American Government › Section P · Domestic policy › Topic P.5
Budgeting and tax policy
Every year the federal government decides how to raise and spend trillions of dollars, and those choices reveal what the country values. This topic follows how the budget is made, why most of it runs on autopilot, and how taxes and the Federal Reserve fit in.
In this topic
- A budget is a statement of priorities
- Three approaches to the economy
- Who writes the budget
- Continuing resolutions and shutdowns
- Mandatory spending and reconciliation
- Worked example: closing the deficit
- Deficits, debt and the debt limit
- Tax policy choices
- Worked example: why a fuel tax is regressive
- Monetary policy and the Federal Reserve
- Common mistakes to avoid
- Key takeaways
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