In this paper, on the basis of a comprehensive analysis of the trends in fiscal policy in Russia over the past decade, the possibility of revising current fiscal priorities is justified. The main arguments are presented in favor of rejecting excessively tight fiscal consolidation, which can help accelerate economic growth in the medium term. It is argued that fiscal stimulation with clearly defined investment objectives and the redistribution of government spending towards productive areas (infrastructure, health care, education) creates the foundation for gradually increasing potential output through the impact on total factor productivity. Based on a comparison of empirical studies of budget multipliers in Russia, it has been shown that restrictive fiscal policy during a recession or until a complete post-crisis recovery makes an additional contribution to the inhibition of the economy. At the same time, in the situation of the structural slowdown that is observed in Russia, an active budget policy will not be as effective in terms of impacting aggregate demand as in the conditions of a cyclical recession, but indispensable for the country's infrastructure development.