Deficit ball drops in Bush's court
Can President Bush and the Democrat-controlled Congress agree on an effective plan to reduce the massive Federal budget deficit?
Ideological differences and President Bush's "no new taxes" campaign pledge are stumbling blocks to the reduced deficit needed to calm the jittery stock and bond markets and halt the dollar's slide. Deficit can't stay. Fed Chairman Alan Greenspan has made a compelling case for budget cutting. Although he took the same line as past Federal Reserve chairmen, Greenspan stressed that the long-term corrosive impact of the deficit is rapidly turning into the short run.
"It is beguiling to contemplate the …