The chief argument against using discretionary fiscal policy to combat recessions emphasizes the long lags involved in changing fiscal policy in the U.S.. The recent U.S. experience illustrates this problem. Evidence appeared in late 2000 that the economy was slowing. Congress did pass a tax cut in 2001, but this was part of President Bush’s legislative agenda before any hint of an economic slowdown. It took Congress until March 2002 to pass the Economic Recovery Act to provide further stimulus to the economy. In contrast, when signs emerged in December 2000 that the economy had slowed, the monetary policymaking committee of the Federal Reserve was able to convene a quick telephone meeting and to start cutting interest rates in January 2001.