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Discretionary spending on the other hand is projected to fall further, to 5 percent of GDP. BY FY2022, discretionary spending's share of the economy is projected to be equal to or less than spending on Social Security and Major Health Programs.
Discretionary spending is non-essential spending that isn't mandatory for your basic needs like shelter, food, healthcare, work and personal care. Many expenses are essential, but discretionary...
Discretionary spending requires an annual appropriation bill, which is a piece of legislation. Discretionary spending is typically set by the House and Senate Appropriations Committees and their various subcommittees. Since the spending is typically for a fixed period (usually a year), it is said to be under the discretion of the Congress.
In American public finance, discretionary spending is government spending implemented through an appropriations bill. [1] This spending is an optional part of fiscal policy , in contrast to social programs for which funding is mandatory and determined by the number of eligible recipients. [ 2 ]
Flexible expenses are similar to variable expenses as they are discretionary purchases that can be altered or eliminated without a significant impact to your lifestyle.
In economics, a federal budget is the major plan for a federal government's estimated future revenues and spending for the coming fiscal year. [1] The federal budget is representation of the financial plan for the goals and activities of the government which in turn reflects the debates surrounding the various economical principles and ideas.
Discretionary income is disposable income (after-tax income), minus all payments that are necessary to meet current bills. It is total personal income after subtracting taxes and minimal survival expenses (such as food, medicine, rent or mortgage, utilities, insurance, transportation, property maintenance, child support, etc.) to maintain a certain standard of living. [7]
Aim To Save $2,000 "Individuals should be prepared to pay for essential or non-discretionary expenses out-of-pocket," said Brett Tharp, CFP and financial planning education consultant at eMoney ...