A committee along with the Senate Finance Committee that writes the tax code.
House Ways and Means Committee
The Gramm-Rudman-Hollings Act
Mandated maximum allowable deficit levels for each year until 1993, when the budget was to be balanced
A major feature of incremental budgeting is that it
Provides small increases in the current budget over the previous year’s budget.
Opponents to the balanced budget amendment argue that
Both Congress and the President could circumvent the intention of the amendment by adjusting economically
The Balanced Budget and Emergency Deficit Control Act called for the President to order __________ , if Congress failed to meet specific deficit-reduction goals.
Budget items mandated by law or by a previous obligation are known as
The military industrial complex refers to
the close relationship between defense officials and the corporations that supply their hardware nee
An act of Congress that actually funds programs.
Which of the following is NOT currently one of the three major sources of federal revenue?
__________ is the biggest uncontrollable expenditure in the federal budget.
When Congress cannot reach agreement, these resolutions allow agencies to spend at the level of the previous year.
The Committee along with the House Ways and Means Committee that writes tax code.
Senate Finance Committee
In the Senate, the __________ Committee is responsible for writing tax codes, subject to the approval of Congress as a whole.
The government borrows money principally by
Revenue losses that result from special exemptions, exclusions, or deductions on federal tax law.
A resolution binding Congress to a total expenditure level.
Social Security payments are an example of a(n)
Which of the following was NOT a provision of the Tax Reform Act of 1986?
It increased the number of tax expenditures available to businesses.
In the House of Representatives, it is the __________ Committee that writes tax codes, subject to the approval of Congress as a whole.
Ways and Means
According to the Constitution, all federal appropriations must be authorized by
Policies for which Congress has obligated itself to pay X level of benefits to Y number of recipients.
An act of Congress that establishes, continues, or changes a discretionary government program or an entitlement.
Congress attempts to bind itself to a total expenditure level that should form the bottom line of all federal spending for all programs by passing
A budget resolution.
An __________ bill is an act of Congress that establishes a discretionary government program or an entitlement, or that continues or changes such programs.
In order of decreasing amounts, federal expenditures include
Direct payments to individuals, national defense, interest on the national debt, and state and local
Expenditures that are determined by how many eligible beneficiaries there are for a program.
The Congressional Budget and Impoundment Control Act of 1974 set up all of the following EXCEPT
The Office of Management and Budget.
The __________ is responsible for supervising preparation of the federal budget and advising the President on budgetary matters.
Office of Management and Budget
Advises Congress on the probable consequences of its decisions, forecast revenues, and is a counterweight to the President’s Office of Management and Budget.
Congressional Budget Office
Agencies’ behavior and budgets are audited, monitored, and evaluated for Congress by the
Great Accounting Office.