US fiscal policy is the sum of all the federal government decisions on how spending and taxation should influence economic growth, employment, and inflation. It involves decisions on how much money the government collects (through taxes) and how much it spends (on programs, services, and infrastructure).

Fiscal policy is set by Congress and the president. The president, through the Office of Management and Budget (OMB), submits an annual budget request and signs or vetoes the legislation that creates the budget. Congress writes and passes tax laws and spending bills.

Together, they set the overall direction of fiscal policy, while agencies like the Treasury carry out the actual revenue collection.