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United States Debt Ceiling
In the United States, the debt ceiling is a law limiting the National debt of the United States, total amount of money the federal government can borrow. Since the federal government has consistently run a Deficit spending, budget deficit since 2002, it must borrow to finance the spending that has been legally authorized in United States federal budget, the federal budget. The ceiling does not directly limit the size of the budget deficit; rather, it limits the amount the United States Department of the Treasury, Treasury can borrow to pay this already-authorized spending. When the ceiling is reached without an increase in the limit having been enacted, the Treasury must resort to "extraordinary measures" to temporarily finance government expenditures and obligations until a resolution can be reached. The Treasury has never reached the point of exhausting extraordinary measures, resulting in a Default (finance), default, although, on some occasions, it appeared that Congress mig ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Debt Of The United States
The "national debt of the United States" is the total national debt owed by the federal government of the United States, federal government of the United States to United States Treasury security, treasury security holders. The national debt at a given point in time is the face value of the then outstanding treasury securities that have been issued by the United States Department of the Treasury, Treasury and other federal agencies. Related terms such as "national deficit" and "national surplus" most often refer to the federal government budget balance from year to year and not the cumulative amount of debt held. In a deficit year, the national debt increases as the government needs to borrow funds to finance the deficit. In a surplus year, the debt decreases as more money is received than spent, enabling the government to Deficit reduction in the United States, reduce the debt by buying back Treasury securities. Broadly, US government debt increases as a result of Government ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
War Of 1812
The War of 1812 was fought by the United States and its allies against the United Kingdom of Great Britain and Ireland, United Kingdom and its allies in North America. It began when the United States United States declaration of war on the United Kingdom, declared war on Britain on 18 June 1812. Although peace terms were agreed upon in the December 1814 Treaty of Ghent, the war did not officially end until the peace treaty was ratified by the 13th United States Congress, United States Congress on 17 February 1815. AngloAmerican tensions stemmed from long-standing differences over territorial expansion in North America and British support for Tecumseh's confederacy, which resisted U.S. colonial settlement in the Old Northwest. In 1807, these tensions escalated after the Royal Navy began enforcing Orders in Council (1807), tighter restrictions on American trade with First French Empire, France and Impressment, impressed sailors who were originally British subjects, even those who ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ronald Reagan
Ronald Wilson Reagan (February 6, 1911 – June 5, 2004) was an American politician and actor who served as the 40th president of the United States from 1981 to 1989. He was a member of the Republican Party (United States), Republican Party and became an important figure in the American conservative movement. Presidency of Ronald Reagan, His presidency is known as the Reagan era. Born in Illinois, Reagan graduated from Eureka College in 1932 and was hired the next year as a sports broadcaster in Iowa. In 1937, he moved to California where he became a well-known film actor. During his acting career, Reagan was president of the Screen Actors Guild twice from 1947 to 1952 and from 1959 to 1960. In the 1950s, he hosted ''General Electric Theater'' and worked as a motivational speaker for General Electric. During the 1964 United States presidential election, 1964 presidential election, Reagan's "A Time for Choosing" speech launched his rise as a leading conservative figure. After b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dick Gephardt
Richard Andrew Gephardt (; born January 31, 1941) is an American attorney, lobbyist, and politician who represented in the United States House of Representatives from 1977 to 2005. A member of the Democratic Party, he was House majority leader from 1989 to 1995 and minority leader from 1995 to 2003. He ran unsuccessfully for the Democratic nomination for President of the United States in 1988 and 2004. Gephardt was mentioned as a possible vice presidential nominee in 1988, 1992, 2000, 2004, and 2008. Since his retirement from politics, Gephardt has become a lobbyist. He founded a Washington-based public affairs firm, Gephardt Government Affairs; an Atlanta-based labor consultancy, the Gephardt Group; and a direct primary care group, SolidaritUS Health. He also consults for DLA Piper, FTI Consulting and Goldman Sachs, and is a member of the ReFormers Caucus of Issue One and co-chair of Issue One's Council for Responsible Social Media with former Massachusetts lieuten ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Budget And Impoundment Control Act
The Congressional Budget and Impoundment Control Act of 1974 (ICA) is a United States federal law that governs the role of the Congress in the United States budget process. Titles I through IX of the law are also known as the Congressional Budget Act of 1974. Congressional budget process Titles I through IX of the law are known as the Congressional Budget Act of 1974. Title II created the Congressional Budget Office. Title III governs the procedures by which Congress annually adopts a budget resolution, a concurrent resolution that is not signed by the President, which sets fiscal policy for the Congress. This budget resolution sets limits on revenues and spending that may be enforced in Congress through procedural objections called points of order. The budget resolution can also specify that a budget reconciliation bill be written, which the Congress will then consider under expedited procedures. Later amendments The act has been amended several times, including pro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Financing Bank
The Federal Financing Bank (FFB) is a United States government corporation created by Congress in 1973 under the general supervision of the Secretary of the Treasury.Federal Financing Bank Act of 1973 (). The FFB was established to centralize and reduce the cost of federal borrowing, as well as federally assisted borrowing from the public. The FFB was also established to deal with federal budget management issues which occurred when off-budget financing flooded the government securities market with offers of a variety of government-backed securities that were competing with Treasury securities. Today the FFB has statutory authority to purchase any obligation issued, sold, or guaranteed by a federal agency to ensure that fully guaranteed obligations are financed efficiently. , the FFB had $85.7billion in assets and $79.1billion in liabilities, for a net position of $6.5billion. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Notes
A United States Note, also known as a Legal Tender Note, is a type of Banknote, paper money that was issued from 1862 to 1971 in the United States. Having been current for 109 years, they were issued for longer than any other form of U.S. paper money other than the currently issued Federal Reserve Note. They were known popularly as "greenbacks", a name inherited from the earlier Greenback (1860s money), greenbacks, the Demand Notes, that they replaced in 1862. Often termed Legal Tender Notes, they were named United States Notes by the First Legal Tender Act, which authorized them as a form of fiat currency. During the early 1860s the so-called ''second obligation'' on the reverse of the notes stated: By the 1930s, this obligation would eventually be shortened to: They were originally issued directly into circulation by the United States Department of the Treasury, U.S. Treasury to pay expenses incurred by the Union (American Civil War), Union during the American Civil War. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fiscal Year
A fiscal year (also known as a financial year, or sometimes budget year) is used in government accounting, which varies between countries, and for budget purposes. It is also used for financial reporting by businesses and other organizations. Laws in many jurisdictions require company financial reports to be prepared and published on an annual basis but generally with the reporting period not aligning with the calendar year (1 January to 31 December). Taxation laws generally require accounting records to be maintained and taxes calculated on an annual basis, which usually corresponds to the fiscal year used for government purposes. The calculation of tax on an annual basis is especially relevant for direct taxes, such as income tax. Many annual government fees—such as council tax and license fees are also levied on a fiscal year basis, but others are charged on an anniversary basis. Some companies, such as Cisco Systems, end their fiscal year on the same day of the week each ye ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Concurrent Resolution
A concurrent resolution is a resolution (a legislative measure) adopted by both houses of a bicameral legislature that lacks the force of law (is non-binding) and does not require the approval of the chief executive ( president). Concurrent resolutions are typically adopted to regulate the internal affairs of the legislature that adopted them, or for other purposes, if authority of law is not necessary (such as in the cases of awards or recognitions). United States Congress In the United States Congress, a concurrent resolution is a resolution passed by both the House of Representatives and the Senate but is not presented to the President for signature and does not have the force of law. In contrast, joint resolutions and bills are presented to the President and, once signed or approved over a veto, are enacted and have the force of law. Concurrent resolutions are generally used to address the sentiments of both chambers or to deal with issues or matters affecting both hous ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Accountability Office
The United States Government Accountability Office (GAO) is an independent, nonpartisan government agency within the legislative branch that provides auditing, evaluative, and investigative services for the United States Congress. It is the supreme audit institution of the federal government of the United States. It identifies its core "mission values" as: accountability, integrity, and reliability. It is also known as the "congressional watchdog". The agency is headed by the Comptroller General of the United States. The comptroller general is appointed by the president with the advice and consent of the Senate. When a vacancy occurs in the office of the comptroller general, Congress establishes a commission to recommend individuals to the president. The commission consists of the following: *the speaker of the United States House of Representatives *the president pro tempore of the United States Senate *the majority and minority leaders of the House of Representatives and t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Budget Process
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, the Congressional Budget and Impoundment Control Act of 1974, and additional budget legislation. Prior to 1974, Congress had no formal process for establishing a federal budget. When President Richard Nixon began to refuse to spend funds that Congress had allocated, they adopted a more formal means by which to challenge him. The Congressional Budget Act of 1974 created the Congressional Budget Office (CBO), which gained more control of the budget, limiting the power of the President's Office of Management and Budget (OMB). The Act passed easily while the administration was embroiled in the Watergate scandal and was unwilling to provoke Congress. Discretionary spending Discretionary spending requires an annual appropriation bill, which is a piec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fiscal Cliff
The United States fiscal cliff refers to the combined effect of several previously-enacted laws that came into effect simultaneously in January 2013, increasing taxes and decreasing spending. The Bush tax cuts of 2001 and 2003, which had been extended for two years by the 2010 Tax Relief Act, were scheduled to expire on December 31, 2012. Planned spending cuts under the Budget Control Act of 2011 also came into play. That Act was passed as a compromise to resolve a dispute concerning the US debt ceiling and address the failure of the 111th Congress to pass a federal budget. Discretionary spending for federal agencies and cabinet departments would have been reduced through broad cuts referred to as budget sequestration. Mandatory programs, such as Social Security, Medicaid, federal pay (including military pay and pensions) and veterans' benefits would have been exempted from the spending cuts. The fiscal cliff would have increased tax rates and decreased government spending ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
