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With the Obama administration's fiscal stimulus running out this summer, the stage is being set for a major challenge of federalism.
G20 members also promised to keep fiscal and monetary stimulus running on full cylinders, suggesting an increased amount of risk, Hoversen said.
In azimuth maps there was a stronger activation by the vertical stimulus running horizontally on the lower half of the monitor (Figures 7 Ei to Eiii, activity index 0.98).
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That number is likely to rise as the stimulus runs through the rest of this year.
This year the states are still in trouble: as the stimulus runs out, they face a collective $125 billion in deficits.
But what would happen if China in particular slowed, the fiscal stimulus ran out, and interest rates made the debt burden more expensive?
A big factor is falling government spending: "government consumption and investment spending" has been falling sharply as the stimulus runs out and state and local governments slash.
A consensus appears emerging in the policy making circles that, as fiscal stimulus runs out of steam, structural reforms can provide huge potential for the next leg of development.
I'm not sure that lets his advisers completely off the hook; there's a big difference between saying, well, the macroeconomic case says this should be bigger, but smaller is OK, and saying — as they should have, and maybe some did — that a weak stimulus runs a large risk of setting us on a path toward a lost decade.
The money can't come out of the $1 billion raise that President Barack Obama has proposed for NIH in 2011 because the agency is facing record-low grant-funding rates next year when the stimulus runs out, Collins said.
The government's strong counter-cyclical fiscal and monetary stimulus ran into mostly state-owned banks whose ability to respond with on-balance-sheet credit was constrained, given caps on their lending volumes and ratios of loans to deposits.
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CEO of Professional Science Editing for Scientists @ prosciediting.com