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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

What happens without continuing resolution?

Govt will shut down without cont res or budget