Gov Vocab 1 17 25

budget

policy allocating burdens and benefits

deficit

excess of federal expenditures over revenue

expenditures

government spending

revenues

finicial resources

income tax

shares of an individuals wage or coorperations revenue that is collected by the gov

sixteenthg amendment

allow congress to levi an income taxn

national debt

all of money borrowed bvy the federal governmnet that is still outstanding

tax expenditures

revenue losses resulting from special exemptions, exclusions or dedcutions

social security act

1953 law intended to provide a minial level of sustences to older american

medicare

program added to the social security system in 1965 to provide health insurance for the elderly

incrementalism

descrciption of budget process in which the predictor of thist year’s budges is slightly more than last year

uncontrollable expenditures

expenditures determined by the number of eligible beneficiaris for said program

Entitlement

policies for which congress has obligated to pay benfits to recpiaiants

house ways and means committee

commitee that writes tax codes subject to the whole of congress

Senate Finance Committee

Senate’s version of the House ways and meands committee

Office of Management and budget

office responcible to the president and an office that distributes funds to other agenciesa

appropriations committee

committe responcible for passing appropriations bills

buget resoltuion

resultion binding congress to a toltoal expenditure level

reconciliation

congressional process through which program authorizations are revised to achieve required savings

appropriations bill

acts of congress that funds programs within limit of authorization bills

continuing resolution

when congress cannot reach agreement and pass budget

government shutdown

essential services continue, non essitial get furloughed

omnibuss bill

large bill made up of smaller bills