Term
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Definition
| the plan for federal government outlays and revenues for a specified period, usually a year |
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Term
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Definition
| a congressional agreement about total outlays, spending by major category and expect revenues; it guides spending and revenue decisions by the many congressional committees and subcommittees |
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Term
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Definition
| budget agreements that allow agencies, in the absence of an approved budget, to spend at the rate of previous year's budget |
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Term
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Definition
| guaranteed benefits for those who qualify for government transfer programs such as Social Security and Medicare |
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Term
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Definition
| budget philosophy prior to the Great Depression; aimed at matching annual revenues with outlays, except during times of war |
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Term
| cyclically balanced budget |
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Definition
| a budget philosophy calling for budget deficits during recessions to be financed by budget surpluses during expansions |
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