https://fedpolicy.org Plain-language, nonpartisan explainers on U.S. federal economic and legislative policy. Published by Clem Ziroli III. en-us https://fedpolicy.org/congress/budget-reconciliation/ https://fedpolicy.org/congress/budget-reconciliation/ The procedure that lets a budget bill pass the Senate with fifty-one votes — and the rule that decides what may ride along. Tue, 01 Sep 2026 00:00:00 GMT https://fedpolicy.org/federal-reserve/quantitative-easing-vs-tightening/ https://fedpolicy.org/federal-reserve/quantitative-easing-vs-tightening/ Two names for moving the balance sheet in opposite directions — and one of them is much less active than it sounds. Tue, 01 Sep 2026 00:00:00 GMT https://fedpolicy.org/congress/what-is-a-continuing-resolution/ https://fedpolicy.org/congress/what-is-a-continuing-resolution/ What it funds, for how long, and what it deliberately leaves unresolved. Tue, 01 Sep 2026 00:00:00 GMT https://fedpolicy.org/federal-reserve/dual-mandate/ https://fedpolicy.org/federal-reserve/dual-mandate/ Congress gave the Fed two goals that can pull in opposite directions, and no formula for choosing between them. Tue, 01 Sep 2026 00:00:00 GMT https://fedpolicy.org/federal-reserve/what-happens-when-interest-rates-rise/ https://fedpolicy.org/federal-reserve/what-happens-when-interest-rates-rise/ A rate decision touches an overnight lending market. Getting from there to your mortgage takes several steps and several months. Tue, 01 Sep 2026 00:00:00 GMT https://fedpolicy.org/federal-reserve/what-is-the-fed/ https://fedpolicy.org/federal-reserve/what-is-the-fed/ Not one institution but three moving parts, spread across twelve districts, answering to Congress but not to the President. Here is how it is put together. Tue, 01 Sep 2026 00:00:00 GMT https://fedpolicy.org/federal-reserve/what-is-the-fomc/ https://fedpolicy.org/federal-reserve/what-is-the-fomc/ Twelve people vote. This is who they are, what they are actually voting on, and why the vote matters more than the press conference that follows it. Tue, 01 Sep 2026 00:00:00 GMT https://fedpolicy.org/spending-and-debt/debt-vs-deficit/ https://fedpolicy.org/spending-and-debt/debt-vs-deficit/ One is a year. The other is every year, added up. Coverage swaps them constantly. Tue, 01 Sep 2026 00:00:00 GMT https://fedpolicy.org/spending-and-debt/federal-budget-process/ https://fedpolicy.org/spending-and-debt/federal-budget-process/ A president's request, a congressional blueprint, and twelve bills — of which the last step is the only one that carries the force of law. Tue, 01 Sep 2026 00:00:00 GMT https://fedpolicy.org/spending-and-debt/what-is-the-debt-ceiling/ https://fedpolicy.org/spending-and-debt/what-is-the-debt-ceiling/ It does not authorise spending. It governs whether Treasury may borrow to pay for spending Congress already approved. Tue, 01 Sep 2026 00:00:00 GMT