The prospect of soaring deficits and simultaneous tax reductions alarms a few economists.On this new fiscal road they foresee deficits of 0 billion or even 0 billion annually, which in time may cast doubt on the credibility of the federal government as debtor.At the present rate of spending it will need to be lifted in June or July of this year and, in case of war with Iraq, even earlier.The federal deficits are compounded by the budget shortfalls of most state governments, estimated at some 5 billion in 1992-1993.
2/28/03 Apr 03 COMEX Contract HIGH = 1.5 low = 5.3 Settlement = 0.3 Change .1Yesterday¹s Open Interest 107869At this time 2/28/03, (until at least Monday), Sir Kevin$ is the "King of the Hill" !!!Its ability to create dollars that enjoy world-wide acceptability enables it to distribute the burden of U. Government deficits to countless millions of dollar holders all over the globe.They pay for the deficits through depreciation of the dollars in their pockets.Iris Lav of the Center on Budget and Policy Priorities suggests that tax increases and spending cuts at the state level could drain 0 billion from the national economy over the next year..........Finally, the increasingly grim mood of consumers can be a self-fulfilling prophecy.