money paid by one level of government to another level
of government

Intergovernmental revenue

occurs when the government spends more than it collects

occurs when the government spends more than it collects

reports revenue and spending for the year and sets
spending goals for various categories

budget resolution

spending that requires no annual approval

mandatory spending

bank from which commercial banks borrow money

central bank

created dual banking

National Banking Act

a low-cost bank open only to employees of the group that sponsors it

credit union

an unintended consequence of an action that affects
parties not involved in the action

externality

occurs when real GDP decreases for six months in a row

recession

the government's bank

the Fed