Final answer:
In billing and fiscal policy, the billing cycle refers to the period over which bills are produced, while legislative lag and implementation lag refer to the time it takes to pass a bill and then start the funded projects, respectively.
Step-by-step explanation:
Most bill cycle schedules are configured to produce bills over several days; this time period is known as the billing cycle. In the context of government fiscal policy, several stages exist such as the introduction of bills, debates, and amendments. When discussing bills related to government fiscal policy, terms like legislative lag and implementation lag come into play. Legislative lag refers to the time it takes for a bill to be passed, while implementation lag is the delay between a bill's passage and the commencement of the projects it funds. The legislative process, especially within a bicameral system like the United States, can involve extensive debate, numerous committees, and potential delays due to the requirements for both chambers of Congress to pass identical versions of the legislation.