These cuts were enacted in 2001 and 2003 with a fiscal sleight of hand, which is why they expire this year.
The European Investment Bank, for example, is set to finance investments worth at least €315bn (£222by) by 2017 with a fiscal outlay of €21bn.
With his economic recovery plan signed into law, Mr. Obama plans to turn his attention more to health care next week with a fiscal blueprint that will begin to advance his ideas about covering the uninsured, advisers said.
We come out of this recession 5% poorer, with a fiscal deficit somewhere between 12 and 14% of GDP.
That is due in 2013, along with a fiscal reform intended to reduce the government's dependence on Pemex, the wheezing public oil and gas monopoly.
With a fiscal deficit of 7.1 percent of G.D.P. in 2010, the government has pledged to reduce it to 5.7 percent this year and to 4.6 percent in 2012, before reaching 3 percent in 2013.
Venezuela, with a fiscal deficit of 12.5% of GDP last year, is paying the price of squandering its oil windfall.
In November 1975, when Mayor Abraham D. Beame was struggling with a fiscal crisis, Engine Company 212 was disbanded.
In the fall of 1965 President Lyndon B. Johnson established the National Endowment for the Arts with a fiscal budget of $2.5 million.
And in the 1970s, he said, political leaders seemed ill equipped to deal with a fiscal crisis, and let city services deteriorate.
For example, Professor Friedman starts with a fiscal multiplier of 1.25, and shades it down to the range of 0.8 by the mid 2020s.
