Describe expansionary and contractionary fiscal policies. Identify the situations in which expansionary fiscal policy and contractionary fiscal policy would be used.

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Answer the following questions for your essay:(750-1000 words)
Begin by explaining fiscal policy.
Describe expansionary and contractionary fiscal policies. Identify the situations in which expansionary fiscal policy and contractionary fiscal policy would be used.
Provide examples of fiscal policy being used in both the past and present day.
Examine any downsides to fiscal policy such as fiscal lags, the impact on the national debt or other issues.