Terms to Know and Love
From Dickinson College Wiki
- Deficit: The amount by which the federal government’s total outlays exceed its total revenues in a given period, typically a fiscal year.
- 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
