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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Elroy Jetson who wrote (13291)8/27/2003 3:27:46 PM
From: MSIRead Replies (2) of 306849
 
More like $700 Billion, according to the longest-serving member of the Senate Budget Committee, F. Hollings.

66.218.71.225

"Earlier this month, the Office of Management and Budget indicated on page one of their mid-session budget review that the deficit will be $455 billion this year. Yet on page 57, the last page of the same report, their bookkeeping clarifies that it will reach $698 billion. The document's figures also clarify that the nation's debt will increase $3.6 trillion over the next 6 years. These figures are highly significant to the nation's financial picture: a deficit of $698 billion this year is 6.5% of the nation's GDP, and the resulting $9.8 trillion debt in 2008 will exceed 70% of the country's GDP, both indicators of dangerous fiscal decline"
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