I'd honestly say that the economy would be scantly affected. It would mean that there would be less deficits ran up by the government, but if you actually look at it, the war funding was not all that huge of a factor in the deficits. The GOP Congress of the time was an irresponsible one in terms of controlling the budget, and the DeLay era earmarks used to keep people in line were not cheap.
You'd still get a 2001 tax cut, Enron falling apart and Sarbanes-Oxley in response. The economy would do reasonably well until about 2006, where we'd likely see a Democrat President have to deal with the housing bubble. I don't think that they'd handle it differently than Bush when the crash inevitably occurs, and it would, as I'd say it was in the making since 1976. They might handle the recovery with more money than Bush was willing to spend and able to get Congress to accept. The far left and far right of both parties would still be opposed, but with a friendly Congress, the President would have no issues.