From the Congressional Glossary – Including Legislative and Budget Terms Agency Mission photo credit: IntelFreePress Agency Mission: Term used in section 1105(a)(22) of title 31 of the United States Code, which outlines content requirements for the President’s budget submission to Congress. Section 1105 requires that the President’s budget contain a statement of agency budget authority … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Agency photo credit: independentman Agency: No one definition of this term has general, governmentwide applicability. “Agency” and related terms, like “executive agency” or “federal agency,” are defined in different ways in different laws and regulations. For example, the provisions of the Budget and Accounting Act … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Rescission Panel 1: The History of the 1921 and 1974 Budget Acts Rescission: Cancellation of budget authority previously provided by Congress. Legislation enacted by Congress that cancels the availability of budget authority previously enacted before the authority would otherwise expire. The Impoundment Control … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Reduction photo credit: eamoncurry123 Cancellation of the availability of budgetary resources previously provided by law before the authority would otherwise lapse. Reductions can be account specific and across-the-board. (See also Rescission; Sequestration.) “Will the Joint Select Committee on Deficit Reduction Succeed?” by Sarah A. Binder, … Read more
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 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