WASHINGTON (MarketWatch) - Larry Summers, a top economic adviser to President Obama, said Tuesday there is no alternative to the plan for massive spending and near-term deficits to try to give the economy a "jolt." If the jolt is not successful, there could be "continuing grading deflation like the Japanese did," earlier this decade, Summers said in an interview on CNBC. Once the recovery is underway, spending will be cut back and taxes will be raised in order to bring the deficit down. Summers said the Obama economic plan is not designed to move the stock market over the short-term.
http://www.marketwatch.com/news/story/Summers-No-good-alternative-Obama/story.aspx?guid={C5126613-D8DD-4391-A5F8-A5BDEB024749}&dist=hplatest
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