The Economic Policies of the 2020 Election - Trump v. Biden: Fiscal Policy

The video explains the intricacies of fiscal policy in the U.S., highlighting the complex process of creating and approving a government budget. It outlines the roles of the President, Congress, and various offices in drafting and amending budget proposals. The video also discusses the challenges faced in passing budget bills, including political dynamics and potential obstacles from Congress and the Supreme Court. It emphasizes that presidential promises may differ from actual outcomes due to limited direct authority over fiscal matters.

What is fiscal policy primarily concerned with?

• Trade agreements and tariffs

• Environmental regulations

• Government taxation and spending

• Monetary supply and interest rates

Who assists the President in drafting the initial budget wish list?

• The Vice President

• The Secretary of State

• The Secretary of the Treasury

• The Chief Justice

What is the role of the Congressional Budget Office in the budget process?

• To make projections about proposed budgets

• To approve the final budget

• To draft the initial budget proposal

• To enforce budgetary laws

What is the purpose of the reconciliation committee?

• To enforce budgetary laws

• To negotiate a compromise between House and Senate versions of the bill

• To veto the budget bill

• To draft the initial budget proposal

What can Congress do if they disagree with the President's budget proposal?

• Amend the proposal

• Veto the proposal

• Ignore the proposal

• Pass the proposal without changes

What happens if Congress refuses to pass budget reconciliation bills?

• The Supreme Court intervenes

• The budget is automatically approved

• Government departments may run out of money

• The President can override the decision

How does a mixed majority in Congress affect the budget process?

• It has no effect on the process

• It speeds up the process

• It simplifies the process

• It makes the process more difficult and requires more compromises