2 U.S.C. § 622 : US Code - Section 622: Definitions

Search 2 U.S.C. § 622 : US Code - Section 622: Definitions

For purposes of this Act - 
(1) The terms "budget outlays" and "outlays" mean, with respect
to any fiscal year, expenditures and net lending of funds under
budget authority during such year.
(2) Budget authority and new budget authority. - 
(A) In general. - The term "budget authority" means the
authority provided by Federal law to incur financial
obligations, as follows:
(i) provisions of law that make funds available for
obligation and expenditure (other than borrowing authority),
including the authority to obligate and expend the proceeds
of offsetting receipts and collections;
(ii) borrowing authority, which means authority granted to
a Federal entity to borrow and obligate and expend the
borrowed funds, including through the issuance of promissory
notes or other monetary credits;
(iii) contract authority, which means the making of funds
available for obligation but not for expenditure; and
(iv) offsetting receipts and collections as negative budget
authority, and the reduction thereof as positive budget
authority.
(B) Limitations on budget authority. - With respect to the
Federal Hospital Insurance Trust Fund, the Supplementary
Medical Insurance Trust Fund, the Unemployment Trust Fund, and
the railroad retirement account, any amount that is precluded
from obligation in a fiscal year by a provision of law (such as
a limitation or a benefit formula) shall not be budget
authority in that year.
(C) New budget authority. - The term "new budget authority"
means, with respect to a fiscal year - 
(i) budget authority that first becomes available for
obligation in that year, including budget authority that
becomes available in that year s (!1) a result of a
reappropriation; or
(ii) a change in any account in the availability of
unobligated balances of budget authority carried over from a
prior year, resulting from a provision of law first effective
in that year;
and includes a change in the estimated level of new budget
authority provided in indefinite amounts by existing law.
(3) The term "tax expenditures" means those revenue losses
attributable to provisions of the Federal tax laws which allow a
special exclusion, exemption, or deduction from gross income or
which provide a special credit, a preferential rate of tax, or a
deferral of tax liability; and the term "tax expenditures budget"
means an enumeration of such tax expenditures.
(4) The term "concurrent resolution on the budget" means - 
(A) a concurrent resolution setting forth the congressional
budget for the United States Government for a fiscal year as
provided in section 632 of this title; and
(B) any other concurrent resolution revising the
congressional budget for the United States Government for a
fiscal year as described in section 635 of this title.
(5) The term "appropriation Act" means an Act referred to in
section 105 of title 1.
(6) The term "deficit" means, with respect to a fiscal year,
the amount by which outlays exceeds (!2) receipts during that
year.
(7) The term "surplus" means, with respect to a fiscal year,
the amount by which receipts exceeds (!2) outlays during that
year.
(8) The term "government-sponsored enterprise" means a
corporate entity created by a law of the United States that - 
(A)(i) has a Federal charter authorized by law;
(ii) is privately owned, as evidenced by capital stock owned
by private entities or individuals;
(iii) is under the direction of a board of directors, a
majority of which is elected by private owners;
(iv) is a financial institution with power to - 
(I) make loans or loan guarantees for limited purposes such
as to provide credit for specific borrowers or one sector;
and
(II) raise funds by borrowing (which does not carry the
full faith and credit of the Federal Government) or to
guarantee the debt of others in unlimited amounts; and
(B)(i) does not exercise powers that are reserved to the
Government as sovereign (such as the power to tax or to
regulate interstate commerce);
(ii) does not have the power to commit the Government
financially (but it may be a recipient of a loan guarantee
commitment made by the Government); and
(iii) has employees whose salaries and expenses are paid by
the enterprise and are not Federal employees subject to title
5.
(9) The term "entitlement authority" means - 
(A) the authority to make payments (including loans and
grants), the budget authority for which is not provided for in
advance by appropriation Acts, to any person or government if,
under the provisions of the law containing that authority, the
United States is obligated to make such payments to persons or
governments who meet the requirements established by that law;
and
(B) the food stamp program.
(10) The term "credit authority" means authority to incur
direct loan obligations or to incur primary loan guarantee
commitments.