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As always, it would be important to ensure that any fiscal policy changes did not compromise long-run fiscal sustainability.

Fiscal discipline can turn the economy around.

Fiscal policy is not just, or even not even principally, the purview of the president.

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

We have major fiscal problems on our hand.

There is a big divergence between views on a variety of policy issues from fiscal stimulus to financial regulation. It's my hope and my ambition for the economics profession that as we advance our knowledge, that those discussions will narrow in their focus, and that it will help to have more prudent policy-making down the road.

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 are absolutely going to have to provide fiscal security to people; in other words, we are going to have to show the country and the world that the country can live within its means.

But if they want to really think about the fiscal future of this country, then think about how we have moved from hundreds of billions of surpluses to hundreds of billions of deficits.

A budget matters to Americans who can't afford to see their taxes go up or lose the jobs that would be destroyed in the process.