U4 Congress and the Budget Flashcards

1
Q

What is the Budget and Accounting Act of 1921?

A

It required the President to submit proposed budget to Congress each Fiscal Year (Oct. 1).

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2
Q

What is the Office of Management and Budget?

A

The President’s Budgeting Arm that works with President to create a budget while taking into account the President’s political ideology.

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3
Q

What are the Congress/s Sources of Revenue?

A
  • Individual Income Taxes
  • Social Insurance Taxes (Social Security, Medicare, Medicaid, etc.)
  • Corporate Taxes
  • Tariffs and Excise Taxes
  • Other Sources(Government holdings/investments, estate taxes, etc.)
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4
Q

What was the Congressional Budget and Impoundment Control Act of 1974?

A

Moved the start of the Fiscal year. Added Budget committees in Congress to have greater check over President. Thus Congress gets more power to look over budger and limit impounding.

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5
Q

What is the Congressional Budget Office (CBO)?

A

Non-Partisan Accountants examine and analyze President’s proposed budget

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6
Q

What is Discretionary spending?

A

40% of federal budget in 2019 that must be reauthorized every year by Congress and President before being spent on Defense, science, education, transportation, health, etc.

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7
Q

What is Mandatory spending?

A

60% of federal budget in 2019 that does not have to be approved annually and can only be changed with new legislation.

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8
Q

What are Entitlement Programs?

A

Provide benefits to people entitled to them by law via mandatory spending. Covers Social Security, Medicare, Medicaid, Food stamps, etc.

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