You call passing a bill through Congress "immediate", and you think it can be "undone quickly"? I think the long-term budget deficit is too high, but the budget

You call passing a bill through Congress "immediate", and you think it can be "undone quickly"? I think the long-term budget deficit is too high, but the budget process is not responsive enough to be used to control inflation. (It's also too slow and clumsy when used the other way, as fiscal stimulus.) One way of using the deficit deliberately as an economic control dial would be for Congress to grant the Federal Reserve the authority to adjust payroll tax rates within a given range. I doubt this could ever happen politically, though.