Flashcards in The Budget Quiz Deck (36)
1
What does fiscal mean?
Taxing and spending
2
What is government budget?
Annual appropriations and revenue plan
3
Appropriations
Spending
4
Revenue
How much coming in
5
Largest amount of revenue comes from
Income tax
6
Other words for entitlements
Mandatory spending
Nondiscretionary spending
7
Entitlements are - to change
Difficult
8
What do entitlement programs do
Appropriations programs that pay out to citizens based on their meeting some criteria based on law
9
Entitlements made up what percent of budget in 2016
65%
10
Entitlements are paid - by -. Not - by budget. Only - if - changes.
Automatically, law, changed, change, law
11
3 largest entitlement programs
Social security
Medicare
Medicaid
12
Largest percent of entitlements programs, more budget, more money goes to what faction
Health and human services
13
Discretionary spending
Can be changed through budget process
14
What percent of budget goes to discretionary spending
35%
15
What fraction of discretionary spending is military spending
3/5ths
16
What percent of dis budget is to defense
20%
17
Non defense is what percent of dis spending
15%
18
Until 1970s, - was largest area of appropriations
Defense
19
Deficit
Difference between appropriations and revenue if revenue is lower, per year
20
National debt
Accumulation of deficits over time
21
Interest
Must be added to national budget and paid each year (mandatory)
22
When does budget process for next year begin?
February
23
What is fiscal year (months)
Oct-Sept
24
Who starts budget process? How?
President proposes budget to promote policy agenda
25
Which executive office agency helps president propose agenda? Which congressional staff agency helps?
OMB, CBO
26
Budget resolution passed by? By when?
Budget committee of each house by April
27
What does budget resolution do?
Sets total appropriations limit for the budget, sets appropriations limit for each 20 budgetary functions
28
After budget resolution passed by budget committee of each house...? When does this happen?
Each appropriations committee of each house sets to work to determine how they will specifically spend their assigned portion
April to August
29
When does pork barrel, log rolling, mark ups, ear marks happen?
In appropriations committees
30
Ideally, each committee reports its own appropriations bill to -------, but, most -, all separate bills of all appropriations committees will be ----- referred to as an -- to be voted on the - as --------
Ideally each committee reports out its own appropriations bill to be voted on separately by the house, but most often, all the separate bills of all the appropriations committees will be combined into one large bill referred to as an omnibus bill to be voted on the floor as one vote if not completed by August
31
Omnibus bill is - part of budget and combined - of --
Important, appropriations of different committees
32
Since budget is working its way separately in each house, the house and senate versions of the bill
Versions of the bill will never be identical
33
A - committee will be created to create a -- version of the budget that can be approved by both houses
What's this bill called?
Conference, reconciled version
Compromised bill
34
Pres can - or - bill. He probably won't - if budget is -.
Veto, sign, veto if budget is late
35
Continuing resolution
Do we end up with this most often?
Passed by congress if budget isn't approved by beginning of fiscal year (allows fed spending to continue at previous year's levels)
Yes
36