In a Republic, elected officials create economic laws and public agencies to regulate the economy.
Further Explanation:
In USA president and Congress set the fiscal policy. It is regulated by the executive and legislative branches. In the executive branch the most important offices belong to the president and the secretary of the treasury. President depends on the economic advisers. In the legislative branch, the US Congress passes the laws and appropriately spending for fiscal policy measures. The fiscal policy measures include participation and deliberation on the policy matter and then Final approval rest with the Senate and House of Representatives. On the fiscal policy judicial branch also have control over it. The Supreme Court or the lower court has the power of legitimizing and amending or declared the policy as unconstitutional if it affects the national economy. The taxing and spending clauses mentioned in article 1, section 8, clause one that authorizes Congress to levy the taxes. The Constitution only specifies two purposes for the taxation to pay debts of the national government and providing of the common defence. The fiscal policy is the economic strategy which utilizes the spending and taxing powers of the government that impacts the nation‘s economy. It is different from Monitory policy that is set by the central bank which focused on interest-rate and money supply.
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Answer Details:
Grade: High School
Chapter: Fiscal Policies
Subject: Social Science
Keywords: Government, regulates, spending, taxation, deliberation, participation, debts.
