During recessions Government deficits are regarded by some as desirable, and maybe even necessary, to foster economic recovery. The standard argument is, the more severe the recession, the larger the dose of fiscal stimulus that is required. The largest Government deficit in the postwar period—$44.2 billion—was recorded in fiscal 1975, and an even larger deficit is projected for fiscal 1976. Fiscal activists contend that such unusually large doses of fiscal stimulus are required given the unusual severity of the current recession.