Terms to Know and Love: Difference between revisions
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;<font size=3><u>Deficit</u>: ''The amount by which the federal government’s total outlays exceed its total revenues in a given period, typically a fiscal year.''</font> | ;<font size=3><u>Deficit</u>: ''The amount by which the federal government’s total outlays exceed its total revenues in a given period, typically a fiscal year.''</font> | ||
;<font size=3><u>Debt</u>: ''The total value of outstanding notes, bonds, bills, and other debt instruments issued by the federal government is referred to as federal debt or gross debt.'' | |||
*'''Two parts:''' | |||
:#'''Debt held by the public (federal debt held by nonfederal investors, including the Federal Reserve System)''' | |||
:#'''Debt held by government accounts (federal debt held by federal government trust funds, deposit insurance funds, and other federal accounts).'''</font> | |||
;<font size=3><u>Fiscal Year</u>: ''A yearly accounting period. The federal government’s fiscal year begins October 1 and ends September 30. Fiscal years are designated by the calendar years in which they end—for example, fiscal year 2007 will begin on October 1, 2006, and end on September 30, 2007.''</font> | ;<font size=3><u>Fiscal Year</u>: ''A yearly accounting period. The federal government’s fiscal year begins October 1 and ends September 30. Fiscal years are designated by the calendar years in which they end—for example, fiscal year 2007 will begin on October 1, 2006, and end on September 30, 2007.''</font> | ||
Latest revision as of 04:07, 4 May 2006
- Deficit: The amount by which the federal government’s total outlays exceed its total revenues in a given period, typically a fiscal year.
- Debt: The total value of outstanding notes, bonds, bills, and other debt instruments issued by the federal government is referred to as federal debt or gross debt.
- Two parts:
- Debt held by the public (federal debt held by nonfederal investors, including the Federal Reserve System)
- Debt held by government accounts (federal debt held by federal government trust funds, deposit insurance funds, and other federal accounts).
- Fiscal Year: A yearly accounting period. The federal government’s fiscal year begins October 1 and ends September 30. Fiscal years are designated by the calendar years in which they end—for example, fiscal year 2007 will begin on October 1, 2006, and end on September 30, 2007.
- Budget Year: The fiscal year for which the budget is being considered; in relation to a session of Congress, it is the fiscal year that starts on October 1 of the calendar year in which that session of Congress begins.
- Out-year: A fiscal year following the budget year. The current year is the fiscal year in progress.
- GDP: Gross Domestic Product
- TFP: Total Factor Productivity
