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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Private Loan Financing Test
One of the tests used in establishing whether a bond is a private activity bond (PAB) for tax purposes. The private loan financing test specifically determines whether more than $5 million or 5% of the proceeds of a bond issuer are used to directly or indirectly finance loans to one or more non-governmental persons.