From the Congressional Glossary – Including Legislative and Budget Terms Obligation photo credit: smudie A legally binding agreement that will result in outlays, immediately or in the future. A promise to pay. The obligation, the promise to pay, is the initial action in the Federal spending process. Appropriations laws establish whether funds are available to … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Allotment photo credit: stvcr Allotment, an authorization by either the agency head or another authorized employee to his/her subordinates to incur obligations within a specified amount. Each agency makes allotments pursuant to specific procedures it establishes within the general apportionment requirements stated in OMB Circular … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Outlay photo credit: smudie Outlays are payments made (generally through the issuance of checks or disbursement of cash) to liquidate obligations. The issuance of checks, disbursement of cash, or electronic transfer of funds made to liquidate a federal obligation. Outlays also occur when interest on … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Expenditure / Tax Expenditure photo credit: 401K Expenditure: The actual spending of money; an outlay. Tax Expenditure: Loss of revenue attributable to an exemption, deduction, preference, or other exclusion under federal tax law. What are tax expenditures? Also see “Government Spending” – Wikipedia … Read more