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22 Cards in this Set

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BUDGET
A POLICY DOCUMENT ALLOCATING BURDENS (TAXES) AND BENEFITS (EXPENDITURES)
DEFICIT
AN EXCESS OF FEDERAL EXPENDITURES OVER FEDERAL REVENUES
EXPENDITURES
FEDERAL SPENDING OF REVENUES
REVENUES
THE FINANCIAL RESOURCES OF THE FEDERAL GOVERNMENT
INCOME TAX
SHARES OF INDIVIDUAL WAGES AND CORPORATE REVENUES COLLECTED BY THE GOVERNMENT
SIXTEENTH AMENDMENT
THE CONSTITUTIONAL AMENDMENT ADOPTED IN 1915 THAT EXPLICITLY PERMITTED CONGRESS TO LEVY AN INCOME TAX
FEDERAL DEBT
ALL THE MONEY BORROWED BY THE FEDERAL GOVERNMENT OVER THE YEARS AND STILL OUTSTANDING
TAX EXPENDITURES
REVENUE LOSSES THAT RESULT FROM THE SPECIAL EXEMPTIONS, EXCLUSIONS, OR DEDUCTIONS ON THE FEDERAL TAX LAW
SOCIAL SECURITY ACT
A 1935 LAW PASSED DURING THE GREAT DEPRESSION THAT WAS INTENDED TO PROVIDE A MINIMAL SUSTENANCE TO OLDER AMERICANS AND THUS SAVE THEM FROM POVERTY
MEDICARE
A PROGRAM ADDED TO THE SOCIAL SECURITY SYSTEM IN 1965 THAT PROVIDES HOSPITALIZATION INSURANCE FOR THE ELDERLY AND PERMITS OLDER AMERICANS TO PURCHASE INEXPENSIVE COVERAGE FOR DOCTOR FEES AND OTHER HEALTH EXPENSES
INCREMENTALISM
THE BELIEF THAT THE BEST PREDICTOR OF THIS YEAR'S BUDGET IS LAST YEAR'S BUDGET, PLUS A LITTLE BIT MORE
UNCONTROLLABLE EXPENDITURES
EXPENDITURES THAT ARE DETERMINED NOT BY A FIXED AMOUNTOF MONEY APPROPRIATED BY CONGRESS BUT BY HOW MANY ELIGABLE BENEFICIARIES THERE ARE FOR A PROGRAM OR BY PREVIOUS OBLIGATIONS OF THE GOVERNMENT
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 HOR COMMITTEE THAT, ALONG WITH THE SENATE FINANCE COMMITTEE, WRITES THE TAX CODES, SUBJECT TO THE APPROVAL OF CONGRESS AS A WHOLE
SENATE FINANCE COMMITTEE
THE SENATE COMMITTEE THAT, ALONG WITH THE HOUSE OF WAYS AND MEANS COMMITTEEM WRITES TAX CODES, SUBJECT TO THE APPROVAL OF CONGRESS AS A WHOLE
CONGRESSIONAL BUDGET AND IMPOUNDMENT CONTROL ACT OF 1974
AN ACT DESIGNED TO REFORM THE CONGRESSIONAL BUDGETARY PROCESS.
BUDGET RESOLUTION
A RESOLUTION BINDING CONGRESS TO A TOTAL EXPENDITURE LEVEL
RECONCILIATION
A CONGRESSIONAL PROCESS THROUGH WHICH PROGRAM AUTHORIZATIONS ARE REVISED TO ACHEIVE REQUIRED SAVINGS
APPROPRIATIONS BILL
AN ACT OF CONGRESS THAT ACTUALLY FUNDS PROGRAMS WITHIN LIMITS ESTABLISHED BY AUTHORIZATION BILLS
AUTHORIZATION BILL
AN ACT OF CONGRESS THAT ESTABLISHES, CONTINUES, OR CHANGES A DISCRETIONARY GOVERNMENT PROGRAM OR AN ENTITLEMENT
CONTINUING RESOLUTINS
WHEN CONGRESS CANNOT REACH AGREEMENT AND PRESS APPROPRIATION BILLS, THESE RESOLUTIONS ALLOW AGENCIES TO SPEND AT THE LEVEL OF THE PREVIOUS YEAR
CONGRESSIONAL BUDGET OFFICE (CBO)
ADVISES CONGRESS ON THE PROBABLE CONSEQUENCES OF ITS BUDGET DECISIONS, FORECASTS REVENUES, AND IS A COUNTERWEIGHT TO THE PRESIDENT'S OMB