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Budget
A document that states tax collections, spending levels, and the allocation of spending among purposes.
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Budget Resolution
A congressional decision that states the maximum amount of money the government should spend.
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Deficit
What occurs when the government in one year spends more money than it takes in from taxes.
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Economic Planning
The belief that government plans, such as wage and price controls or the direction of investment, can improve the economy.
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Entitlement
A claim for government funds that cannot be changed without violating the rights of the claimant.
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Fiscal Policy
Managing the ecomnomy by the use of tax and spending laws.
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Fiscal Year (FY)
For the federal government, October 1 to September 30.
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Gross Domestic Product (GDP)
The total of all goods and services produced in the economy during a given year.
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Keynesianism
The belief that the government must manage the economy by spending more money when in a recession and cutting spending when there is inflation.
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Monetarism
The belief that inflation occurs when too much money is chasing too few goods.
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Monetary Policy
Managing the economy by altering the supply of money and interest rates.
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National Debt
The total deficit from the first presidency down to the present.
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Reaganomics
The belief that a combination of monetarism, lower federal spending, and supply-side economics will stimulate the economy.
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Sequester
Automatic spending cuts.
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Supply-side Economics
The belief that lower taxes and fewer regulations will stimulate the economy.
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