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She emphasized the need for "fiscal discipline," and House leadership aides said that any bill passed this year was unlikely to provide more than $100 billion.
"The government talks of the need for fiscal reconstruction, but then tries to construct an economic stimulus package with tiny fiscal measures and minor, uncoordinated structural reforms," Mr. Jerram said.
In such a loose monetary context today's figures are a great disappointment and highlight the need for fiscal expansion to support efforts on the monetary side.
Deficits, debt and the need for fiscal retrenchment will make sure of that.
They too highlight the limited power of the central bank and the need for fiscal policy.
But there isn't much disagreement about the need for fiscal austerity.
The chairman also offered a more detailed argument about the need for fiscal reform than he has in the past.
So the next time you hear serious-sounding people explaining the need for fiscal austerity, try to parse their argument.
Private underspending creates both a need for fiscal stimulus and a simultaneous demand for the government liabilities a stimulus entails.
But that impact now may be weakened by two factors, perhaps increasing the need for fiscal stimulus.
"The recovery is becoming self-sustained, which means there will be less need for fiscal or monetary policy support".
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com