I'm not going to comment on what the government's fiscal target or policy should be with respect to having a balanced budget or not. That is a political choice.
Economically speaking, there is nothing requiring a government to run a balanced budget year after year or only in certain periods. In our longer-term framework what we've tried to stress is that, at least according to conventional economics, it's the debt-to-GDP ratio. Even with a relatively stable debt-to-GDP ratio, that would imply or be consistent with relatively small budgetary deficits, on balance, over the cycle.
In terms of the shock absorber, to respond to your question about what would happen in the event of a severe downside shock, that's simply the case where the government would have to go and borrow and absorb part of that shock. Again, if it's a very extreme financial market shock where the government couldn't go and issue debt, that's a very extreme scenario. In all other cases of relatively slower growth or weaker oil prices or something, that probably would be absorbed with just issuing more debt and running larger deficits temporarily.