PSCI 3011 Lecture Notes - Lecture 2: Budget Process, Federal Reserve Act

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Medicaid - leads to distinction between discretionary and mandatory components of a budget: entitlement programs: programs where individuals are entitled to benefits if they meet basic requirement, mandatory budgeting: congress is required to fund monies for these programs. The president is required to honor congress" commitment until there is a statutory change in law about these programs: ex: net interest, social security, medicare and medicaid, discretionary budgeting: funding that congress has control over. Where the $ comes from in (%2014: 1) individual income taxes: 45. 6, 2) social insurance payroll taxes: 34, 3) corporate income taxes: 11, 4) excise taxes: 3. 5, 5) other: 6% Where the $ goes (%, 2014): mandatory, 1) social security: 22. 8, 2) medicare: 13. 4, 3) other mandatory (mainly retirement programs): 16. 4, 4) net debt interest: 5. 9, discretionary, 1) national defense: 16. 4, 2) non-defense: 16. 5% The federal budget cont. : what is non-defense discretionary spending, 2015, from center for budget and policy priorities.

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