The real issue is not whether this can be done (it certainly can be), but what the effects of financial overspending might be. The basic issue to be faced, therefore, is the consequential importance of what is sometimes called "macroeconomic stability," in particular the absence of serious inflationary pressure. The case for financial conservatism lies, to a great extent, in the recognition that price stability is important and that it can be deeply threatened by fiscal indulgence and irresponsibility.