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| A general plan of action adopted by the government to solve a social problem, counter a threat, or pursue an objective. |
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| Government policies designed to confer a benefit on a particular institution or group. |
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| redistributional policies |
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| Policies that take government resources, such as tax funds, from one sector of society and transfer them to another. |
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| Government intervention in the workings of a business market to promote some socially desired goal. |
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| The stage of the policymaking process during which problems get defined as political issues. |
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| Our conception of the problem at hand. |
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| The stage of the policymaking process during which formal proposals are developed and adopted. |
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| The process of putting specific policies into operation. |
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| Analysis of a public policy so as to determine how well it is working. |
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| Information received by policymakers about the effectiveness of public policy. |
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| In policymaking, the phenomenon of attacking a single problem in different and sometimes competing ways. |
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| A shared-knowledge group consisting of representatives of various interests involved in some particular aspect of public policy. |
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| Organizations that are not part of government or business and cannot distribute profits to shareholders or to anyone else. |
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| A period of high unemployment and business failures; a severe, long-lasting downturn in a business cycle. |
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| An economic condition characterized by price increases linked to a decrease in the value of the currency. |
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| Expansions and contractions of business activity, the first accompanies by inflation and the second by unemployment. |
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| The money available to be spent for goods and services by consumers, businesses, and government. |
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| The total value of goods and services that can be produced when the economy works at full capacity. |
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| gross domestic product (GDP) |
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| The total value of the goods and services produced by a country during a year. |
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| An economic theory stating that the government can stabilize the economy--that is, can smooth business cycles--by controlling the level of aggregate demand, and that the level of aggregate demand can be controlled by means of fiscal and monetary policies. |
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| Economic policies that involve government spending and taxing. |
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| Economic policies that involve control of, and changes in, the supply of money. |
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| The Keynesian technique of spending beyond government income to combat an economic slump. Its purpose is to inject extra money into the economy to stimulate aggregate demand. |
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| Council of Economic Advisers (CEA) |
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| A group that works within the executive branch to provide advice on maintaining a stable economy. |
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| Those who argue that government can effectively control the performance of an economy only by controlling the supply of money. |
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| The system of banks that acts as the central bank of the United States and controls major monetary policies. |
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| Economic policies aimed at increasing the supply of goods (as opposed to decreasing demand); consist mainly of tax cuts for possible investors and less regulation of business. |
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| The twelve-month period from October 1 to September 30 used by the government for accounting purposes. A fiscal year budget is named for the year in which it ends. |
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| The amounts that government agencies are authorized to spend for current and future programs. |
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| The amounts that government agencies are expected to spend in the fiscal year. |
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| The amounts that government agencies are expected to spend in the fiscal year. |
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| For a government, the amount expected or obtained in taxes and other revenues. |
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| The accumulated sum of past government borrowing owed to lenders outside the government. |
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| Office of Management and Budget |
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| The budgeting arm of the Executive Office; prepares the president's budget. |
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| The two committees of Congress responsible for raising the revenue with which to run the government. |
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| Committees of Congress that can authorize spending in their particular areas of responsibility. |
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| appropriations committees |
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| Committees of Congress that decide which of the programs passed by the authorization committees will actually be funded. |
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| One committee in each house of Congress that supervises a comprehensive budget review process. |
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| Congressional Budget Office (CBO) |
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| The budgeting arm of Congress, which prepares alternative budgets to those prepared by the president's OMB. |
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| Popular name for an act passed by Congress in 1985 that, in its original form, sought to lower the national deficit to a specified level each year, culminating in a balanced budget in FY 1991. New reforms and deficit targets were agreed on in 1990. |
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| Budget Enforcement Act (BEA) |
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| A 1990 law that distinguished between mandatory and discretionary spending. |
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| In the Budget Enforcement Act of 1990, expenditures required by previous commitments. |
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| In the Budget Enforcement Act of 1990, authorized expenditures from annual appropriations. |
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| Benefits to which every eligible person has a legal right and that the government cannot deny. |
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| In the Budget Enforcement Act of 1990, the requirement that any tax cut or expansion of an entitlement program must be offset by a tax increase or other savings. |
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| Balanced Budget Act (BBA) |
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| A 1997 law that promised to balance the budget by 2002. |
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| A system of taxation whereby the rich pay proportionately higher taxes than the poor; used by governments to redistribute wealth and thus promote equality. |
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| A method of budget making that involved adding new funds (an increment) onto the amount previously budgeted (in last year's budget). |
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| Federal funds appropriated by Congress for use on local projects. |
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| Payments made by legislators' choice and based on annual appropriations. |
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| Payments that government must make by law. |
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| A payment by government to an individual, mainly through Social Security or unemployment insurance. |
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