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

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

Date Shifting / Fiscal Transparency / Fiscal Illusion (Congressional Glossary)

From the Congressional Glossary – Including Legislative and Budget Terms Date Shifting / Fiscal Transparency / Fiscal Illusion One of the budgetary maneuvers used by Congress. Congress can shift scheduled payments for contracts, or even for federal employee salaries, by a few days in order to move expenditures from one fiscal year to another. For … 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