MANDATORY SPENDING Definition

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MANDATORY SPENDING is spending that is automatically obligated due to previously-enacted laws. In the United States, this would include things such as Social Security, Medicare, and the interest on the national debt. See DISCRETIONARY SPENDING.

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FAIR MARKET VALUE is the price at which a willing seller will sell and a willing buyer will buy, in an arms- length transaction, when neither is under compulsion to sell or buy and both have reasonable knowledge of relevant facts.

STRAW MAN is a weak or imaginary opposition (as an argument or adversary) set up only to be easily confuted. Often done to create an environment for brainstorming from a certain starting point.

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