Tag: outlay

Obligation (CongressionalGlossary.com)

Obligation (CongressionalGlossary.com)

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 […]

Budget Deficit / Budget Surplus (CongressionalGlossary.com)

Budget Deficit / Budget Surplus (CongressionalGlossary.com)

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 […]

Outlay (CongressionalGlossary.com)

Outlay (CongressionalGlossary.com)

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 […]

Expenditure / Tax Expenditure (CongressionalGlossary.com)

Expenditure / Tax Expenditure (CongressionalGlossary.com)

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 […]

Discretionary  / Discretionary Spending (CongressionalGlossary.com)

Discretionary / Discretionary Spending (CongressionalGlossary.com)

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. […]

Basic Federal Budgeting Concepts and Terminology

Basic Federal Budgeting Concepts and Terminology

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 […]

Direct Spending / Mandatory Spending (CongressionalGlossary.com)

Direct Spending / Mandatory Spending (CongressionalGlossary.com)

From the Congressional Glossary – Including Legislative and Budget Terms Direct Spending / Mandatory Spending: Budget authority, and the resulting outlays, provided in laws other than appropriations acts. Spending controlled outside of annual appropriations acts, specifically including the Food Stamp (now SNAP) program; also referred to as mandatory spending. As defined by the Balanced Budget […]