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 … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Budget Enforcement Act of 1990 P.O. Arnäs The Budget Enforcement Act of 1990, Pub. L. No. 101-508, title XIII, 104 Stat. 1388, 1388-573 (Nov. 5, 1990), was adopted to replace the Gramm-Rudman-Hollings Act of 1987, as a response to the budget crisis that persisted through … Read more
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 … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Expense Achieving Transparency And Accountability In Federal Spending (Part 1 of 2) Outflow or other depletion of assets or incurrences of liabilities (or a combination of both) during some period as a result of providing goods, rendering services, or carrying out other activities … Read more