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test3CH13
federal budgets and public policy
9
Economics
Undergraduate 1
12/17/2012

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Term
federal budget
Definition
a plan for federal government outlays and revenues for a specified period, usually a year
Term
budget resolution
Definition
a congressional agreement about total outlays, spending by major category, and expected revenues; it guides spending and revenue decisions by the many congressional committees and subcommittees
Term
continuing resolutions
Definition
budget agreements that allow agencies in the absence of an approved budget, to spend at the rate of the previous year's budget
Term
entitlement programs
Definition
guaranteed benefits for those who qualify for government transfer programs such as social security and medicare
Term
annually balanced budget
Definition
budget philosophy calling for budget deficits during recessions to be financed by budget surpluses during expansions
Term
functional finance
Definition
a budget philosophy using fiscal policy to achieve the economy's potential GDP, rather than balancing budgets either annually or over the business cycle
Term
crowding out
Definition
the displacement of interest-sensitive private investment that occurs when higher government deficits drive up market interest rates
Term
crowding in
Definition
the potential for government spending to simulate private investment in an otherwise dead economy
Term
national debt
Definition
the net accumulation of federal budget deficits
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