We discussed the differing economic ideologies of the Democratic and Republican Party. In this regard, I first defined "fiscal policy" as tax and spending policy. We explored how the parties differ in their view of taxation and how tax dollars should be spent. Accordingly, we next examined both the income tax and the more progressive tax proposal of a "wealth tax." We then identified the spending priorities of the major parties. I described the budget and appropriation process and the current Congressional dispute over raising the 'debt ceiling." We explored the origin and purpose of the statutory debt ceiling and the ideological debate ongoing as to raising the debt ceiling.