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Definition
| a plan for federal government outlays and revenues for a specified period, usually a year |
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| 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 |
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| budget agreements that allow agencies in the absence of an approved budget, to spend at the rate of the previous year's budget |
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| guaranteed benefits for those who qualify for government transfer programs such as social security and medicare |
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| budget philosophy calling for budget deficits during recessions to be financed by budget surpluses during expansions |
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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 |
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| the displacement of interest-sensitive private investment that occurs when higher government deficits drive up market interest rates |
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| the potential for government spending to simulate private investment in an otherwise dead economy |
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Definition
| the net accumulation of federal budget deficits |
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