{"identifier":"/us/usc/t2/s622","title":2,"num":"\u00a7\u202f622.","heading":"Definitions","text":"\u00a7\u202f622.\nDefinitions\nFor purposes of this Act\u2014\n(1) The terms \u201cbudget outlays\u201d and \u201coutlays\u201d mean, with respect to any fiscal year, expenditures and net lending of funds under budget authority during such year.\n(2)\nBudget authority and new budget authority.\u2014\n(A)\nIn general.\u2014\nThe term \u201cbudget authority\u201d means the authority provided by Federal law to incur financial obligations, as follows:\n(i) provisions of law that make funds available for obligation and expenditure (other than borrowing authority), including the authority to obligate and expend the proceeds of offsetting receipts and collections;\n(ii) borrowing authority, which means authority granted to a Federal entity to borrow and obligate and expend the borrowed funds, including through the issuance of promissory notes or other monetary credits;\n(iii) contract authority, which means the making of funds available for obligation but not for expenditure; and\n(iv) offsetting receipts and collections as negative budget authority, and the reduction thereof as positive budget authority.\n(B)\nLimitations on budget authority.\u2014\nWith respect to the Federal Hospital Insurance Trust Fund, the Supplementary Medical Insurance Trust Fund, the Unemployment Trust Fund, and the railroad retirement account, any amount that is precluded from obligation in a fiscal year by a provision of law (such as a limitation or a benefit formula) shall not be budget authority in that year.\n(C)\nNew budget authority.\u2014\nThe term \u201cnew budget authority\u201d means, with respect to a fiscal year\u2014\n(i) budget authority that first becomes available for obligation in that year, including budget authority that becomes available in that year s\n1\n1 So in original. Probably should be \u201cas\u201d.\n(ii) a change in any account in the availability of unobligated balances of budget authority carried over from a prior year, resulting from a provision of law first effective in that year;\nand includes a change in the estimated level of new budget authority provided in indefinite amounts by existing law.\n(3) The term \u201ctax expenditures\u201d means those revenue losses attributable to provisions of the Federal tax laws which allow a special exclusion, exemption, or deduction from gross income or which provide a special credit, a preferential rate of tax, or a deferral of tax liability; and the term \u201ctax expenditures budget\u201d means an enumeration of such tax expenditures.\n(4) The term \u201cconcurrent resolution on the budget\u201d means\u2014\n(A) a concurrent resolution setting forth the congressional budget for the United States Government for a fiscal year as provided in\nsection 632 of this title\n(B) any other concurrent resolution revising the congressional budget for the United States Government for a fiscal year as described in\nsection 635 of this title\n(5) The term \u201cappropriation Act\u201d means an Act referred to in\nsection 105 of title 1\n(6) The term \u201cdeficit\u201d means, with respect to a fiscal year, the amount by which outlays exceeds\n2\n2 So in original. Probably should be \u201cexceed\u201d.\n(7) The term \u201csurplus\u201d means, with respect to a fiscal year, the amount by which receipts exceeds\n2\n(8) The term \u201cgovernment-sponsored enterprise\u201d means a corporate entity created by a law of the United States that\u2014\n(A)\n(i) has a Federal charter authorized by law;\n(ii) is privately owned, as evidenced by capital stock owned by private entities or individuals;\n(iii) is under the direction of a board of directors, a majority of which is elected by private owners;\n(iv) is a financial institution with power to\u2014\n(I) make loans or loan guarantees for limited purposes such as to provide credit for specific borrowers or one sector; and\n(II) raise funds by borrowing (which does not carry the full faith and credit of the Federal Government) or to guarantee the debt of others in unlimited amounts; and\n(B)\n(i) does not exercise powers that are reserved to the Government as sovereign (such as the power to tax or to regulate interstate commerce);\n(ii) does not have the power to commit the Government financially (but it may be a recipient of a loan guarantee commitment made by the Government); and\n(iii) has employees whose salaries and expenses are paid by the enterprise and are not Federal employees subject to title 5.\n(9) The term \u201centitlement authority\u201d means\u2014\n(A) the authority to make payments (including loans and grants), the budget authority for which is not provided for in advance by appropriation Acts, to any person or government if, under the provisions of the law containing that authority, the United States is obligated to make such payments to persons or governments who meet the requirements established by that law; and\n(B) the food stamp program.\n(10) The term \u201ccredit authority\u201d means authority to incur direct loan obligations or to incur primary loan guarantee commitments.\n(11) The terms \u201cemergency\u201d and \u201cunanticipated\u201d have the meanings given to such terms in\nsection 900(c) of this title","url":"https://projectusc.org/usc/t2/s622.html","content":[{"t":"sec","id":"/us/usc/t2/s622","children":[{"t":"num","text":"\u00a7\u202f622."},{"t":"heading","text":"Definitions","tail":"\n"},{"t":"chapeau","text":"For purposes of this Act\u2014"},{"t":"para","id":"/us/usc/t2/s622/1","children":[{"t":"num","text":"(1)"},{"t":"content","text":" The terms \u201cbudget outlays\u201d and \u201coutlays\u201d mean, with respect to any fiscal year, expenditures and net lending of funds under budget authority during such year.","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t2/s622/2","children":[{"t":"num","text":"(2)"},{"t":"heading","text":"Budget authority and new budget authority.\u2014"},{"t":"subpara","id":"/us/usc/t2/s622/2/A","children":[{"t":"num","text":"(A)"},{"t":"heading","text":"In general.\u2014"},{"t":"chapeau","text":"The term \u201cbudget authority\u201d means the authority provided by Federal law to incur financial obligations, as follows:"},{"t":"clause","id":"/us/usc/t2/s622/2/A/i","children":[{"t":"num","text":"(i)"},{"t":"content","text":" provisions of law that make funds available for obligation and expenditure (other than borrowing authority), including the authority to obligate and expend the proceeds of offsetting receipts and collections;","tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t2/s622/2/A/ii","children":[{"t":"num","text":"(ii)"},{"t":"content","text":" borrowing authority, which means authority granted to a Federal entity to borrow and obligate and expend the borrowed funds, including through the issuance of promissory notes or other monetary credits;","tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t2/s622/2/A/iii","children":[{"t":"num","text":"(iii)"},{"t":"content","text":" contract authority, which means the making of funds available for obligation but not for expenditure; and","tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t2/s622/2/A/iv","children":[{"t":"num","text":"(iv)"},{"t":"content","text":" offsetting receipts and collections as negative budget authority, and the reduction thereof as positive budget authority.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t2/s622/2/B","children":[{"t":"num","text":"(B)"},{"t":"heading","text":"Limitations on budget authority.\u2014"},{"t":"content","text":"With respect to the Federal Hospital Insurance Trust Fund, the Supplementary Medical Insurance Trust Fund, the Unemployment Trust Fund, and the railroad retirement account, any amount that is precluded from obligation in a fiscal year by a provision of law (such as a limitation or a benefit formula) shall not be budget authority in that year.","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t2/s622/2/C","children":[{"t":"num","text":"(C)"},{"t":"heading","text":"New budget authority.\u2014"},{"t":"chapeau","text":"The term \u201cnew budget authority\u201d means, with respect to a fiscal year\u2014"},{"t":"clause","id":"/us/usc/t2/s622/2/C/i","children":[{"t":"num","text":"(i)"},{"t":"content","text":" budget authority that first becomes available for obligation in that year, including budget authority that becomes available in that year s\u202f","children":[{"t":"ref","text":"1"},{"t":"num","text":"1","tail":"\u202fSo in original. Probably should be \u201cas\u201d."},{"t":"text","text":"\u202fSo in original. Probably should be \u201cas\u201d.","tail":" a result of a reappropriation; or"}],"tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t2/s622/2/C/ii","children":[{"t":"num","text":"(ii)"},{"t":"content","text":" a change in any account in the availability of unobligated balances of budget authority carried over from a prior year, resulting from a provision of law first effective in that year;","tail":"\n"}],"tail":"\n\n"},{"t":"continuation","text":"and includes a change in the estimated level of new budget authority provided in indefinite amounts by existing law.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t2/s622/3","children":[{"t":"num","text":"(3)"},{"t":"content","text":" The term \u201ctax expenditures\u201d means those revenue losses attributable to provisions of the Federal tax laws which allow a special exclusion, exemption, or deduction from gross income or which provide a special credit, a preferential rate of tax, or a deferral of tax liability; and the term \u201ctax expenditures budget\u201d means an enumeration of such tax expenditures.","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t2/s622/4","children":[{"t":"num","text":"(4)"},{"t":"chapeau","text":" The term \u201cconcurrent resolution on the budget\u201d means\u2014"},{"t":"subpara","id":"/us/usc/t2/s622/4/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" a concurrent resolution setting forth the congressional budget for the United States Government for a fiscal year as provided in ","children":[{"t":"ref","text":"section 632 of this title","href":"/us/usc/t2/s632","tail":"; and"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t2/s622/4/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" any other concurrent resolution revising the congressional budget for the United States Government for a fiscal year as described in ","children":[{"t":"ref","text":"section 635 of this title","href":"/us/usc/t2/s635","tail":"."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t2/s622/5","children":[{"t":"num","text":"(5)"},{"t":"content","text":" The term \u201cappropriation Act\u201d means an Act referred to in ","children":[{"t":"ref","text":"section 105 of title 1","href":"/us/usc/t1/s105","tail":"."}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t2/s622/6","children":[{"t":"num","text":"(6)"},{"t":"content","text":" The term \u201cdeficit\u201d means, with respect to a fiscal year, the amount by which outlays exceeds\u202f","children":[{"t":"ref","text":"2"},{"t":"num","text":"2","tail":"\u202fSo in original. Probably should be \u201cexceed\u201d."},{"t":"text","text":"\u202fSo in original. Probably should be \u201cexceed\u201d.","tail":" receipts during that year."}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t2/s622/7","children":[{"t":"num","text":"(7)"},{"t":"content","text":" The term \u201csurplus\u201d means, with respect to a fiscal year, the amount by which receipts exceeds\u202f","children":[{"t":"text","text":"2","tail":" outlays during that year."}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t2/s622/8","children":[{"t":"num","text":"(8)"},{"t":"chapeau","text":" The term \u201cgovernment-sponsored enterprise\u201d means a corporate entity created by a law of the United States that\u2014"},{"t":"subpara","id":"/us/usc/t2/s622/8/A","children":[{"t":"num","text":"(A)"},{"t":"clause","id":"/us/usc/t2/s622/8/A/i","children":[{"t":"num","text":"(i)"},{"t":"content","text":" has a Federal charter authorized by law;","tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t2/s622/8/A/ii","children":[{"t":"num","text":"(ii)"},{"t":"content","text":" is privately owned, as evidenced by capital stock owned by private entities or individuals;","tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t2/s622/8/A/iii","children":[{"t":"num","text":"(iii)"},{"t":"content","text":" is under the direction of a board of directors, a majority of which is elected by private owners;","tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t2/s622/8/A/iv","children":[{"t":"num","text":"(iv)"},{"t":"chapeau","text":" is a financial institution with power to\u2014"},{"t":"subclause","id":"/us/usc/t2/s622/8/A/iv/I","children":[{"t":"num","text":"(I)"},{"t":"content","text":" make loans or loan guarantees for limited purposes such as to provide credit for specific borrowers or one sector; and","tail":"\n"}],"tail":"\n"},{"t":"subclause","id":"/us/usc/t2/s622/8/A/iv/II","children":[{"t":"num","text":"(II)"},{"t":"content","text":" raise funds by borrowing (which does not carry the full faith and credit of the Federal Government) or to guarantee the debt of others in unlimited amounts; and","tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t2/s622/8/B","children":[{"t":"num","text":"(B)"},{"t":"clause","id":"/us/usc/t2/s622/8/B/i","children":[{"t":"num","text":"(i)"},{"t":"content","text":" does not exercise powers that are reserved to the Government as sovereign (such as the power to tax or to regulate interstate commerce);","tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t2/s622/8/B/ii","children":[{"t":"num","text":"(ii)"},{"t":"content","text":" does not have the power to commit the Government financially (but it may be a recipient of a loan guarantee commitment made by the Government); and","tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t2/s622/8/B/iii","children":[{"t":"num","text":"(iii)"},{"t":"content","text":" has employees whose salaries and expenses are paid by the enterprise and are not Federal employees subject to title 5.","tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t2/s622/9","children":[{"t":"num","text":"(9)"},{"t":"chapeau","text":" The term \u201centitlement authority\u201d means\u2014"},{"t":"subpara","id":"/us/usc/t2/s622/9/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" the authority to make payments (including loans and grants), the budget authority for which is not provided for in advance by appropriation Acts, to any person or government if, under the provisions of the law containing that authority, the United States is obligated to make such payments to persons or governments who meet the requirements established by that law; and","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t2/s622/9/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" the food stamp program.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t2/s622/10","children":[{"t":"num","text":"(10)"},{"t":"content","text":" The term \u201ccredit authority\u201d means authority to incur direct loan obligations or to incur primary loan guarantee commitments.","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t2/s622/11","children":[{"t":"num","text":"(11)"},{"t":"content","text":" The terms \u201cemergency\u201d and \u201cunanticipated\u201d have the meanings given to such terms in ","children":[{"t":"ref","text":"section 900(c) of this title","href":"/us/usc/t2/s900/c","tail":"."}],"tail":"\n"}],"tail":"\n"},{"t":"text","text":"\n"},{"t":"text","text":"\n"}]}]}