It could be seen in shorter-term market moves in each of the last three years, when the stock market rolled over into corrections each spring foretelling the economic slowdowns in each of the last three summers, and then recovered in the summer and fall with the economic recovery getting back on track.

FORBES: Usually Right, The Market Says No Problem For Economy In Sight

At the end of last year Mr Orszag was said to have clashed with Larry Summers, who heads the president's National Economic Council, over just when the fiscal consolidation should start.

ECONOMIST: Exit a clever but disappointed man