The document discusses key budgetary terms including revenues, outlays, gross domestic product, the budget deficit or surplus, and debt held by the public as percentages of GDP. It defines revenues as funds collected from various sources like taxes. Outlays are government spending. The budget deficit occurs when outlays exceed revenues, while a surplus is when revenues are greater than outlays.

1. Total Revenues and Outlays Percentage of GDP Revenues: Funds collected from the public that come from a variety of sources, including individual and corporate income taxes, excise taxes, customs duties, estate and gift taxes, fees and fines, payroll taxes for social insurance programs, and miscellaneous receipts (such as earnings of the Federal Reserve System, donations, and bequests). Gross Domestic Product (GDP): The total market value of goods and services produced domestically during a given period. Outlays: Spending to pay a federal obligation. Baseline: A benchmark for measuring the budgetary effects of proposed changes in federal revenues or spending. As defined in the Deficit Control Act of 1985, the baseline is the projection of new budget authority, outlays, revenues, and the deficit or surplus into the budget year and out-years on the basis of current laws and policies.

2. Total Budget Deficit or Surplus Percentage of GDP Deficit: The amount by which the federal government’s total outlays exceed its total revenues in a given period, typically a fiscal year. Surplus: The amount by which the federal government’s total revenues exceed its total outlays in a given period, typically a fiscal year.

3. Debt Held by the Public Percentage of GDP