outlay vs expending

outlay and expending both are nouns.

Word	Noun	Adjective	Verb	Adverb
outlay	Yes	No	No	No
expending	Yes	No	No	No

As nouns, expending is a hyponym of outlay; that is, expending is a word with a more specific, narrower meaning than outlay:

Other hyponyms of outlay include expenditure, compensatory spending, deficit spending, pump priming.

outlay (noun)	expending (noun)
the act of spending or disbursing money	the act of spending money for goods or services
money paid out; an amount spent