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Concurrent Resolution

A measure passed by both the House and Senate that does not become law but expresses the sense of Congress or sets forth internal congressional business, such as the budget resolution.

Fiscal Year (FY)

The 12-month period for which the government plans its budget. For the U.S. federal government, it runs from October 1st to September 30th of the following calendar year.

Budget Authority

The amount of money that government agencies are given permission to commit to spend. It is not the actual spending itself, but the legal permission to make financial commitments.

Budget Outlays

The actual amount of money spent by the government during a fiscal year, resulting from obligations made in the current or previous years.

Deficit

The amount by which government spending exceeds government revenues in a given fiscal year.

Public Debt

The total amount of money that the U.S. federal government owes to its creditors, including both internal government accounts and the public.

Point of Order

A parliamentary procedure used in Congress to object to a measure that violates the rules of the legislative body, often used in the budget context for spending that exceeds limits.