But, this Act has done more than provide short-term stimulus.

"Unfortunately, the things that I'm hearing discussed are not those things," he said of short-term stimulus.

First, whether the economic expansion is weak enough to warrant short-term stimulus.

But the short-term stimulus from that cut would be a very small fraction of that cost.

That's why it's wise to pair further short-term stimulus with a large amount of long-term deficit reduction.

They say it might even be wise to have some short-term stimulus, by increased public works spending, for instance, to speed the recovery.

"A back-loaded 10-year tax cut is not the right tool to provide short-term economic stimulus," they said in a joint statement.

Affluent beneficiaries will not be likely to spend the money as a short-term stimulus.

The debate about the need for short-term stimulus versus long-term deficit reduction is an important one, which I will return to.

Furthermore, the proposed tax cuts are not useful for short-term fiscal stimulus, since only a small portion would take effect this year.