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

Budget and Accounting Act of 1921 (CongressionalGlossary.com)

From the Congressional Glossary – Including Legislative and Budget Terms Budget and Accounting Act of 1921   Panel 1: The History of the 1921 and 1974 Budget Acts   The Budget and Accounting Act of 1921 (Pub.L. 67-13, 42 Stat. 20–27) required for the first time that the president submit to Congress each year a … Read more

Sequester / Sequestration (CongressionalGlossary.com)

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

Budget Process (CongressionalGlossary.com)

From the Congressional Glossary – Including Legislative and Budget Terms Budget Process photo credit: irina slutsky 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. … Read more