From the Congressional Glossary – Including Legislative and Budget Terms Concurrent Resolution on the Budget photo credit: JPC24 The Concurrent Resolution on the Budget is often referred to as the Congressional Budget. A concurrent resolution adopted by both chambers of Congress as part of the annual budget and appropriations process, setting forth an overall budget … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Budget Act photo credit: phauly The common name for the Congressional Budget and Impoundment Act of 1974, which established the current budget process and created the Congressional Budget Office. The act also put limits on presidential authority to refuse to spend appropriated money. Titles I-IX … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Public Debt / Debt Ceiling / Debt Limit Debt Limit – A Guide to American Federal Debt Made Easy Public Debt: Cumulative amounts borrowed by the Treasury Department or the Federal Financing Bank from the public or from another fund or account. The … Read more
The federal budget process typically involves a rather complex series of legislative and executive procedures and various financial transactions. photo credit: Evelyn Proimos The term Revenue refers to income that is received by the federal government. (The executive branch also uses receipts as a term for revenue.) Revenue may be raised from a variety of … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Omnibus Bill: A measure that combines the provisions related to several disparate subjects into a single measure. Examples include continuing appropriations resolutions that might contain two or more of the twelve annual appropriations bills. See the 12 Subcommittees of the House Committee on Appropriations. The … Read more