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Flashcards in The Federal Budget Deck (4):
1

Fiscal Policy

Easing and lowering taxes and government spending programs. Fiscal policy is controlled by the executive and legislative branches.

2

Entitlement Program

A government-sponsored program that provides mandated benefits to those who meet eligibility requirements. Social Security and Medicare are the government's largest entitlement programs.

3

Office of Management and Budget (OMB)

The OMB is responsible for preparing the budget that the president submits to Congress.

4

Monetary Policy

Monetary policy involves regulating the money supply, controlling inflation, and adjusting interest rates. Monetary policy is controlled by the Federal Reserve Board.