From the Congressional Glossary – Including Legislative and Budget Terms Budget Deficit / Budget Surplus Lesson 1 National Debt & Budget Deficit Explained The relationship between spending and revenues is reflected in the surplus or deficit figure. A surplus is an excess of revenues over outlays, while a deficit is an excess of … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Congressional Budget and Impoundment Control Act of 1974 The 1974 Congressional Budget and Impoundment Control Act (Pub.L. 93-344, 88 Stat. 297, July 12, 1974) 2 U.S.C. Chapter 17A, Congressional Budget and Fiscal Operations) requires the House and Senate each year to adopt a concurrent resolution … 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