Unformatted text preview: amount of money the Federal government has borrowed to finance deficit spending over the years.
deficitThe difference between the revenues raised annually from sources of income other
than borrowing and the expenditures of government, including paying the interest on past
compound interestwhen interest is added to the principal, so that, from that moment on, the
interest that has been added also earns interest.
revenue the income of a government from taxation, excise duties, customs, or other sources,
appropriated to the payment of the public expenses.
appropriations funds set aside for a specific purpose public
mandatory spending is spending on certain programs that is required by existing law
entitlement Programs such as unemployment insurance, disaster relief, or disability payments that provide benefits to all eligible citizens.
uncontrollable expendituresBudget items mandated by law or by a previous obligation are known as
discretionary spending is a spendi...
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This note was uploaded on 02/13/2014 for the course HISTORY AP Governm taught by Professor Richardhoppock during the Fall '12 term at Hayfield Secondary.
- Fall '12