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

Concurrent Resolution

A type of legislative measure adopted by both the House and Senate, but not sent to the President for approval, and therefore does not have the force of law. Budget resolutions are typically concurrent resolutions.

Fiscal Year (FY)

A 12-month period for which a government or business plans its budget. The U.S. federal fiscal year begins on October 1st and ends on September 30th of the following calendar year.

Budget Authority

The legal authority granted by Congress for federal agencies to spend or obligate money. It is not the actual spending, but the power to spend.

Outlays

The actual payments made by the government, often resulting from budget authority granted in previous years.

Federal Revenues

The money collected by the U.S. government through taxes, fees, and other sources.

Deficit (on-budget)

The amount by which government spending exceeds its revenue in a given fiscal year, calculated only for the parts of the budget that are directly controlled by Congress each year.

Debt subject to limit

The total amount of money the U.S. government owes, which is subject to the debt ceiling set by Congress. It includes debt held by the public and intra-governmental debt.