Final answer:
To slow the rate of inflation using fiscal policy, the president and Congress would likely engage in contractionary fiscal policy, which involves increasing taxes and reducing government spending to align purchasing power with goods production.
Step-by-step explanation:
If the president and Congress wanted to use fiscal policy to slow the rate of inflation, they most likely would implement a dose of contractionary fiscal policy. This could be achieved through some combination of higher taxes and lower spending. For instance, increasing taxes can help by reducing the amount of purchasing power in the economy, thereby curbing demand-pull inflation. Similarly, cutting government spending can decrease the total amount of demand in the economy, which in turn can help to slow down inflationary pressures. Both measures reduce the amount of money available for individuals and businesses to spend, which aligns the growth of purchasing power with the production of goods more closely and can thus reduce inflation to lower levels.