Budget Terms and Concepts

These flashcards cover key vocabulary terms and definitions related to the budget process, important committees, and government fiscal policy.

Budget

A plan that outlines expected revenues and expenditures over a specific period.

Revenue

The income generated from various sources, primarily taxes.

Income Tax

A tax levied on individual or corporate earnings.

Expenditures

The total amount of money spent by the government.

Tax Expenditures

Reductions in tax liabilities to encourage certain behaviors or support specific groups.

Mandatory Spending

Government spending that is required by existing laws.

Uncontrollable Expenditures

Costs that the government must pay that are not easily altered.

Entitlements

Programs that provide benefits to individuals who meet certain criteria.

Discretionary Spending

Expenditures that are not mandated by law and can be adjusted in the budget.

Deficit Budget

A budget where expenditures exceed revenues.

Surplus Budget

A budget where revenues exceed expenditures.

Balanced Budget

A budget where revenues equal expenditures.

Debt

The total amount of money that a government owes to creditors.

Appropriations Bills

Legislation that assigns funding to specific government departments.

Authorization Bills

Laws that establish, continue, or change government programs.

CBO (Congressional Budget Office)

A federal agency that provides budget and economic information to Congress.

OMB (Office of Management & Budget)

The office that prepares the federal budget and oversees its execution.

Omnibus Bill

A single document that packages together multiple measures.

Continuing Resolution

Legislation that funds government operations at current, existing levels.

House Ways and Means Committee

The House committee responsible for tax-related legislation.

Senate Finance Committee

The Senate committee that oversees taxation and revenue generation.