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Automatic TRANSCRIPT

Let's talk about the federal budget you know in some ways it's budgeting we're all familiar with money and money out in another way it's infinitely more complex and there's a lot of just sort of basic vocabulary we thought we should run down before we get started so the first thing you need to know are the means of a couple of words okay so you have authorization which is the first step in the process authorization bills create programs continue programs agencies and programs have to be authorized before they can spend money appropriated them according to the rules of the House of Representatives is this real always followed no it is not but that's the idea and then an appropriate Shen is authorizing the expenditure of funds for a given purpose consistent with those authorizations so I we say this agency exist or this program is allowed to continue and then we have to tie the specific funding to it through the appropriations process so we have the national debt which is not to be confused with the national deficit you know we have all that why are they all start with the same words we have authorisation or same letter others appropriation than you have debt and deficit so the debt is the money the government owes the deficit is is the amount we spend as exceeded by what we take in so the amount of by which the government expenditures are greater than the tax collections in a given year debt is sort of where accumulating that all the time a deficit is a year to year situation and then of course we have the debt ceiling and that's the limit on the amount of debt the federal government allows itself to hold and Congress as you're probably wear from the new stories raises the debt ceiling. often the first overall debt ceiling was passed in nineteen thirty nine and since then we've raised the debt ceiling or amended it over a hundred and forty times including a dozen times since two thousand I'm GonNa tell you today about how this process is supposed to play out but I wanNA share with you three shortcut terms because we don't usually get through this process as it is supposed to play out and so the word omnibus is important this means a budget that encompasses more than one of the twelve appropriations bills that are supposed to go forward individually and omnibus bills get used when Congress and the president can't agree on those individual bills so they start stacking them up and tying together provisions that sort of leave people without a choice on what to vote for continuing resolutions are another shortcut we take supposed to have the entire government funded by October first the beginning of the how we almost never have that done so congress passed says and sends to the President for signature continuing resolution this is just stopgap funding for agencies and programs they don't shut down the government they want to keep it going at current levels until the regular budget process can be concluded and then finally sequestration is a term that you might hear these are automatic across the board spending cuts that are in place in case Congress can't get its work done within limits on discretionary spending that have been decided in previous years so sometimes as part of negotiations congress will say we're sick and tired of all this spending but we're not gonNA do anything about it today future congresses you must live by these roles and if you don't hear these draconian cuts that are going to go into place and that's what sequestration so that's with regards to discretionary spending so the next day and we want you to know is the difference between mandatory spending discretionary spending and tax breaks because that all affects spending Revenue Okay so a third of the federal budget is discretionary these programs agencies activities that Congress chooses to fund every year now the biggest category of this is military spending but it sweeps a lot of things the Defense Department of Homeland security education the Veterans Administration Energy Department Hud the State Department NASA every year we're deciding yes this is what we want to continue to spend Liane so that those are choices and priorities that can be made in often a source of major budget battles because that's what Congress is choosing or choosing not defined every year it's why we have to find about big bird and PBS and the National Endowment for the arts every time