Only the Size of the Stimulus As noted below, gross domestic product -- the most basic measure of the nation's economic health -- grew by an anemic 0.6 percent in the fourth quarter of 2007. The expansion for all of 2007 was 2.2 percent, the lowest figure in five years. The data added impetus to the stimulus package racing through Congress. Heading for the Senate floor now is that chamber's version of the House-passed $145.9 billion package. A Senate bill upped the ante to $157.2 billion; this figure is likely to grow still further when a food stamp provision is added. A Senate vote is expected tomorrow. Meanwhile, the Federal Reserve cut interest rates today for the second time in just over a week, this time by a half percentage point. That brought the benchmark federal funds rate to 3 percent, a 125-basis point reduction since Jan. 21 -- the most drastic combined cuts in over 25 years. Despite these moves in Washington, broad U.S. market indices slid today. ------- EXTRA CREDIT QUESTION: Will the stimulus package -- assuming that it is passed more or less intact and unpaid-for -- mean that there is a tacit agreement not to impose PAYGO rules this year? Will spending cuts and revenue increases that would lower the deficit be off the table in 2008, on the assumption that such measures would be said to vitiate the effectiveness of the stimulus package?