In January 1918, some ten months before the end of World War I, US President Woodrow Wilson had written a list of proposed war aims which he called the Fourteen Points..
Today, discretionary spending makes up less than 40 percent of the entire budget. Net Interest-Net interest is the only part of future spending that cannot be reduced by legislative action because it is money that must be paid to service the U.S. debt.
Open market operations and the federal funds rate. The specific interest rate the Fed targets is the federal funds rate. This is the rate a bank pays to borrow reserves from another bank overnight, so it's a very short-term rate.