There is little room for further fiscal stimulus since Federal and State debt positions are extremely stretched. While US firms and households continued their deleverage at the end of 2010, the US Government is still increasing its debt position. If this US domestic gloom continues or worsens, it is difficult to see American consumers playing any part in driving world recovery.
Further, it could impact equity markets, and start to focus financial markets on the size of US state and Federal debt. But just as possible, the US may surprise us with economic strength over 2011. Many US businesses hoarded cash over 2010.