From the Congressional Glossary – Including Legislative and Budget Terms Sequester / Sequestration photo credit: pheezy The cancellation of budgetary resources pursuant to the Budget Enforcement Act of 1990. If canceled, sequestration funds will not be available for obligation or expenditure. Sequestration may occur in response to the enactment of appropriations that cause a breach … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Reconciliation photo credit: Ben Sutherland Reconciliation: Process by which Congress changes existing laws to conform revenue and spending levels to the limits set in a budget resolution. Limited to twenty hours of debate in the Senate. Reconciliation Instruction: A provision within a Budget Resolution directing … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Budget Resolution photo credit: haydnseek Legislation in the form of a concurrent resolution setting forth the congressional budget, but not requiring the president’s signature. The budget resolution establishes various budget totals, divides spending totals into functional categories (e.g., transportation), and may include reconciliation instructions to … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Function / Functional Classification photo credit: quinn.anya Categories of spending established for accounting purposes to keep track of specific expenditures. Each account is placed in the single function (such as national defense, agriculture, health, etc.) that best represents its major purpose, regardless of the agency … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Account / Appropriation Account photo credit: kenteegardin Hearing: Environmental Protection Agency Budget Account: A separate financial reporting unit for budget, management, and/or accounting purposes. All budgetary transactions are recorded in accounts, but not all accounts are budgetary in nature. Some accounts do not … Read more
Starring Brian Stepanek and Eddie Jemison From debtlimitusa.org More “Clearing the Air on the Debt Limit,” CRS Report R45011 (33-page PDF) Public Debt / Debt Ceiling / Debt Limit (CongressionalGlossary.com) Understanding Congressional Budgeting and Appropriations Advanced Federal Budget Process The Defense Budget The Federal Budget Process Federal Budget Links and Research Tools Related PostsCombined Statement … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Discretionary usually modifies “spending,” “appropriation,” or “amount.” Discretionary spending refers to outlays from budget authority that is provided in and controlled by annual appropriation acts. Discretionary appropriation refers to those budgetary resources that are provided in appropriation acts, other than those that fund mandatory programs. … Read more
Advanced Federal Budget Process photo credit: Mr. T in DC In this 2-day course, learn how the federal budget process really works from faculty members with years of subject-matter expertise. Study important terminology and get tips to protect your budgetary interests. We provide a comprehensive overview of current budget politics and the federal budgeting process. … 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
The president submits a proposed budget to Congress on the first Monday in February, although there can be some flexibility regarding the actual date of this submission. photo credit: mackarus Known as the President’s Budget, this request to Congress is used as the basis for reports prepared by congressional budget committee members and staff. Appropriations … Read more