An AI model extracted this from the bill’s official record and can make mistakes. Check the official text ↗ (opens in new tab)

Fiscal shocks

Unexpected, major economic events that can significantly impact a government's finances, such as a severe recession or a large-scale natural disaster.

Secretary of the Treasury

The head of the U.S. Department of the Treasury, responsible for managing the nation's finances, including revenue, debt, and monetary policy.

Office of Management and Budget (OMB)

A component of the Executive Office of the President that oversees the implementation of the President's policy vision across the Executive Branch and manages the federal budget process.

Government Accountability Office (GAO)

An independent agency that works for Congress, often called the 'congressional watchdog.' It audits federal spending and provides Congress with objective, nonpartisan information to help them make informed decisions.

Fiscal risks

The potential for future events or policy choices to negatively affect the government's financial health, such as increased debt, reduced tax revenue, or unexpected spending.

Economic recession or depression

A significant decline in economic activity across the economy, lasting more than a few months (recession) or a more severe and prolonged downturn (depression), characterized by decreased production, employment, and income.