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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Jim Willie CB who wrote (39253)	7/19/2001 6:46:17 PM
From: Dealer	Read Replies (2) \| Respond to of 65232

Tomorrow should be interesting....MSFT down 3 and Futures down almost 50............Friday and Expiration..... dealie

To: Jim Willie CB who wrote (39253)	7/20/2001 8:54:12 AM
From: stockman_scott	Read Replies (1) \| Respond to of 65232

O'Neill Predicts Strong U.S. Surpluses Friday July 20, 8:41 am Eastern Time <<WASHINGTON (Reuters) - Treasury Secretary Paul O'Neill on Friday predicted strong future U.S. economic growth and substantial budget surpluses ``as far into the future as the eye can see.'' In an interview with NBC's ``Today'' show, O'Neill dismissed suggestions the United States' economy was in for a lengthy downturn. ``We are doing well and our economy is going to come back. We are going to restore ourselves to the growth path that we have experienced and things are going to be good,'' said O'Neill. Growth in U.S. domestic product came in at a slim 1.2 percent in the first quarter this year and is widely expected to have continued at a lackluster rate in the second quarter. U.S. interest rates have been cut six times this year in a bid to revive the economy. O'Neill predicted the U.S. fiscal budget surplus would remain ``substantial'' in years to come, and rejected claims by some economists that the Bush administration's tax policy would reduce this surplus. ``We are going to run substantial surpluses as far into the future as the eye can see. We are, of course, going to need to work with Congress to make sure that huge new spending programs aren't initiated and that we follow a fiscally prudent path.'' He said the economy had slowed down but said the government still had a surplus of at least $160 billion, possibly more. The White House's budget director estimated last week that the U.S. fiscal 2001 budget surplus for the year ending Sept. 30 would be at least $160 billion. O'Neill said this month's surplus would be almost exactly the same as the $38 billion the U.S. government was sending out to people over the next couple of months for a tax refund. The first tax refund checks will be sent out on Friday and O'Neill said this additional money would help boost the economy. ``It's good news for individual Americans and it's good news for our economy,'' said O'Neill of the tax refund. Outside economists, he said, predicted the tax refund would boost real economic growth by between 1 to 1.5 percent. O'Neill said the first tax refund checks would reach 11 million tax payers by July 23 and should all be out by the end of September. ``At that point we will have sent back to the American people $38 billion of their own money.'' The refunds will amount to $300 for individuals, while heads of household will get up to $500 and couples up to $600.>>