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22 Cards in this Set
- Front
- Back
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BUDGET
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A POLICY DOCUMENT ALLOCATING BURDENS (TAXES) AND BENEFITS (EXPENDITURES)
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DEFICIT
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AN EXCESS OF FEDERAL EXPENDITURES OVER FEDERAL REVENUES
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EXPENDITURES
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FEDERAL SPENDING OF REVENUES
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REVENUES
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THE FINANCIAL RESOURCES OF THE FEDERAL GOVERNMENT
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INCOME TAX
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SHARES OF INDIVIDUAL WAGES AND CORPORATE REVENUES COLLECTED BY THE GOVERNMENT
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SIXTEENTH AMENDMENT
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THE CONSTITUTIONAL AMENDMENT ADOPTED IN 1915 THAT EXPLICITLY PERMITTED CONGRESS TO LEVY AN INCOME TAX
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FEDERAL DEBT
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ALL THE MONEY BORROWED BY THE FEDERAL GOVERNMENT OVER THE YEARS AND STILL OUTSTANDING
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TAX EXPENDITURES
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REVENUE LOSSES THAT RESULT FROM THE SPECIAL EXEMPTIONS, EXCLUSIONS, OR DEDUCTIONS ON THE FEDERAL TAX LAW
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SOCIAL SECURITY ACT
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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
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MEDICARE
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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
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INCREMENTALISM
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THE BELIEF THAT THE BEST PREDICTOR OF THIS YEAR'S BUDGET IS LAST YEAR'S BUDGET, PLUS A LITTLE BIT MORE
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UNCONTROLLABLE EXPENDITURES
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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
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ENTITLEMENTS
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POLICIES FOR WHICH CONGRESS HAS OBLIGATED ITSELF TO PAY X LEVEL OF BENEFITS TO Y NUMBER OF RECIPIENTS
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HOUSE WAYS AND MEANS COMMITTEE
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THE HOR COMMITTEE THAT, ALONG WITH THE SENATE FINANCE COMMITTEE, WRITES THE TAX CODES, SUBJECT TO THE APPROVAL OF CONGRESS AS A WHOLE
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SENATE FINANCE COMMITTEE
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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
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CONGRESSIONAL BUDGET AND IMPOUNDMENT CONTROL ACT OF 1974
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AN ACT DESIGNED TO REFORM THE CONGRESSIONAL BUDGETARY PROCESS.
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BUDGET RESOLUTION
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A RESOLUTION BINDING CONGRESS TO A TOTAL EXPENDITURE LEVEL
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RECONCILIATION
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A CONGRESSIONAL PROCESS THROUGH WHICH PROGRAM AUTHORIZATIONS ARE REVISED TO ACHEIVE REQUIRED SAVINGS
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APPROPRIATIONS BILL
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AN ACT OF CONGRESS THAT ACTUALLY FUNDS PROGRAMS WITHIN LIMITS ESTABLISHED BY AUTHORIZATION BILLS
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AUTHORIZATION BILL
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AN ACT OF CONGRESS THAT ESTABLISHES, CONTINUES, OR CHANGES A DISCRETIONARY GOVERNMENT PROGRAM OR AN ENTITLEMENT
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CONTINUING RESOLUTINS
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WHEN CONGRESS CANNOT REACH AGREEMENT AND PRESS APPROPRIATION BILLS, THESE RESOLUTIONS ALLOW AGENCIES TO SPEND AT THE LEVEL OF THE PREVIOUS YEAR
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CONGRESSIONAL BUDGET OFFICE (CBO)
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ADVISES CONGRESS ON THE PROBABLE CONSEQUENCES OF ITS BUDGET DECISIONS, FORECASTS REVENUES, AND IS A COUNTERWEIGHT TO THE PRESIDENT'S OMB
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