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As Larry Summers has pointed out, the federal deficit will narrow to just 2 percent of GDP by 2015, even without further fiscal action.
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In contrast to the past two years, America would head into the new year without having to brace for further fiscal tightening.(Photo credit: AFP).
The government also proposes to bring in further fiscal reform.
Debt relief would allow Athens to avoid further fiscal tightening.
But further fiscal measures will still be required.
Britain's shockingly bad public finances, incidentally, do not allow for any further fiscal expansions.
Still, further fiscal stimulus is most definitely not on the political table in Washington.
He is also said by close associates to favor further fiscal measures to stimulate the economy.
They tend to reject further fiscal stimulus to prop up demand.
Further, fiscal policy was tilted toward supporting jobs by stimulating aggregate demand.
Further fiscal expansion would have made the debt unsustainable, leading eventually to sovereign default.
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