8 Economic theory indicates that there are limitations on the expected effectiveness of discretionary fiscal policy as a stabilization tool. There is often a lag between the time when a policy change is needed and the time when legislative authority is granted. Even after a fiscal policy change has been instituted, it may take time for the policy to exert its major effects. If an economic slump is localized to a specific geographical area or labor force group, a generalized fiscal stimulus may be relatively ineffective. The effectiveness and timing of fiscal policy may also suffer as a result of political considera- tions. Political entrepreneurs find spending attractive but dislike imposing taxes. Thus, they will find budget deficits more attractive than surpluses. Therefore, an inflationary bias is likely to characterize the conduct of fiscal policy. The secondary effects of fiscal policy (for example, higher interest rates due to a budget deficit) may, at least partially, undercut the policy's desired effects. Each of these factors complicates the effective use of countercyclical fiscal policy.