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Budget
An estimate or summary statement of expected income and outlays (expenditures) in the distant or near future. Economic agents—individuals, households, businesses, and governments—typically have a plan for future revenues and expenditures. The sources of revenue for these agents are somewhat diversified. The income of the U.S. government is primarily dependent on tax revenue from individuals and corporations.
Not all expenditures and revenues are listed in the U.S. national budget. Items that are excluded by law are referred to as “off budget.” For example, some federal agencies such as the postal service and social security trust funds (old-age and survivors insurance and disability insurance) have been excluded from the listed outlays. The Budget Enforcement Act of 1990 excludes these entities from the deficit targets and other enforcement ...