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