Unified Budget


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Unified Budget

In government accounting, a general term for on-budget and off-budget items. Off-budget items include dedicated spending paid with specially levied taxes. For example, Social Security is an off-budget item because FICA taxes exclusively pay for it. On-budget items include all other mandatory and discretionary spending. Most discussion of the federal budget in the United States refers to the unified budget, unless otherwise stated.
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EXHIBIT 5 Statement of Changes in Cash Balance from Unified Budget Deficit and Other Activities for the Year Ended September 30, 2012 (in billions of dollars) Unified budget deficit (1,089.
The NIPA deficit and the unified budget deficit have been criticized because they include both discretionary and automatic components.
If, for example, the accumulation of assets is avoided by eliminating unified budget surpluses through tax and spending changes, public and presumably national saving may well fall from already low levels.
Projections of relatively large unified budget surpluses over the next decade would have been viewed as highly implausible as recently as five years ago.
Surpluses or deficits of the unified budget equal government saving or dissaving and are reflected in a decrease or increase in the stock of government debt held by the public.
As before, the unified budget is exactly in balance: The federal government collects $200 in revenues ($100 each from the payroll and income tax) and has an outgo of $200 ($125 for public pension benefits and $75 in other expenditures).
At a broad level, the government's unified budget is nothing more than a cash-flow identity that can be written
The challenge of balancing the unified budget went very quickly from hard to easy, thanks to strong economic performance and a related but not yet fully understood jump in federal revenues.
Unified budget surpluses, which would arise when the OASDHI surpluses exceed 1.
A modern budgeting system, for example, would keep the concept of a unified budget (showing total federal income and expenditures).
Use these principles within the scope of your own department's situation, or lacking a unified budget process, use them to manage better.
Unified budget outlays by function: Four functions--national defense, social security, net interest, and medicare--more than account for the increase in total outlays; on balance, outlays for all other functions decline.
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