Key Terms: Public Policy (Underlines terms have appeared on the multiple choice sections of past released AP exams) Bipartisanship: support from both parties for policy e.g., a bipartisan foreign policy. Budget deficit: results when federal expenditures exceed federal revenues for a one year period. Deficit spending: the federal government?s practice of spending more money than it takes in as revenues. Deregulations: elimination of federal regulations on private companies. Discretionary Spending: refers to spending set by annual appropriation levels made by decision of Congress. This spending is optional, and in contrast to entitlement programs for which funding is mandatory.