I think if you go beyond a year - if this continues into the system in the out years, I think there is a risk and that - that we could have a negative reaction in the bond market and that will offset the good that was attempted to be done.

The automatic stabilizer is unemployment insurance, food stamps, additional coverage of Medicaid.

So from the housing standpoint, steady as you go, I think, would be the best medicine.

Well, I think the best form would be to put money directly in the pockets of consumers.

Well, now, and there's - for every dollar the federal government spends, there's real people on the other side, and so when we talk about reductions that are going to affect providers, that's going to affect hospitals and doctors and others.

If there's a severe recession, the automatic stabilizers will come into effect, and we will still try to reduce the structural deficit, but we will not try to keep cutting the budget so that we keep worsening a severe recession.

We are shrinking the size of the federal government as a percent of our economy from over 21 percent of the economy to 19 percent of the economy. At the same time, we're growing the private economy.