I would be most grateful to know the historical roots of fiscal consolidations, the debates, and the major theoreticians.  

The global financial crisis and the subsequent recession increased government outlays for transfer payments to households and reduced tax receipts in the United States and other developed countries. In addition, the U.S. and some other governments recapitalized failing banks, insurers, and other firms and initiated Keynesian “stimulus” programs containing one-time rebates, even higher transfer payments to households, and additional government spending on infrastructure. 


The global financial crisis and the subsequent recession increased government outlays for transfer payments to households and reduced tax receipts in the United States and other developed countries. In addition, the U.S. and some other governments recapitalized failing banks, insurers, and other firms and initiated Keynesian “stimulus” programs containing one-time rebates, even higher transfer payments to households, and additional government spending on infrastructure. 
Consequently, government budget deficits and government debt as a percentage of GDP rose sharply. The IMF and other international financial organizations called upon countries to create a “credible plan for a fiscal exit” and avoid a government debt crisis.  They recommended a fiscal consolidation program that would reduce government budget deficits and stabilize government debt as a percentage of GDP. 
A fiscal consolidation program may accomplish its goals by either reducing government spending or increasing government receipts (including tax increases, higher user fees, and asset sales).
 
Many thanks, 

Gordon L. Brady, Ph.D., M.S.L. 
Senior Economist 
Joint Economic Committee 
United States Senate 
242 Ford Building 
Washington, DC 
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202-225-6024