Clarke and Dawe – European Debt Crisis Also see Federal Debt; Budget Deficit / Budget Surplus; Date Shifting / Fiscal Transparency / Fiscal Illusion; Public Debt / Debt Ceiling; “We Don’t Want Your Clunkers“. Courses Congressional Operations Briefing – Capitol Hill Workshop Drafting Federal Legislation and Amendments Writing for Government and … Read more
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 Means of Financing photo credit: photosteve101 Ways in which a budget deficit is financed or a budget surplus is used. A budget deficit may be financed by the Department of the Treasury (Treasury) (or agency) borrowing, by reducing Treasury cash balances, by the sale of … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Statutory Limit on the Public Debt / Budget Control Act of 2011 The maximum amount, established in law, of public debt that can be outstanding. The debt limit covers virtually all debt incurred by the Federal Government (primarily the Treasury Department), including borrowing from trust … 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 Public Debt / Debt Ceiling / Debt Limit Debt Limit – A Guide to American Federal Debt Made Easy Public Debt: Cumulative amounts borrowed by the Treasury Department or the Federal Financing Bank from the public or from another fund or account. The … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Federal Debt The Debt Ceiling Explained: Why You Should Care The federal debt consists of public debt, which occurs when the Treasury of the Federal Financing Bank (FFB) borrows money directly from the public or other funds or accounts, and government debt / … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Sequester / Sequestration photo credit: pheezy The cancellation of budgetary resources pursuant to the Budget Enforcement Act of 1990. If canceled, sequestration funds will not be available for obligation or expenditure. Sequestration may occur in response to the enactment of appropriations that cause a breach … Read more
The United States Constitution The Borrowing Clause is one of Congress’ enumerated powers found in the Constitution of the United States, Article. I. Section. 8., clause 2: (Clause 2 – Borrowing power) [The Congress shall have Power] To borrow Money on the credit of the United States; Deficits & Debts: Crash Course … Read more
The Constitution of the United States: Amendment 16 (16th Amendment) Amendment XVI. (Income Tax) Passed by Congress July 2, 1909. Ratified February 3, 1913. Note: Article I, section 9, of the Constitution was modified by amendment 16. The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment … Read more