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Mr. Obama is promising to reduce annual deficits from the current level.
In the long run, new sources of tax revenue could keep deficits from growing and could even pay down existing debt.
It also overlooks the fact that both bills are designed to keep deficits from increasing over the next decade or two.
But Valls and Renzi also plan to cut spending to prevent their budget deficits from rising, which means that their initiatives will not boost demand.
The commission has said most European Union countries should start cutting ballooning budget deficits from 2011 to prevent debt from spiraling out of control.
More important, many budget experts say fundamental changes in the work force are crucial to keeping this year's budget crisis and deficits from recurring every year.
In other words, the Hellenization of our economic discourse, in which we're all just a year or two of deficits from becoming another Greece, is completely off base.
Now researchers have found that children who live where konzo is common but have no obvious physical symptoms may still have mental deficits from the illness.
Yet the extent of his upward revisions, which pushed the deficits from below 2% to over 4% of GDP, well above the 3% ceiling, has caused consternation.
That figure is still well below the deficits from 2004 through 2008, before the credit crisis and recession caused international trade to decline rapidly in 2009.
He called for an increase in federal budget deficits from roughly zero today to the "breathtaking sum" of $400 billion to $600 billion a year, or 4 to 6percentt of gross domestic product.
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