Deficit spending is most associated with contractionary fiscal policy. expansionary monetary policy. contractionary monetary policy. expansionary fiscal policy. opponents of deficit spending argue that a portion of the desired economic effect will be crowded in due to lower interest rates. crowded out due to lower interest rates. crowded in due to higher interest rates. crowded out due to higher interest rates. what does crowding out describe? increased consumption and investment spending causing government spending to increase. increased government spending causing consumption and investment to decline. increased consumption and investment spending causing government spending to decline. increased government spending causing consumption and investment to increase.