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budget
a policy document allocating burdens (taxes) and benefits (expenditures)
deficit
the excess of federal expenditures over federal revenues
expenditures
government spending; major areas are social services and national defense
revenues
the financial resources of the government. The individual tax and Social Security tax are 2 major sources of the federal government's revenue
income tax
shares of individual wages and corporate revenues collected by the government; the 16th amendment authorized Congress to levy a tax on income
16th Amendment
1913; explicitly permitted Congress to levy an income tax
national debt
al the money borrowed by the federal government over the years. Today is about $17.5 trillion
tax expenditures
revenue losses that result from special exemptions, exclusions, or deductions allowed by federal tax laws
Social Security Act
1935 law that intended to provide a minimal level of sustenance to older Americans and thus save them from poverty
Medicare
a program added to the Social Security system in 1965 that provides health insurance for the elderly, covering hospitalization, doctor fees, and other expenses
incrementalism
a description of the budget process in which the best predictor o this year's budget is the last year's budget, plus a little bit more
uncontrollable expenditures
expenditures that are determined by how many eligible beneficiaries there are for a program or by previous obligations for the government and that Congress therefor cannot easily control
entitlements
policies for which Congress has obligated itself to pay X level of benefits to Y number of recipients
House Ways and Means Committee
The House of Representatives committee that, along with the Senate Finance Committee, writes the tax codes, subject to the approval of Congress as a whole
Senate Finance Committee
works with the House Ways and Means Committee to write tax codes, which are subject to the approval of Congress as a whole
Congressional Budget Office
advices Congress on the probable consequences of its decisions, forecasts revenues, and is a counterweight to the president's Office of Management and Budget
budget resolution
a resolution binding congress to a total expenditure level, supposedly the bottom line of all federal spending for all programs
reconciliation
a congressional process through which program authorizations are revised to achieve required savings. It usually includes tax or other revenue adjustments
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
appropriation bill
an act of Congress that actually funds programs within limits established by authorization bills. usually cover 1 year
continuing resolutions
when Congress cannot reach agreement and pass appropriation bills, these resolutions allow agencies to spend at the level of the previous year
