The IMF recommended Beijing consider a new round of stimulus through the budget rather than the financial system, since the large credit stimulus in 2009 and 2010 has increased risks to the banking system.

FORBES: IMF Lowers China Growth Forecast

Mr Fergusson said a new financial monitoring system was designed to provide an early warning of budget problems.

BBC: Dumfries and Galloway social services new deficit found

And the question was whether I was going to have a big budget fight, at a time when I was still trying to figure out whether or not the financial system was melting down and we had to make a whole bunch of emergency decisions about the economy.

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