“The OPEN Government Data Act: A Primer,” CRS In Focus IF12299, December 29, 2022 (5-page PDF) “The Debt Limit Since 2011,” CRS Report R43389, December 23, 2022 (44-page PDF) “Penny: History and Current Status,” CRS Report IF12293, December 22, 2022 (5-page PDF) “Congressional Oversight Manual,” CRS Report RL30240, December 22, 2022 (140-page PDF) “The Right … 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 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 Federal Financing Bank (FFB) photo credit: Alun Salt The Federal Financing Bank (FFB) is a government corporation, created by Congress in the Federal Financing Bank Act of 1973 (12 U.S.C. 2281 et seq.), under the general supervision of the Secretary of the Treasury (31 U.S.C. … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Seigniorage The difference between the face value of minted circulating coins and the cost of their production, including the cost of metal used in the minting and the cost of transporting the coins to Federal Reserve Banks for distribution to the public. Seigniorage reflects an … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Budget Process Established by the Congressional Budget and Impoundment Act of 1974, the budget process refers to the steps necessary for adoption of a concurrent resolution on the budget, thereby creating the framework for consideration of appropriations bills and authorizing legislation. The Joint Select Committee … Read more