Discuss the relationship between the national economy and national government fiscal activity. Include in your discussion the government’s role as a distributor of scarce public resources. Discuss the roles of the president and Congress in budget determination. When did the president get a role, and why was the president given executive budget authority? Why is incremental budget making not used as often as it once was? Explain the relationship between monetary and credit controls, budgeting, and “power politics.” What are the possible consequences for the national economy of increased annual deficits, cumulative debt, and threats to not raise the debt ceiling?

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