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But because the fiscal package merely extended this "parity," rather than making it permanent, its continuation after this year is still subject to future legislative action.
That will be essential because the fiscal retrenchment needed to sort out the public finances will act as a persistent drag on the economy.
Third, and most important, domestic spending has bounced back because the fiscal stimulus in the region was bigger and worked faster than in the West.
Economists said market participants were nervous about the election because the fiscal proposals of both candidates leave little room for future paydowns of government debt.
At which point, it will surely be argued, it is pointless to vote for the first party, because the fiscal union will stop them from doing what they promise.
Despite hostility in Congress, especially among Democrats, Mr. Orszag predicted that the proposal would get "an embrace from those who are most concerned about eliminating unnecessary spending" because "the fiscal context has changed" and "deficits have become a growing concern".
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On that basis it should because the Christmas quarter is going to go enormous.
Q. Do you have any sales figures for the first year? A. We don't have those numbers because the fiscal year hasn't closed yet.
Congress had appropriated $386,000 for Mr. Cheney's travel this year and was able to budget for some extra travel because the fiscal year ended after the Sept. 11 attacks.
(And keep in mind that we're going to spend the autumn replaying the government shutdown fight, because the fiscal year is ending in October …) This is why I'm inclined to prefer the longer-term debt ceiling increase in Harry Reid's proposed framework to the short-term increase in the Boehner bill.
Partly because the past two winters have been so severe.
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