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Flashcards in The Federal Budget Deck (4):

Fiscal Policy

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


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.


Office of Management and Budget (OMB)

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


Monetary Policy

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