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AP GOV 12 AND 14
Question | Answer |
---|---|
A policy Document allocating burdens (taxes) and benefits (expenditures) | Budget |
An excess of federal expenditures over federal revenues. | Deficit |
Federal spending of revenues. Major areas of such spending are social services and the military. | Expenditures |
The financial resources of the federal government. The individual income tax and Social Security tax are two major sources of revenue. | Revenues |
Shares of individual wages and corporate revenues collected by the government. The Sixteenth Amendment explicitly authorized Congress to levy a tax on income. See also Internal Revenue Service. | Income Tax |
The constitutional amendment adopted in 1913 that explicitly permitted congress to levy an income tax.. meaning IRS (Internal Revenue Service) is permitted to collect the taxes. | 16th Amendment |
All the money borrowed by the federal government over the years and still outstanding. Today the fed debt is more than 7 TRILLION. | Federal Debt |
Revenue losses that result from special exemptions, exclusions, or deductions on federal tax law. | Tax Expenditures |
In '35 law passed during the Great Depression that was intended to provide a minimal level of sustenance to older americans and thus save them from poverty. Security expenditures were indirect/direct polices to help elderly/poor | Social Security Act |
A program added to the Social Security System in '65 providing hospitalization insurance for the elderly and permits older Americans to purchase inexpensive coverage for doctor fees and other health expenses. | Medicare |
The belief that the best predictor of this year's budget is last year's budget, plus a little bit more (an increment). According to Aaron Wildavsky, Most of the budget is a product of previous decisions. | Incrementalism |
Expenditures that are determined by a fixed amount of money appropriated by Congress but by how many eligible beneficiaries there are for a program or by previous obligations of the government. | Uncontrollable Expenditures |
Policies for which congress has obligated itself to pay X level of benefits of Y number of recipients. Social Security benefits are an example. | Entitlements |
The House of Representatives committee that, along with the Senate Finance Committee, writes the tax codes, subject to the approval of congress as a whole. | House Ways and Means Committee |
The Senate committee that, along with the House Ways and Means Committee, writes the tax codes, subject to the approval of Congress as a whole. | Senate Finance Committee |
An act designed to reform the congressional budgetary process. its supporters hoped that it would also make Congress less dependent on the presidents budget and better able to set and meet its own budgetary goals. | Congressional Budget and Impoundment Act of '74 |
Advises Congress on the probable consequences of its decisions, forecasts revenues, and is a counterweight to the presidents OMB. | Congressional Budget Office (CBO) |
A resolution binding congress to a total expenditure level, supposedly the bottom line of all federal spending for all programs. | Budget Resolution |
A congressional process through which program authorizations are revised to achieve required savings. It usually also includes tax or other revenue adjustments. | Reconciliation |
An act of congress that establishes, continues, or changes a discretionary government program or an entitlement. it specifies program goals and maximum expenditures of discretionary programs. | Authorization Bill |
An act of congress that actually funds programs within limits established by authorization bills. Appropriations usually cover one year. | Appropriations Bill |
When Congress cannot reach agreement and pass appropriations bills, these resolutions allow agencies to spend at the level of the previous year. | Continuing Resolutions |