The U.S. federal budget process: an overview and glossary of terms
The federal budget is the primary policy statement of the President's fiscal priorities and proposals for allocating expenditures and taxes. The budget also functions as a framework and reference point for congressional actions. Because of the budget's economic, social, and political importance and its role in providing the information needed to assess program efficiency and effectiveness, an understanding of budget concepts is important to anyone interested in how the United States Government works or does not work. Budgetary terms and definitions must also be understood in order to consider and implement changes in the budgetary or financial management process and to grasp what the government is doing at any given point in time. This book is a basic reference document for the Congress, federal agencies, and others interested in the federal budget-making process. It emphasises budget terms, but relevant economic and accounting terms are also defined to help the user appreciate the dynamics of the budget process. It distinguishes between any differences in budgetary and non-budgetary meanings of terms.
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BUDGET FUNCTIONAL CLASSIFICATION
FEDERAL BUDGET ACCOUNT IDENTIFICATION CODE
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activities Allocation amended Antideficiency Act Apportionment appropriation account appropriation acts appropriation or fund authority and outlays authorizing legislation available for obligation budget authority Budget Committees Budget Enforcement Act budget resolution budgetary resources cash concurrent resolution Congress Congressional Budget Act Credit Reform credit subsidy cost defense deferral DEFLATION ECONOMICS direct loan direct spending discretionary spending limits ECONOMICS TERM enacted ENFORCEMENT ACT TERM Entitlement Authority estimates excess deficit excluded federal budget federal debt federal government Functional Classification fund account governmental receipts Gramm-Rudman-Hollings gross gross domestic product Guaranteed Loan House Impoundment Control Act included income incurred levels line-item veto loan guarantees maximum deficit amount off-budget offsetting collections offsetting receipts on-budget pay-as-you-go PAYGO payments points of order President President's budget purposes receipt accounts Rescission revenue Seigniorage Senate sequestration report specific Spending Authority Subcode subfunction tax expenditures transactions Treasury Treasury securities trust fund unobligated balances