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...face of it, the odds don't look good. In Japan "restructuring" often means ordering just enough layoffs and cost cuts to qualify for another lifeline from the banks--themselves staggering under $1 trillion in lousy debts. Meanwhile, the corporate graveyard is crowded with foreign investors who tried to make over Japanese failures. Most recently, Merrill Lynch, which bought out securities firm Yamaichi, is beating a retreat...
Seven thousand miles away on the very same day, the Pentagon was firing a more old-fashioned round on Capitol Hill--a five-year, $2 trillion budget plan larded with cold war-era weapons. There's the Crusader howitzer, a cannon so cumbersome that in 2000 a presidential candidate named George W. Bush questioned its utility. And there's the F-22 Raptor, a fighter jet designed to challenge a Soviet air force that no longer exists. The Raptor could prove useful against other foes, but critics call it redundant; there are two other fighter designs in the pipeline...
...tell them how to reverse deflation," says a senior Treasury official. "But we'll certainly tell them they need to." The most important--and toughest--message will be that Koizumi must force Japan's insolvent banks to write off more non-performing loans before the nation's estimated $5 trillion mountain of public debt crushes the economy. Says a top Administration official: "There needs to be a sense of hurry...
President Bush’s budget calls for a 9 percent increase in discretionary spending. The $2.13 trillion requested overall is over $250 billion more than President Bill Clinton ever spent. The budget provides a $48 billion increase to help our military eradicate terrorist groups of global reach. It devotes $38 billion to improve homeland security, virtually doubling the amount spent this year. Furthermore, it sets aside over $80 billion this year to stimulate our economy. While there have been signs of recovery, our President is not content to sit and wait while thousands are jobless...
...Conservative House Republicans are nervous about the $80 billion deficit Bush would run up in the $2.13 trillion budget he proposes for fiscal year 2003. The GOP, after all, is supposed to be the party of fiscal responsibility. Yeah, there's a war and a recession to fight, but Republicans fret that when Bush opens the door slightly to a deficit, the Democrats will open it wider to pour in money for all their spending programs. The budget deficit could balloon and GOP congressmen would catch as much heat for the red ink as the Democrats...