Bassetto then proves that there exist other government strategies that lead to a unique equilibrium price level that is determined from taxes and spending alone. These strategies paint a very different picture of the conditions under which a FTPL arises: whereas the traditional view relies on the government setting taxes and spending exogenously, with no regard for the evolution of debt, the strategies described by Bassetto require the government to strongly react to incipient ‘debt crises’ by accumulating larger surpluses in present value.