | |
| 51593451 | uncontrollable expenditures | Expenditures that are determined not by a fixed amount of money appropriated by Congress but by how many eligible beneficiaries there are for a program or by previous obligations of the government. | |
| 51593452 | entitlements | Policies for which Congress has obligated itself to pay X level of benefits to Y number of recipients. Social Security benefits are an example. | |
| 51593453 | house ways and means committee | The committee that, along with the Senate Finance Committee, writes the tax codes, subject to the approval of Congress as a whole. | |
| 51593454 | senate finance committee | The committee that, along with the House Ways and Means committee, writes the tax codes, subject to the approval of Congress as a whole. | |
| 51593455 | congressional budget and impoundment control act | Designed to reform the budgetary process by establishing a budget calendar and created the CBO | |
| 51593456 | congressional budget office | Staff agency that advises Congress on the likely economic effects of different spending programs and provides information on the costs of the proposed policies. | |
| 51593457 | budget resolution | Set of budget guidelines that must pass both houses of Congress in identical form by April 15. | |
| 51593458 | reconciliation | A congressional process through which program authorizations are revised to achieve required savings. It usually also includes tax or other revenue adjustments. | |
| 51593459 | authorization bill | 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. | |
| 51593460 | appropriations bill | a bill that authorizes a specific amount of spending by the government | |
| 51593461 | continuing resolutions | When Congress cannot reach agreement and pass appropriations bills, these resolutions allow agencies to spend at the level of the previous year. |
