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Fiscal Policy Of The United States Government

993 words - 4 pages

In 2008, the U.S. economy underwent a severe crash that left many wondering about the future heath of the economy, and weather or not it would be brought to its knees, diving into a deep recession/depression. This is where the Federal government stepped in with an $800 billion dollar stimulus program to help lift the U.S economy up, preventing such a catastrophe from happening. When the Federal government steps up in such a way as this, it is called fiscal policy. Fiscal policy involves making alterations in government appropriations and income from taxation in order to “achieve full employment, control inflation, and encourage economic growth” (McConnel, Brue, Flynn).

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They also argue that lower tax rates would put more money back into the pockets of Americans, increasing discretionary spending on goods and services. On the other hand, it is argued that the way to spur on the economy is to keep tax rates higher on corporations, businesses and the richest “1%” of Americans. They insist by doing this, struggling americans can get the tax breaks, subsidies, and help from social programs necessary to set them up to succeed, or bring fairness to the fiscal policies implemented be the U.S government. The debate between the two ideas will surly continue, and the policies passed by congress will most likely reflect a compromise of the both. Neither side getting what they truly seek after.

Another fiscal responsibly of the Federal government is to agree on a yearly budget. Congress, through senate and house appropriation committees and subcommittees requests a designated amount of money for their given area of oversight within the government. All of the collective requested appropriations are combined into a bill, passed by both houses of congress, and signed by the president. At least thats how its supposed to work. In the summer of 2011 the congress was in deadlock in the face of exceeding the governmental debt limit. A grand bargain was the goal between the president and leaders in congress. But not everyone was onboard with a compromise. In order to avoid a default on the government debt, extremes on both sides wanted either tax hikes, no change to social programs, and cuts to military spending, or on the other side, a reduction in social programs, tax cuts, and keeping military spending unchanged. Fighting in congress halted any budget from being agreed on, and no budget was ever passed. Stopgap measures were agreed upon to delay any budget deficit decisions for the...

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