Is There Room For Fiscal Stimulus?

As Washington turns to a new fiscal stimulus package, David Walker and others say that the case has never been stronger for a long-term budget deal that tackles entitlements, while Jamie Galbraith (with a nod from Paul Krugman) argues that the threat of an entitlement shortfall is a mirage. Considering the widening deficit, can we afford a stimulus of $300 billion or more? What can be done to ensure it works better than the one earlier this year, which was supposedly “timely, targeted and temporary,” yet apparently was ineffective? Various experts sound off.