In other words, higher taxes led to fiscal deterioration in Illinois, just as tax increases in Europe have been followed by bad outcomes.

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"There has been a further deterioration in the fiscal position of the country, " this person said.

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Generally, by the time central banks make a fiscal or monetary easing move, economic deterioration has already occurred.

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Earlier fiscal packages are finally filtering through the economy and basically stopping the rapid deterioration.

CNN: MONEY & INVESTING