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A set of numbers stating how much Congress is supposed to spend in each of 19 broad spending categories (known as budget "functions") and how much total revenue the government will collect, for each of the next five or more years. The difference between the two totals — the spending ceiling and the revenue floor — represents the deficit (or surplus) expected for each year.
SOURCE: Center on Budget and Policy Priorities
See all terms in the National Debt Glossary
Frequently Asked Questions: National Debt
- How did the national debt get to be so big?
- What's the difference between the debt and the deficit?
- Why can't the government just print more money to get out of debt?
- How much U.S. debt is owned by foreign countries?
See all questions about the national debt. >>
