It's slowing, not a deep recession.  If you are already running deficits at say 1.5% GDP growth, what happens if there is an external shock that brings us to -1% for a couple quarters?  Spend even more, in the face of shrinking revenues?  What if that results in a $50B deficit?  Do you hike taxes again, and will that not increase inertia for a recovery?  

I am failing to see a plan B in this approach.