Fiscal policy is the series of decisions a government makes about taxation and spending. The federal budget lists the nation's expenditures and revenue sources. After the president submits the federal budget to the House and Senate, congressional committee revise the draft.
Further Explanation
Fiscal policy is the approach by which the government regulates or adjusts its spending and tax rates to properly monitor and control the economy effectively. Fiscal policies combined with other strategies are used to effectively direct the economic goals of a country.
The Federal budget refers to a detailed plan for the annual public spending of the government of the United States. The federal budget is used by the government to finance several federal expenses.
Some of these expenses include
- The payment of federal employees
- For dispersing subsidies such as agricultural subsidies
- For the payment of the US military equipment
The fiscal year of the Federal government budgets starts each October first and ends on September 30. Also, the budget expenses are classified into 2, which are:
- Mandatory
- Discretionary
After the US president submits the Federal budget to congress, the congressional committees revise the draft and forward its proposed budget to the US president.
However, the president has just 10 days to either approved or vetoes the proposed budget.
Learn more about fiscal policy, revenue and congressional committee at:
brainly.com/question/9999108
#learnwithbrainly
