Government Spending
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| Pork | a line-item budget expenditure that circumvents normal budget procedures and benefits a small number of ppl or businesses
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| Public Sector | the part of the economy made up of local, state, and federal governments
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| Private Sector | part of economy made up of private individuals and businesses
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| Transfer Payment | payment for which gov receives neither goods nor services in return
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| Grant-in-Aid | transfer payment from one level of gov to another, no compensation
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| Subsidy | government payment to encourage or protect a certain economic activity
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| Distribution of Income | way in which the nation’s income is divided among families, individuals, or other designated groups
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| Federal Budget | annual plan outlining proposed expenditures and anticipated revenues
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| Fiscal Year | 12-month financial planning period that may or may not coincide with calendar year
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| Appropriations Bill | legislation authorizing spending for certain purposes
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| Budget Deficit | a negative balance after expenditures are subtracted from revenues
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| Budget Surplus | a positive balance after expenditures are subtracted from revenues
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| Mandatory Spending | federal spending authorized by law that continues without the need for annual approvals by Congress
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| Discretionary Spending | spending for federal programs that must receive annual authorization
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| Medicare | federal health-care program for senior citizens, regardless of income
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| Medicaid | joint federal-state medical insurance program for low-income people
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| Balanced Budget Amendment | constitutional amendment requiring government to spend no more than it collects in taxes and other revenues, excluding borrowing
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| Intergovernmental Expenditures | funds that one level of government transfers to another level for spending
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| Congressional Budget Office (CBO) | nonpartisan congressional agency evaluates impact of legislation / projects future revenues and expenditures from legislation
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| Deficit Spending | annual gov spending in excess of taxes and other revenues
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| National Debt | total amount borrowed from investors to finance the government’s deficit spending
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| Balanced Budget | annual budget in which expenditures equal revenues
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| Trust Funds | special account used to hold revenues designated for a specific expenditure, such as Social Security, Medicare, or highways
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| Per Capita | per person basis; total divided by population
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| Crowding-Out Effect | higher-than-normal interest rates and diminished access to financial capital faced by private borrowers when they compete with government borrowing in financial markets
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| "Pay-As-You-Go" Provision | requirement that new spending proposals or tax cuts must be offset by reductions elsewhere
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| Line-Item Veto | power to cancel specific budget items without rejecting the entire budget
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| Spending Cap | limits on annual discretionary spending
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| Entitlement | program or benefit using est. eligibility requirements to provide health, nutritional, or income supplements to individuals
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