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Monetary discipline forces fiscal discipline on the politicians as well.

I think growing an economy is a good way to help with a deficit, but ultimately, it's about fiscal discipline and responsible spending - and smart decisions.

When the economy is growing, there's a lot that can be done to deal with the deficit.

Beyond monetary policy, fiscal policy has traditionally played an important role in dealing with severe economic downturns.

Government spending is being restrained, the economy is making progress and moving forward, and the pro-growth, tax cutting policies put in place have allowed businesses to grow, which has brought in additional tax revenue to help pay off the debt.

Much fiscal policy is implemented, not through spending increases, but through tax credits and other so-called tax expenditures. The markets should respond to them as they do spending cuts, with little contraction in economic activity.

We have major fiscal problems on our hand.

The great thing about fiscal policy is that it has a direct impact and doesn't require you to bind the hands of future policymakers.

A wide range of possible fiscal policy tools and approaches could enhance the cyclical stability of the economy. For example, steps could be taken to increase the effectiveness of the automatic stabilizers, and some economists have proposed that greater fiscal support could be usefully provided to state and local governments during recessions.

Popular as Keynesian fiscal policy may be, many economists are skeptical that it works. They argue that fine-tuning the economy is a virtually impossible task, and that fiscal-stimulus programs are usually too small, and arrive too late, to make a difference.