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1.

This table shows three stages in the federal budgetary process. Select the appropriate month(s) of action for each of the stages. Stage Month(s) Presidential budget submission V Budget resolution 7 7 Congressional and presidential approvals which of the following are true of the federal budgetary process? Check all that apply. D The Congressional Budget Ofce (CBO) reports its evaluation at budget hearings in both the House of Representatives and the Senate. [3 The budgetary process often goes astray clue to delays in Congress. [3 The president signs the spending and revenue bills only after Congress passes them. Select the correct term for each of the following definitions in the table. Definitions Terms The total amount owed by the federal government to owners of government securities National debt minus all government interagency borrowing Budget outline approved by Congress that sets target levels for spending, tax revenues, and the budget deficit or surplus A reduction in private-sector spending as a result of federal budget deficits financed by U.S. Treasury borrowing An increase in private-sector spending as a result of federal budget deficits financed by U.S. Treasury borrowingThe following table lists federal expenditures, revenues, and GDP for the U.S. economy during several years. All numbers are in billions of dollars. Revenues Expenditures DP Year (Billions of dollars) (Billions of dollars) (Billions of dollars) 1929 3. 3.1 103.6 1948 1.6 29.8 269.2 1967 148.8 157.5 832.6 1986 769.2 990.4 4,462.8 2005 2,153.9 2,472.2 12,421.9 Plot the data for revenues and expenditures as a percentage of GDP on the following graph, rounded to the nearest percent. Use the orange points (square symbol) for expenditures and the green points (triangle symbol) for revenues. Line segments will automatically connect the points. 25 -O Expenditures 20 15 Revenues FEDERAL EXPENDITURES AND REVENUES (Percent of GDP) 10 1929 1948 1967 1986 2005 YEAR In which years was the government's budget in deficit? Check all that apply. 0 1929 1948 1967 1986 O 2005 In 1967, the national debt by