How we have needed to go about doing our job well has changed over the years with the evolution of international economic relationships. If we look back several decades--say, to the immediate post-World War II period--the external sector of the U.S. economy had a much smaller overall role and, correspondingly, a smaller place in U.S. macroeconomic policy than it does today.
But that is the work of the politicians. The Government will need to decide what to do, and it will be very difficult. If I had to choose, I would prefer that the Government meet the deficit target as well as the expenditure rule.