Government Fiscal year

surplus

revenues exceeds outlays

deficit

spending exceeds revenues in fiscal year

Gross Domestic Product

standard measurement of the economy

social insurance payroll taxes

taces include SS taxes, medicare taxes, unemployment insurance, and federal retirement

Fiscal Year

the govts accounting period. begins Oct. 1-Sept.30

national debt

unpaid total of money borrowed to finance deficit,

entitlement

when the federal govt must make payments to eligible ppl

Balanced budget

when total revenues equal total outlays for a FY

outlays

amount of money spent

revenue

collections from government activity ex. taxes

appropriation

federal agencies to spend money for specific purposes

Budget Resolution

framework where Congress makes decisions about spending and taxes.

deficit spending

govt revenues dont cover all spending and continues to borrrow money

excise taxes

luxury taxes. alcohol, tobacco, gas

Mandatory Spending

non-discentionary spending. authorized by law.

OMB

office of management and budget

discretionary spending

president and congress must decide what to spend for the next fiscal year