Gov 14.txt

A policy document allocating burdens (taxes) and benefits (expenditures)

An excess of federal expenditures over federal revenue in a given year

• Government spending of revenue
• Major areas of spending are social services and nat'l defense

• Financial resources of the government
• Major sources are income taxes and Social Security taxes

• Shares of an individual's wages and corporate revenue collected by the gov't
• 16th amendment gave congress the power to levy income taxes

• Adopted 1913
• Permits congress to levy income tax

• All the money borrowed by the Feds over the years
• Today more than 9 trillion

• Revenue losses that result from special exemptions, exclusions or deductions on federal tax law
• Money the gov't would've gotten without an exemption

• Law passed in 1935 during the Great Depression
• Minimum level of sustenance to the elderly
• Save the elderly from poverty

• Added to Social Security in 1965
• Provides hospitalization insurance for the elderly
• Gives elderly inexpensive coverage for doctor fees and other health expenses

• Description of the budget process
• Predictor for current year is previous year's budget plus a little more

• Determined not by a fixed amount of money and congress, but by how many people are in the program
• Previous obligation from gov't

• Policies congress is obligated to pay X $ to Y people
• Social Security

• HOR committee that writes the tax codes
• Subject to overall congressional approval

• Senate committee that writes the tax codes
• Subject to overall Congressional approval

• Designed to reform the budgetary process
• Make Congress less dependent on the president's budget

Advises Congress on the probable consequences of its decisions, predicts revenues and is a check on the OMB

• A resolution binding Congress to an expenditure level
• Bottom line of all federal spending for all programs

• Congressional process where authorizations are revised to achieve required savings
• Taxes or other revenue adjustments

• Establishes, continues, or changes a discretionary gov't program
• Program goals and max expenditures for discretionary programs

• Funds programs within the limits of an authorization bill
• Cover one year

When Congress cannot reach an agreement to pass appropriation laws, they allow agencies to spend the same as the previous year