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He served in White House policy and budget positions under Presidents Jimmy Carter and Bill Clinton.
Fortunately, fiscal stimulus is quite feasible because all the countries entered the crisis with solid budget positions.
Falling oil prices have hurt the budget positions of Russia and other oil-exporting countries, which have become increasingly reliant on high oil prices to balance their budgets.
But several countries in the region now have higher debt burdens and weaker budget positions than they had in 2008, S.&P. said.
And many have strong budget positions, leaving room for fiscal loosening to offset weakening exports.American policymakers also have tools to cushion if not forestall the downturn.
1.50pm GMT Merkel says EU budget positions are still quite far apart Meanwhile we are getting some early comments ahead of the EU summit.
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The government's budget position is much stronger than before.
More broadly, Canada's budget position is relatively sound.
Paris is also aware that its budget position is weaker than Germany's.
Don't let the measures permanently worsen the government's budget position.
The new figures represent a cumulative hit to the budget position of about $26bn over four years.
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