<DIV>Aren't we getting a little&nbsp;desperate when we start making excuses for the deficit by reference to Japan (not to mention France and Germany)?&nbsp;</DIV>
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<P>"Some outside economists remain sanguine, noting that the United States is hardly the only country to run big budget deficits and that the nation's underlying economic conditions continue to be robust.</P>
<P>""Is the U.S. fiscal position unique? Probably not," said Kermit L. Schoenholtz, chief economist at <A href="http://nytimes.com/redirect/marketwatch/redirect.ctx?MW=http://custom.marketwatch.com/custom/nyt-com/html-companyprofile.asp&amp;symb=C"><FONT color=#000066>Citigroup</FONT></A> Global Markets. Japan's budget deficit is much higher than that of the United States, Mr. Schoenholtz said, and those of Germany and France are climbing rapidly."</P>
<P><A href="http://nytimes.com/2004/01/08/business/08FUND.html">http://nytimes.com/2004/01/08/business/08FUND.html</A></P></DIV>
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