What is the difference between capital and operating budgets? Please provide examples at the State government level. What is the status of New York city current budget? The federal budget differentiates between discretionary and mandatory expenditures, how are they different? What surprises you about the process at the federal, state or local levels?

DQ3. What is the difference between fiscal and monetary policy? There are many sources through which the government generates revenues. Discuss the major sources you are familiar with in your city/state. What type of tax is social security? Which type of tax is the most fair?