Given the persistent weakness in the U.S. economy, a re-evaluation of fiscal policy theory is warranted.

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They will also tell you that the fiscal gap is the only measure of fiscal sustainability recognized by economic theory.

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Slightly more plausible is the theory that constant coverage of the Fiscal Cliff scared many consumers into keeping their wallets mostly shut.

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In theory, a government could use monetary and fiscal policy to hold back inflation.

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In theory, there are few issues on which there is more vigorous bipartisan agreement than fiscal responsibility.

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What economic theory tells us is to look at the entire projected path of policy, measure its fiscal gap, and decide on the basis of the size of its fiscal gap whether the policy is sustainable.

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In theory, if a country cannot cut interest rates, because of monetary union, it should use fiscal policy to support its economy.

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Because these convoluted, complicated approaches are the result of faulty economic theory, which posits that a currency's value is directly tied to a government's fiscal policies.

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Regardless of the famed odd-lot theory in markets, the recent deal to stop the U.S. from falling over the fiscal cliff last week convinced investors of all stripes to jump in to equities.

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In theory, budget-cutting offers more room than health care did to lure in those obstructive Republicans: fiscal responsibility is supposedly dear to the hearts of the political right.

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