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Public finance. The United States federal budget is divided into three categories: mandatory spending, discretionary spending, and interest on debt. Also known as entitlement spending, in US fiscal policy, mandatory spending is government spending on certain programs that are required by law. [ 1] Congress established mandatory programs under ...
Impoundment of appropriated funds. Impoundment is an act by a President of the United States of not spending money that has been appropriated by the U.S. Congress. Thomas Jefferson was the first president to exercise the power of impoundment in 1801. The power was available to all presidents up to and including Richard Nixon, and was regarded ...
The United States budget process is the framework used by Congress and the President of the United States to formulate and create the United States federal budget. The process was established by the Budget and Accounting Act of 1921, [ 1] the Congressional Budget and Impoundment Control Act of 1974, [ 2] and additional budget legislation.
The trust funds contain non-marketable treasury securities that the government is legally obligated to pay. In the absence of a balanced budget, the government will be required to convert these non-marketable securities to marketable securities by borrowing in the future, as trust fund claims are redeemed.
In the United States, federal assistance, also known as federal aid, federal benefits, or federal funds, is defined as any federal program, project, service, or activity provided by the federal government that directly assists domestic governments, organizations, or individuals in the areas of education, health, public safety, public welfare, and public works, among others.
In federal government contracting, the specific regulatory authority is required for the Government's agent to enter into the contract, and that agent's bargaining authority is strictly controlled by statutes and regulations reflecting national policy choices and prudential limitations on the right of federal employees to obligate federal funds.
An apportionment is an Office of Management and Budget-approved plan to use budgetary resources (31 U.S.C. §§ 1513–b; Executive Order 11541). It typically limits the obligations the federal government may incur for specified time periods, programs, activities, projects, objects, etc. An apportionment is legally binding, and obligations and expenditures (disbursements) that exceed an ...
In the United States Congress, an appropriations bill is legislation to appropriate [1] federal funds to specific federal government departments, agencies and programs. The money provides funding for operations, personnel, equipment and activities. [2] Regular appropriations bills are passed annually, with the funding they provide covering one ...