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63 government budgets
 

63 government budgets

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    63 government budgets 63 government budgets Presentation Transcript

    • Revenue Scarcity-Revenue is limited, so government must make choices about spending-setting priorities-Political Party goals
    • Budgets-Budgets are a plan for spending the government’s money-Revenue or receipts-- Economic term for the money that is received-Expenditures-- Economic term for the money that is spent-Most budgets are one year budgets -fiscal year
    • Drafting a Budget-drafting a budget is a long process-executive branch prepares most of the budget-expenditures are often based upon the President, Governor, or local leader’s goals
    • Drafting a Budget-drafting a budget is a long process-executive branch prepares most of the budget-expenditures are often based upon the President, Governor, or local leader’s goals
    • Approving a Budget-Budgets must be passed by the legislative branch-serves as a check on the government’s spending power-Goals of Congressmen may conflict with budget proposals-Final version is often a series of compromises
    • State & Local Budgets-Similar budget process as Federal Government-May be of a much smaller scale-May be more important to citizens of the community than federal budget
    • Expenditures-Expenses change each year-Most larges expenses change very little Social Security, National Defense, Medicare, and Interest on National Debt-Local and State Governments Education, Social Services, Transportation, and Public Safety
    • Budget Deficits-Limited Revenues, but unlimited places to spend money-Some spending is actually borrowed money to pay for expenses Bonds-Effects of National Debt
    • Balancing Budgets-Balanced Budget-- Idea that a budget should never spend more money than it has received-Federal Government has a history of high budget deficits since the 1980’s leading to a high national debt-Most states and local government are required to balance their budgets
    • Revenue Sharing-Governments sometimes help one another with funding problems -Intergovernmental Revenue-Governments can receive grants to help solve problems -Federal Grant-In-Aid-Federally mandated programs and funding is a problem for many local and state gov’ts