From the Congressional Glossary – Including Legislative and Budget Terms Governmental Receipts photo credit: ben_osteen Collections from the public based on the government’s exercise of its sovereign powers, including individual and corporate income taxes and social insurance taxes, excise taxes, duties, court fines, compulsory licenses, and deposits of earnings by the Federal Reserve System. Gifts … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Deferral of Budget Authority photo credit: anarchosyn An action by the executive branch that delays the obligation of budget authority beyond the point it would normally occur. Pursuant to the Congressional Budget and Impoundment Control Act of 1974, the President must provide advanced notice to … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Line Item Veto (Item Veto) photo credit: Jordi Payà Whenever the president signs a bill or joint resolution, the president may cancel in whole (1) any dollar amount of discretionary budget authority, (2) any item of new direct spending, and (3) certain limited tax benefits. … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Impoundments photo credit: oddsock Any action taken by the executive branch that delays or precludes the obligation or expenditure of budget authority appropriated by Congress. The Congressional Budget and Impoundment Control Act of 1974 was enacted after frequent use of impoundments by President Richard Nixon. … 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 Monthly Treasury Statement (MTS) photo credit: Daquella manera A summary statement prepared from agency accounting reports and issued by the Department of the Treasury (Treasury). The MTS presents the receipts, outlays, resulting budget surplus or deficit, and federal debt for the month and the fiscal … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Combined Statement of Receipts, Outlays, and Balances of the United States Government photo credit: Martin Cathrae The Department of the Treasury’s annual accounting of the (1) unified budget receipts activities of the federal government, which should be consistent with the aggregated custodial nonexchange revenues (before … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Intragovernmental Transfers photo credit: Tom – Switzerland Collections from other federal government accounts, often as payment for goods or services provided. Most offsetting receipts from intragovernmental transfers are offset against budget authority and outlays of the agency or subfunction that produced the goods or services. … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Proprietary Receipts from the Public photo credit: mattcameasarat Collections from outside the government that are deposited in receipt accounts that arise as a result of the government’s business-type or market-oriented activities. Among these are interest received, proceeds from the sale of property and products, charges … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Offsetting Receipts Collections that are offset against gross outlays but are not authorized to be credited to expenditure accounts. Offsetting receipts are deposited in receipt accounts. Like offsetting collections, they result from (1) businesslike transactions or market-oriented activities with the public, (2) intragovernmental transfers, and … Read more