Which groups must be in agreement to implement fiscal policy?

Question: Which groups must be in agreement to implement fiscal policy?

Fiscal policy implementation is a complex process that requires the consensus of various groups within a government. Typically, the executive branch, including the President and the Treasury Department, proposes fiscal measures such as changes in taxation or government spending. However, for these policies to be enacted, they must be approved by the legislative branch, which includes elected representatives who debate and vote on the proposals. In some cases, the judicial branch may also play a role by reviewing the constitutionality of fiscal measures. Additionally, the implementation of fiscal policy can be influenced by external entities such as central banks, which may adjust monetary policy in response to fiscal changes, and international organizations that may provide guidelines or assistance. The process is often subject to various lags and challenges, including the time it takes to recognize economic issues, enact policies, and observe their impact on the economy.

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