To overcome this difficulty, Bassetto (2002) explicitly describes the economy as a game,
where the actions available to all households and the government at any point in time are clearly spelled out. Bassetto shows that the basic version of the FTPL, with an unconditional commitment to a sequence of primary surpluses, is not a valid government strategy in a well-specified game, at least if the sequence includes a primary deficit at any point in time. Intuitively, a primary deficit is only possible if the government is able to raise revenues through borrowing. Since lending is voluntary (as opposed to payment of taxes), any plausible game includes the possibility that private agents will not lend; if this circumstance arises, the government is forced to a fiscal adjustment.