What Is The Federal Budget Quizlet? - Fixanswer

The federal budget is

the government’s estimate of revenue and spending for each fiscal year

. Like a family budget, the federal budget itemizes the expenditure of public funds for the upcoming fiscal year. … Some budget expenses are mandatory spending such as money earmarked for Medicare.

What is a government budget quizlet?

A government budget is

a plans for both spending and raising funds for the government

. There are two sides to a budget: the source of funds (income or revenue) and the uses of funds (spending or outlays). Transfer Payments.

What is the federal budget ap gov?

expenditures for which the total amount spent is not by congressional appropriation, but rather by rules of eligibility established by Congress. Expenditures. money spent by the government in any one year. Federal debt.

Has the 2020 federal budget passed?

The United States federal budget for fiscal year 2020 ran from October 1, 2019 to September 30, 2020. … The final funding package was passed as two consolidated spending bills in December 2019, the Consolidated Appropriations Act, 2020 (H.R. 1158) and the Further Consolidated Appropriations Act, 2020 (H.R. 1865).

What are two main categories of the federal budget?

The federal budget contains two main parts-

revenues and expenditures

.

Who prepares the federal budget every year to Congress quizlet?

OMB,

president

, and agencies talk back and forth about budget before in president submits his budget to Congress in winter. CBO analyzes and reports to Congress. These budget committees report a resolution which acts as a budget agenda.

What increases when the federal government has a deficit quizlet?

What increases when the federal government has a deficit?

National Debt

.

What increases when the federal government has a deficit?

Unlike the deficit, which drives the amount of money the government borrows in any single year, the debt is the cumulative amount of money the government has borrowed throughout our nation’s history. When the government runs a deficit,

the debt increases

; when the government runs a surplus, the debt shrinks.

Why do Social Security and Medicare pose problems for the federal government budget?

There are 3 main reasons why these two programs are problematic to our government:

The worker-to-retiree ratio is decreasing

. The life expectancy of people retiring is increasing. The total number of retirees is increasing annually.

What is mandatory spending in government?

Mandatory—or direct—spending includes

spending for entitlement programs and certain other payments to people, businesses, and state and local governments

. Mandatory spending is generally governed by statutory criteria; it is not normally set by annual appropriation acts.

What is a federal government budget deficit?

A budget deficit

occurs when expenses exceed revenue and indicate the financial health of a country

. The government generally uses the term budget deficit when referring to spending rather than businesses or individuals. Accrued deficits form national debt.

Which is the first step in creating a federal budget?

Budget Resolutions

Congress’s first task in the annual process is to pass a budget resolution creating a framework and setting overall spending limits. As with most things Congress does, its two chambers—the Senate and the House of Representatives—each draft their own budget resolution.

Who creates the federal budget?

The president submits a budget to Congress by the first Monday in February every year. The budget contains estimates of federal government income and spending for the upcoming fiscal year and also recommends funding levels for the federal government.

What branch is Congress?

The legislative branch

is made up of the House and Senate, known collectively as the Congress. Among other powers, the legislative branch makes all laws, declares war, regulates interstate and foreign commerce and controls taxing and spending policies.