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