Indeed, the models that I have built support the use of policy rules, such as the Taylor rule for monetary policy or the automatic stabilizers for fiscal policy, which are the polar opposite of Keynesian discretion.

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Second, the economic recovery, which will ultimately take hold, will help to reduce the deficit from about 10 percent of the economy down to about 5 percent of the economy by 2015, because tax revenue will recover and those automatic stabilizers on the spending side will also decline.

WHITEHOUSE: Detailing the FY2011 Budget

The fact of the matter is, is that most of the increases in this year's budget, this past year's budget, were not as a consequence of policies that we initiated but instead were built in as a consequence of the automatic stabilizers that kick in because of this enormous recession.

WHITEHOUSE: President Obama Takes Questions at GOP House Issues Conference | The White House

For those who have some policy space about letting automatic stabilizers do their work, about using discretionary measures, you will see good language in there, again, about how those surplus economies really need to take concrete actions to shift to more domestic demand-led growth, including by using exchange rates, but also by using domestic measures.

WHITEHOUSE: Press Briefing

Mr. Obama wants to blame all of that on his predecessor, and no doubt the recession that began in December 2007 reduced revenues and increased automatic spending "stabilizers" like jobless insurance.

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