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20 Cards in this Set
- Front
- Back
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Medicare |
Federal government pays for part of the cost of medical care for retired or disabled people |
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Incrementalism |
Where the best predictor of this year's budget is last year's budget |
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Uncontrollable Expenditures |
Expenditures determined by how many eligible beneficiaries there are for a program or by previous obligations of the government |
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Entitlements |
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 |
The HOR committee that writes the tax codes |
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Budget |
A policy document allocating burdens (taxes) and benefits (expenditure) |
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Balanced Budget |
When revenues are equal to spending |
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Balanced Budget Amendment |
A proposed amendment that would require peacetime federal budgets be balanced |
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Deficit Spending |
When the federal government spends more money than it takes in as revenues. |
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Deficit |
The result of when the government in one year spends more money than it takes in from taxes |
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Expenditure |
Federal spending of revenues |
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Revenues |
The financial resources of the federal government |
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Income Tax |
Share of individual wages and corporate revenues collected by the government |
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16th Amendment |
Permits Congress to levy an income tax |
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Federal Debt |
All the money borrowed by the federal government over the years and still standing |
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Tax Expenditures |
Revenue losses that result from special exemptions, exclusions, or deductions allowed by federal tax law |
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Social Security Act |
A 1935 law to provide a minimal level of sustenance to older Americans and saving them from poverty |
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Authorization Bill |
Establishes, continues, or changes a discretionary government program or entitlement |
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Appropriations Bill |
An act of Congress that funds programs within limits established by authorization bills |
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Continuing Resolutions |
Resolutions that allow agencies to spend at the level of the previous year |
