>DAILY FINANCIAL MARKET COMMENT 06/17/03 Goldman Sachs Economics
>
>* The US budget outlook continues to deteriorate. Although our
>$425-billion estimate of the fiscal 2003 deficit still looks
>reasonable, we are lifting our estimate of the fiscal 2004
>shortfall to $475 billion from $450 billion. Over the next
>ten years (fiscal 2004-2013), we now expect a $4.5-trillion
>cumulative deficit, versus $4.2 trillion when we last wrote
>about the long-term budget outlook in mid-March. Risks to
>both estimates tilt to the high side.
We're going to be hearing more of this.
Doug