Lesson 8.0 by https://padlet.com/myiahkelley/2kh31o9poaxy Made with mirth en-us 2016-11-28 15:23:18 UTC 2016-11-28 15:34:08 UTC hello@padlet.com Revenue myiahkelley https://padlet.com/myiahkelley/2kh31o9poaxy/wish/140207587 the money a government collects from taxes or other sources. (McGraw-Hill)]]> 2016-11-28 15:25:34 UTC https://padlet.com/myiahkelley/2kh31o9poaxy/wish/140207587 budget surplus myiahkelley https://padlet.com/myiahkelley/2kh31o9poaxy/wish/140207839 extra money left in a budget after all spending takes place. (McGraw-Hill)]]> 2016-11-28 15:26:05 UTC https://padlet.com/myiahkelley/2kh31o9poaxy/wish/140207839 Budget deficit myiahkelley https://padlet.com/myiahkelley/2kh31o9poaxy/wish/140208114 condition that occurs when the federal government spends more than it takes in. (McGraw-Hill)]]> 2016-11-28 15:26:43 UTC https://padlet.com/myiahkelley/2kh31o9poaxy/wish/140208114 National debt myiahkelley https://padlet.com/myiahkelley/2kh31o9poaxy/wish/140208407 The total amount of money that the government has borrowed but not paid back in our nation’s history is known as the national debt.. (McGraw-Hill)]]> 2016-11-28 15:27:22 UTC https://padlet.com/myiahkelley/2kh31o9poaxy/wish/140208407 Fiscal year myiahkelley https://padlet.com/myiahkelley/2kh31o9poaxy/wish/140208662 a 12-month accounting period; the federal government’s runs from October 1 to September 30. (McGraw-Hill)

]]> 2016-11-28 15:27:53 UTC https://padlet.com/myiahkelley/2kh31o9poaxy/wish/140208662 Excecutive branch myiahkelley https://padlet.com/myiahkelley/2kh31o9poaxy/wish/140209083 The budget process begins with the president, executive agency leaders, and economic analysts from the White House. Each federal agency and department draws up a list of its own spending plans. (McGraw-]]> 2016-11-28 15:28:40 UTC https://padlet.com/myiahkelley/2kh31o9poaxy/wish/140209083 Legislative Branch myiahkelley https://padlet.com/myiahkelley/2kh31o9poaxy/wish/140209724
  • House and Senate budget committees review the major features of the president’s budget proposals and hold hearings to ask executive branch officials to defend their proposals.
  • Congress sends the budget proposals to its own staff of economic analysts at the Congressional Budget Office (CBO).
  • After the House Budget Committee has reviewed and revised the president’s budget, it sends its budget to the full House for a vote. The Senate follows the same process, identifying the total spending and tax plan for the coming year.
  • Typically, the budget plans from the House and Senate are different—a special committee turns their separate plans into one budget.
  • The reconciled budget is sent to the Senate and to the House for a vote. The adopted budget resolution is used as a framework to consider appropriations bills for the next fiscal year.
    • (McGraw-Hill)
    ]]>     2016-11-28 15:29:57 UTC https://padlet.com/myiahkelley/2kh31o9poaxy/wish/140209724     entitlements myiahkelley https://padlet.com/myiahkelley/2kh31o9poaxy/wish/140210107 a required government expenditure that continues from one year to the next. (McGraw-Hill)]]> 2016-11-28 15:30:46 UTC https://padlet.com/myiahkelley/2kh31o9poaxy/wish/140210107 Excise tax myiahkelley https://padlet.com/myiahkelley/2kh31o9poaxy/wish/140210553 a tax on the manufacture, transportation, sale, or consumption of goods and the performance of services (McGraw-Hill)]]> 2016-11-28 15:31:44 UTC https://padlet.com/myiahkelley/2kh31o9poaxy/wish/140210553 Protective tariff myiahkelley https://padlet.com/myiahkelley/2kh31o9poaxy/wish/140211124 A high customs duty is called a protective tariff and is often popular with business, labor, and farm groups. (McGraw-Hill)]]> 2016-11-28 15:33:03 UTC https://padlet.com/myiahkelley/2kh31o9poaxy/wish/140211124 marginal tax rates myiahkelley https://padlet.com/myiahkelley/2kh31o9poaxy/wish/140211488 the percentage of income taxes an individual pays increases as his or her income increases; the rate of taxation applies to incomes within defined ranges or brackets. (McGraw-Hill)]]> 2016-11-28 15:33:51 UTC https://padlet.com/myiahkelley/2kh31o9poaxy/wish/140211488