Summary
The $500 billion budget deficits created by President Bush and the Republican-led Congress will be the top economic problem facing the president should he win a second term, Wall Street analysts say.
The twin deficits - the budget deficit and America's equally large trade gap - already are being blamed for the precipitous fall of the dollar, which has lost between 20 percent and 40 percent of its value against other major currencies in the past two years. And the deficits are starting to put pressure on mortgages and other long-term interest rates.See the full content of this document
Extract
Wall Street Urges Bush to Deal with Deficits
Mr. Bush's State of the Union address on Tuesday night offered new spending and tax proposals, but no concrete plans to cut the deficit in half as he has promised to do, continuing the pa...
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