Budget Reconciliation
A procedure used by the U.S. Congress to amend federal revenues and expenditures more easily than possible under normal order.
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Continuing Resolution (CR)
A continuing resolution (or “CR”) is a short-term spending bill that typically and for the most part maintains expenditures at the prior fiscal year’s levels. CRs generally operate as stopgap solutions to afford legislators more time to negotiate and conclude full appropriations work. CRs make it difficult for the government’s budget to respond to inflationary pressure and policy priority changes, but they are generally preferable to a full or partial government shutdown that would occur in the absence of any spending legislation by the start of a new fiscal year. The government can be funded via a CR for as little as several hours or indefinitely, including through an entire fiscal year.
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Unlimited Tax General Obligation Bond (“UTGO”)
Type of general obligation bond secured by a promise to levy ad valorem property taxes, unlimited as to rate or amount, on all taxable property within the territorial limits of the issuer.