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Glossary 1 (July 19, 2016)

handle is hein.congrec/cbo3038 and id is 1 raw text is: Glossary (Updated July 2016) his glossary defines various budgetary and economic terms that are commonly used in reports produced by the Congressional Budget Office. Many of CBO's entries conform to those published in A Glossary of Terms Used in the Federal Budget Process, which was issued by the Government Accountability Office (GAO) in 2005.1 CBO's glossary is updated periodically, principally to keep abreast of current laws. Although the entries attempt to ensure technical precision, they also aim for brevity and clarity. Where appropriate, the entries note the sources of data for economic variables as follows: Board of Governors of the Federal Reserve System (FRB), Bureau of Economic Analysis in the Department of Commerce (BEA), Bureau of Labor Statistics in the Department of Labor (BLS), and National Bureau of Economic Research (NBER, a private entity). 1. As noted in the preface to GAO's glossary, that publication fulfills part of GAO's responsibility (31 U.S.C. §1112) to publish standard terms, definitions, and classifications for the government's fiscal, budget, and program information. It was developed in cooperation with the Secretary of the Treasury and the Directors of the Office of Management and Budget and the Congressional Budget Office. In certain cases, when CBO's understanding of terms differed substantially from that of GAO, CBO provided its own wording. ccrual accounting: A system of accounting in which revenues are recorded when earned and expenses are recorded when goods are received or services are per- formed, even though the actual receipt of revenues and payment for goods or services may occur, in whole or in part, at a different time. See cash accounting, credit reform, and outlays. adjusted gross income (AGI): All income that is subject to taxation under the individual income tax after above- the-line deductions are taken into account. (Such deduc- tions include alimony payments and some business expenses, for instance, and certain contributions to indi- vidual retirement accounts.) Personal exemptions and the standard or itemized deductions are subtracted from AGI to determine taxable income. advance appropriation: Budget authority provided in an appropriation act that becomes available one or more fis- cal years after the fiscal year for which the appropriation act was enacted. The amount of the advance appropriation is included in the budget totals for the year in which it will become available. See forward funding, obligation delay, and unobligated balances. Affordable Care Act: This term refers to the Patient Protection and Affordable Care Act (Public Law 111-148); the health care provisions of the Health Care and Education Reconciliation Act of 2010 (P.L. 111-152); and the effects of subsequent judicial decisions, statutory changes, and administrative actions. See cost-sharing subsidy, employer mandate, health insurance market- places, individual mandate, and premium assistance tax credit.

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