Recent CRS Reports – March 2021

The Economic Effects of Financing a Large and Permanent Increase in Government Spending, Congressional Budget Office, CBO Working Paper 57201, March 2021 (42-page PDF) “Recommendation for New U.S. Circuit and District Court Judgeships by the Judicial Conference of the United States (117th Congress),” CRS Insight IN11639, March 26, 2021 (6-page PDF) “District of Columbia Voting … Read more

Federal Deficits, Growing Debt, and the Economy in the Wake of COVID-19 (CRS R46729)

The Coronavirus Disease 2019 (COVID-19) pandemic caused a swift and deep economic downturn from which the country has yet to fully recover. In response to COVID-19, the federal government enacted expansionary fiscal policy to provide relief and stimulus to the economy. Several bills were enacted in FY2020, including the Coronavirus Aid, Relief, and Economic Security … Read more

Crony Capitalism / Rent-Seeking / Corporate Welfare / Revolving Door (CongressionalGlossary.com)

Crony Capitalism / Rent-Seeking / Corporate Welfare / Revolving Door Corporate welfare refers to subsidies and regulatory protections that lawmakers confer on certain businesses and industries. When considering budget issues, federal policymakers are supposed to have the broad public interest in mind. Unfortunately, that is not how the federal budget process usually works in practice. … Read more

Backdoor Authority / Backdoor Spending (CongressionalGlossary.com)

From the Congressional Glossary – Including Legislative and Budget Terms Backdoor Authority / Backdoor Spending A colloquial phrase for budget authority provided in laws other than appropriations acts, including contract authority and borrowing authority, as well as entitlement authority and the outlays that result from that budget authority.   Fiscal Law #1 – Overview   … Read more

Changes in Mandatory Program Spending / CHIMPS (CongressionalGlossary.com)

From the Congressional Glossary – Including Legislative and Budget Terms Changes in Mandatory Program Spending / CHIMPS   Sessions Unveils Amendments To Combat Billions In Spending Through Waste, Gimmicks   CHIMP is an acronym for a “CHange (either a cost or a savings) In a Mandatory Program” that is proposed or enacted in an appropriations … Read more

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 … Read more

Balanced Budget and Emergency Deficit Control Act of 1985, aka Gramm-Rudman-Hollings (GRH) (CongressionalGlossary.com)

From the Congressional Glossary – Including Legislative and Budget Terms Balanced Budget and Emergency Deficit Control Act of 1985, aka Gramm-Rudman-Hollings (GRH)   President Reagan’s Remarks to Congressional Supporters for a Balanced Budget on December 18, 1985   Also known as the Deficit Control Act, originally known as Gramm-Rudman-Hollings. Among other changes to the budget … Read more

Statutory Limit on the Public Debt / Budget Control Act of 2011 (CongressionalGlossary.com)

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

Public Debt / Debt Ceiling / Debt Limit (CongressionalGlossary.com)

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

Federal Debt (CongressionalGlossary.com)

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