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Balanced Budget and Emergency Deficit Control Act of 1985

A law designed to control federal spending and reduce the national debt by setting budget targets and establishing procedures like automatic spending cuts (sequestration) if targets are missed.

Discretionary Spending

The portion of the federal budget that Congress decides how to spend each year through annual appropriations bills. This includes funding for most government agencies, defense, education, and infrastructure, as opposed to mandatory spending like Social Security or Medicare.

New Budget Authority

The legal permission for a federal agency to obligate (commit) funds from the U.S. Treasury, allowing them to make payments for goods and services. It's essentially the maximum amount an agency is allowed to spend or commit to spend.

Fiscal Year

A 12-month period that a government or company uses for accounting and budgeting purposes. The U.S. federal government's fiscal year runs from October 1st to September 30th of the following calendar year.

Spending Caps

Legal limits placed on the amount of money the government can spend on certain categories of programs, often for a defined period of time.