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27 Cards in this Set

  • Front
  • Back
omnibus bill
last minute bill bill that holds all the appropriations bills in order to speed up the process
deficit
how much $ in 1 year that expentitures exceed revenues
debt
everthing we owe to countries over the years
Sources of Federal Revenue
1. Personal Income taxes
2. Social Service taxes
others are corporate income tax
excise taxes
percent of the budget that is used to pay the national debt interest
9%
tax expenditures
are tax exemptions
mortage
child
OMB
sets the presidents budget
CBO
congressional budget office that analyzes the presidents budget and makes economic projections for the next year
government expenditures as a percentage of the GDP
1/3
largest category of federal government expenditures
social services
Social Security act of 1935
created the social security program
Medicare and Medicaid
created in the 1960s
ratio of workers to social security beneficiaries
used to be 45:1 now almost 2:1
incremental budgeting
take last years budget and add on about 2 to 3 percent
entitlements
mandated by law
S.S. Medicare veteran and civilian pension and benefits
Uncontrollable expenditures
things that can't be messed with in the budget and make up 2/3 of budget
Impact of Uncontrollable expenditures on creation of new policy initiatives
harder to do
b/c no room to create new programs
b/c already fight over what little money there is for everything else
Non-budgetary barriers to creation of new policy initiatives
partisanship and interest group pressure
purpose of house ways and means committee
all revenue bills start in house
most powerful committee
sets tax codes and makes changes to bills
purpose of senate finance committee
somewhat the same as house ways and means just w/o as much flexibility
authorization bill
creates programs
appropriations bills
funds programs created by authorization bills
constitutional requirements for appropriations
must start in house
Congressional Budget and Impoundment Control Act of 1974
required annual budget resolution
created house and senate budget committees
set time table for floor action on budget resolutions
changed fiscal year to oct 1
put limits on back-door spending
created CBO
set limits on presidential impoundments (refusing to spend $)
Budget resolutions
sets the bottom line of all spending that congress is bound to
budget reconciliation
revises program authorizations
includes tax/revenue adjustments
comes at the end of the budget process
continuing resolutions
when congress can't decide on a budget and they give them what they had last year