Those measures together would add perhaps 0.5% of GDP to the deficit, partly offsetting the squeeze on current spending.

ECONOMIST: Tackling the slump

But international imbalances also reflect how much governments borrow and in many deficit countries that has risen, partly offsetting the increase in private savings.

BBC: Currency war's key battlegrounds

Businesses and households, anticipating higher future taxes to pay for the binge, will cut back, offsetting any boost from deficit spending.

WSJ: Review & Outlook: The Emperor Creates No Jobs