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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Minor Portion
The amount of gross proceeds of a tax-exempt bond issue that may be permanently invested at a materially higher yield than the yield on the tax-exempt bonds equal to the lesser of 5% of the sale proceeds of the bonds or $100,000.