However, generally accepted theoretical models for the implementation of macroprudential policy do not exist. Therefore, the evaluation of the possible role of these instruments in the containment of systemic risk, as well as the possible costs involved, is much more complex. 2  See Gabriele Galati and Richhild Moessner, “Macroprudential Policy – A Literature Review”, Journal of Economic Surveys, 2012.
Budget agreements in earlier years--1990 and 1993--had both raised taxes and reduced spending, and the combination of these actions had helped lower the federal budget deficits from the levels of previous years. These budget agreements demonstrated the desire of policymakers to undertake some hard steps necessary to reduce the deficit.