When the economy is running below potential, I don't mind deficits at all.

If consumer confidence holds steady, and consumers spend the money from tax cuts, and once business see a clear sign of a rebound in sales, then around September or October, they're going to budget and change their targets for capital spending. Then, it takes a couple of months to hire people and get set up.

The most responsive group relative to potential near-term changes is the hotel sector. If the economy is expanding and business spending is picking up, so will business travel.

When you have an economy running at full capacity, maybe you can ask the question if it's a good idea to fuel further this economy.

It looks like the economy is stuck in low gear where the motor is running fast, but you're only going 25 mph. This is kind of disappointing; it falls short of most most forecasts.

When you have an economy that is 35 percent larger than ten years ago and you are still running on the same infrastructure, then you are heading for trouble.