The stalling economy has been the chief concern of US voters for several months. Even so, the debate about how best to address the issue has not been fully joined. With nominees undecided, the choice for voters is still which Democrat and which Republican. Within the parties there is little disagreement about economics. When the choice becomes Democrat or Republican – the party of higher spending, tax increases and more regulation, or the party of lower taxes, spending cuts and deregulation – the economy will seize the agenda. When it does, as well as the economy influencing the campaign, the campaign will influence the economy.

With the passage of the fiscal stimulus bill, the spirit of economic policy bipartisanship is over. The measure, though better than nothing, was botched, its most cost-effective parts (such as extended unemployment assistance) set aside at Republican insistence. The Federal Reserve’s recent interest-rate cuts will help, but the US credit crunch still seems to be deepening: lower rates may be less effective than the Fed hopes. If the slowdown becomes a recession, or proves to be one already, and if it threatens to last longer than recent predecessors, economic disagreements between the parties will become much more pressing and consequential.