Quick Overview

• U.S. GDP rose 1.3% in the first quarter, weaker than expected due to the slow housing sector. YoY real U.S. GDP rose 2.8%. The GDP price deflator rose 4.0% YoY.
  

• The U.S. employment cost index was up 0.8% in the first quarter and up 3.5% YoY.
  

• There is the potential for a downturn in the U.S. economy that could have ripple effects around the world, San Francisco Federal Reserve President Janet Yellen said.
  

• YoY Japans consumer prices fell 0.1%.
  YoY Japans retail sales were down 0.7% while household spending was up 0.1%.
  Japans industrial production fell 0.6% in March
  Japans unemployment rate remained at 4.0%.
  The Bank of Japan left interest rate unchanged at 0.50%,
  

• Mexico increased its overnight interest rate from 7.00% to 7.25%.
  
  

S&P/Case-Shiller: Home Price Declines Show No Signs of Abating
The S&P/Case-Shiller Index, which is one of the best gauges of the housing market out there, hasn’t recorded monthly declines on this level in almost 15 years. Robert Shiller, who’s Chief Economist at MacroMarkets LLC, and one of the leading authorities on real estate in the country, said that month-to-month declines are also persisting, with 17 out of the 20 cities down from their levels in January. If the chart below was a roller coaster, riders would now be holding on for dear life.

Quick Overview

• U.S. Jobless claims were down 20,000 last week to 321,000, the lowest in a month.
  

• The U.S. DOE said that underground supplies of natural gas were up 18 billion cubic at 1.564 trillion cubic feet.
  
  
  

• The International Grain Council estimates world wheat production for the 2007/2008 season at 623 million tonnes, down 1 million from last month because of freeze damage in the US. World ending stocks are anticipated to rise to 117 million tonnes which would be up 2 million from this year but still down from 134 million tonnes last year.
  
  

• The yen traded near a record low against the Euro before a Japanese government report forecast to show consumer prices fell in March for a second straight month.

Are GM Crops Killing Bees?

..But that could soon change. Since last November, the US has seen a decline in bee populations so dramatic that it eclipses all previous incidences of mass mortality. Beekeepers on the east coast of the United States complain that they have lost more than 70 percent of their stock since late last year, while the west coast has seen a decline of up to 60 percent.

Studies show it's a gold mine at the top
..If you didn't make at least $240 million last year, you didn't make the list.

Quick Overview

• U.S. durable goods orders rose 3.4% in March.
  

• U.S. new home sales were at an annual rate of 858,000 in March up 2.6% MoM, but weaker than expected. For 2007, new home sales are down 23% YoY.
  

• GDP in South Korea rose 4% YoY.
  

• GDP in the U.K. was up 0.7% QoQ. YoY GDP was up 2.8%.
  
  
  

• The U.S. DOE said that:
  Supplies of crude oil rose 2.1 million barrels to 334.5 million barrels.
  Supplies of gasoline were down 2.8 million barrels
  Supplies of heating oil were down 2.6 million barrels.
  U.S. refinery capacity was at 87.8%, down from 90.4% the previous week.
  
  

• The International Copper Study Group estimates world copper production exceeded consumption by 40,000 tons in January. World mine production was up 9% YoY, total usage was up 6% YoY.
  

• There is concern about dry weather in Australia, China, and Eastern Europe – July wheat closed at a new contract high.
  

Quick Overview

• The National Association of Realtors said that U.S. existing home sales were at an annual rate of 6.12 million units in March, down 8.4% from the previous month and weaker than expected. YoY Median home prices were down 0.3% in March.
  

• U.S. consumer confidence dropped from 108.2 to 104.0 in April, more than expected.
  

• YoY consumer prices in Australia were up 2.4% in the first quarter, down from a 3.3% gain in the previous quarter.
  

• The Bank of Canada kept its interest rate unchanged at 4.25%.
  

• Canada's composite index of leading indicators was up 0.4% in March.
  

• Industrial new orders in the Euro area were down 0.7% MoM, and up 4.7% YoY.
  

• India's central bank kept its interest rate unchanged.
  
  
• Canadian farmers intend to plant:
  3.5 million acres of corn this year, up 26% YoY.
  17.1 million acres of spring wheat, down 16% YoY.
  14.8 million acres of canola, up 12% YOY.
  
  
  
  

Yen Climbs After Standard & Poor's Raises Japan's Debt Rating
``This is a sign the economy has returned to normal, following a long period when people lost confidence in Japan,'' said Masanobu Ishikawa, general manager of foreign exchange at Tokyo Forex & Ueda Harlow Ltd. ``As a trading factor, this may have a positive impact on the yen in the long term.''

Quick Overview

• U.K. Retail sales increased 0.3% MoM and 4.5% YoY.
  

• Canadian retail sales rose 0.1% MoM and up 5.2% YoY.
  

• The USDA said there were 11.644 million head of cattle on feed on April 1st, down 1.4% YoY. Placements were up 7%, marketing’s were down 6% YoY.
  

• The USDA said there were 55.3 million pounds of frozen bellies in storage on March 31st, down 10% YoY. Frozen pork supplies totaled 506 million pounds.
  
  

• The Chocolate Manufacturers Association said the U.S. cocoa grind totaled 97,584 tons in the first quarter of 2007, down 7% YoY.
  

• Brazilian increased its estimate of this year's coffee harvest to 32.0 million bags.
  
  

• The USDA said there were 825 million pounds of frozen orange juice concentrate in storage on March 31st, down 18% YoY.

House OKs Bill to Give Investors Say on Executive Pay Bloomberg -- The U.S. House of Representatives approved a measure to give shareholders more say on how companies pay top executives, rejecting amendments by Republicans who said investors already have the power to influence compensation.
The measure, approved 269-134, aims to rein in pay levels House Financial Services Committee Chairman Barney Frank and other top Democrats called exorbitant by giving public-company shareholders annual non-binding votes on executive salaries.

Quick Overview

• The Conference Board's U.S. index of leading indicators was up 0.1%
  

• U.S. Jobless claims were down 4,000 last week to 339,000.
  

• Japan's index of services, increased 1.0% in February to a new record high, much stronger than expected.
  

• China's economy grew at a faster than expected 11.1 % pace, powered by exports that have inflamed trade tensions and increased the risk of overheating.
  
  
  

• Canada Core CPI YoY at 2.3% as expected.
  

• The DOE said that underground supplies of natural gas were down 46 billion cubic feet to 1.546 trillion cubic feet. YoY supplies are down 12%.
  

Global Commodity Price Boom May Last Decades Longer, RBA Says
(Bloomberg) -- Emerging economies' demand for resources may sustain high commodity prices for several decades, Australia's central bank said.

Quick Overview

• The U.S. Department of Energy said that:
  Supplies of crude oil were down 1.0 million barrels last week to 332.4 million barrels.
  Supplies of gasoline were down 2.7 million barrels
  Supplies of heating oil were down 600,000 barrels.
  In the past four weeks gasoline demand was up 2.5%
  
  

Platinum leaders berate fund launch The world's two largest platinum producers have voiced opposition to the planned launch of a platinum exchange traded fund announced last week by Zurich Cantonal Bank of Switzerland.
Trevor Raymond, head of investor relations at AngloPlat, said the ETF would put upward pressure on prices and would have a negative impact on jewellery demand.

Foreclosures, default notices hit 10-year high
Homes lost to foreclosures in California shot up to 11,033 in the first quarter, an 81.5 percent climb from 6,078 in the previous quarter, according to DataQuick Information Systems. Foreclosures rocketed 802.1 percent from 1,223 in the first quarter last year but remained below the 1996 peak of 15,418.

Quick Overview

• U.S. consumer prices rose 0.6% in March and up 2.8% YoY. Excluding food and energy costs, prices rose 0.1% in March and up 2.5% YoY
  

• U.S. housing starts were at an annual rate of 1.518 million units up 0.8% from February's, but down 23% YoY. So far in 2007, housing starts are down 30% YoY.
  

• U.S. banking regulators urged lenders on Tuesday to help distressed borrowers unable to make mortgage payments and offered possible incentives to move homeowners to lower-cost loans.
  

• U.S. industrial production was down 0.2% in March and up 2.3% YoY, weaker than expected.
  

• U.K.'s consumer price was up 3.1% YoY, the most in a decade.
  

• Canada's factory shipments were down 0.2% MoM.
  

Quick Overview

• Retail sales rose 0.7% in March, the biggest jump in three months, the Commerce Department said.
  
  

• The U.S. Treasury Department said that in February, foreign investors bought $77.9 billion of long-term U.S. securities while U.S. investors bought $19.8 billion of foreign securities.
  

• The New York Federal Reserve's regional index of manufacturing increased from 1.85 to 3.80 in April.
  

• New vehicle sales in Canada were down 3.7% in February.
  

Updates resume April 15

Quick Overview

• Federal Reserve policymakers were unanimous in the view last month that inflation, not economic weakness, was their major worry.

• Machinery orders in Japan were down 5.2% in February, more than expected.
  
  
• The International Monetary Fund estimates 2007 real GDP growth:
• US 2.2%.
• Canada 2.4%
• U.K 2.9%
• Euro Area 2.3%
• Japan 2.3%
  
  
  

• The U.S. DOE said:
  Supplies of crude oil were up 700,000 barrels to 333.4 million barrels.
  Supplies of gasoline were down 5.5 million barrels
  Supplies of heating oil supplies were down 1.2 million barrels.
  Gasoline demand was up 2.5% YoY, and distillate demand was down 1.3% YoY

Gas guzzler penalty fuels debate
California drivers who buy new Hummers, Ford Expeditions and other big vehicles that emit high levels of greenhouse gases would pay a fee of up to $2,500.
And drivers who buy more fuel-efficient cars — like the Toyota Prius or Ford Focus — would receive rebates of up to $2,500, straight from the gas-guzzlers' pockets.

Quick Overview

• The Bank of Japan kept the interest rate unchanged at 0.50%.
  

• Nickel prices broke through the $50,000 mark for the first time on Tuesday, leading a surge in base metals prices as traders returned to their desks following the Easter break.
  

• The USDA's 2006-2007 U.S. ending stocks estimate for:
  Corn was increased from 752 to 877 million bushels.
  Soybeans were increased from 595 to 615 million bushels.
  Wheat was reduced from 472 to 422 million bushels.
  Sugar was increased from 1.686 to 1.743 million tons.
  Cotton was increased from 8.80 to 9.20 million bales.
  

• The USDA's 2006-2007 world ending stocks estimate for:
  Corn was increased from 88 to 92 million tons.
  Soybeans were increased from 57 to 61 million tons.
  Wheat was kept at 121 million tons.
  Cotton was increased from 52.4 to 52.6 million bales.
  

• The estimated soybean production in Argentina was increased from 44.0 to 45.5 million tons.
  

• The estimate for Brazil was increased from 57.0 to 58.8 million tons.
  

• Brazil expects the 2007-2008 coffee crop at 37.5 million (60-kg) bags, more than expected.
  
  

• The USDA reduced its estimate of the Florida orange crop from 132 to 131 million boxes, but increased the juice yield from 1.62 to 1.65 gallons a box.
  
  

Quick Overview

• Brazil's main stock index surged past 47,000 points on Monday, setting yet another record, and the nation's currency neared two per dollar.
  
  

• Berkshire Hathaway, has bought a 10.9% stake in Burlington Northern Santa Fe Corp., becoming the railroad’s largest shareholder.
  
  

• Gasoline pump prices jumped 18 cents in the past two weeks to $2.79 a gallon, the highest since September, analyst Trilby Lundberg said in her latest filling station survey released Sunday.

Robert Fisk: The true story of free speech in America
Sami al-Arian is 49 but he stayed on hunger strike for 60 days to protest the government outrage committed against him, a burlesque of justice which has, of course, largely failed to rouse the sleeping dogs of American journalism in New York, Washington and Los Angeles.
All praise, then, to the journalist John Sugg from Tampa, Florida, who has been cataloguing al-Arian's little Golgotha for months, along with Alexander Cockburn of Counter Punch.

Conservatives for the Constitution
Rejecting the suggestion that conservatives must remain silent because Bush is supposedly one of their own, Viguerie says, "Conservatives must not fail to oppose the massive expansion of presidential powers out of fear they will be aid and comfort to the Left. Concern about one branch of government acquiring excessive power should not be the providence of liberals, moderates, or conservatives. It must be the concern of all Americans who value liberty…"

Representatives okay Real ID ban Supporters of the ban said New Hampshire needs to send a clear statement that the federal government strayed too far.
"It is probably the worst piece of blackmail to come out of the federal government. This is pure, unadulterated blackmail," said. Rep. Sherman Packard, a Republican from Londonderry.

Quick Overview

• U.S. Unemployment rate improved from 4.5% to 4.4% in March with a net gain of 180,000 jobs, better than expected.
  

• U.S. Average hourly earnings were up 0.3% in March and up 4.0% YoY.

Climate change
The resulting document predicts the same sorts of consequences as its predecessor did in 2001, but with much greater confidence and precision, says Camille Parmesan, a professor at the University of Texas who vetted part of it. By her count, the chapter on current impacts alone rests on a review of over 1,000 academic studies, most of them already published—compared with about 100 last time around.

Quick Overview

• China today raised its reserve ratio by 0.5 points to 10.5%, which was the sixth hike in less than a year.
  
  

• The U.S. Labor Department said that jobless claims were up 11,000 last week to 321,000.
  
  

• The unemployment rate in Canada was unchanged at 6.1%.
  

• The Bank of England keep the interest rate unchanged at 5.25%.
  

• The U.S. Department of Energy said underground supplies of natural gas were up 58 billion cubic feet at 1.569 trillion cubic feet. Supplies are down 7% YoY.
  
  
  

Quick Overview

• The Institute of Supply Management's index of U.S. services dropped from 54.3 to 52.4 in March.
  

• Factory orders rose 1% in February following the biggest drop in six years, the Commerce Department said Wednesday
  
  

• An index of services in the U.K. increased from 57.4 to 57.6 in February, a sign of continued expansion.
  

• Eurostat said that retail trade volume in the Euro area was up 1.2% YoY.
  

• The U.S. Department of Energy (DOE) said that:
  Supplies of crude oil were up 4.3 million barrels last week at 332.7 million barrels.
  Supplies of gasoline were down 5.0 million barrels
  Supplies of heating oil were down 200,000 barrels.
  YoY gasoline demand was up 1.7% and distillate demand was down 1.9% YoY.
  

• GFMS Ltd. said world gold mine production was down 3% in 06, the lowest level in ten years.
  

The botched US raid that led to the hostage crisis
A failed American attempt to abduct two senior Iranian security officers on an official visit to northern Iraq was the starting pistol for a crisis that 10 weeks later led to Iranians seizing 15 British sailors and Marines.

Quick Overview

• The National Association of Realtors said U.S. pending home sales increased from 108.5 to 109.3 in February, more than expected.
  
  

• Industrial consumption of silver, used in film, batteries and medical devices, grew 11 percent to a record 409.3 million ounces in 2005, GFMS Ltd. said.
  
  
  

• Arrivals of cocoa beans from the Ivory Coast's, were around 920,500 metric tons, down by 2.3% between Oct. 1 and March 31.
  
  
  

• Copper rose to the highest in five months on speculation that mine output may lag behind demand, especially from China.

Quick Overview

• Federal Reserve Bank of St. Louis President William Poole said the U.S. central bank's main concern remains inflation and he could be inclined to raise interest rates if price pressures did not ease.
  

• New Century Financial Corp. filed for bankruptcy Monday amid a surge in homeowner defaults, the biggest mortgage lender to collapse in the U.S. housing market.
  

• The Supreme Court Monday ordered the federal government to take a new look at regulating carbon dioxide emissions from vehicles, in a rebuke to the Bush administration’s policy on global warming, the Associated Press reported.
  
  

• The Institute of Supply Management's index of manufacturing dropped from 52.3 to 50.9 in March, slightly weaker than expected.
  
  

• Australia's retail sales were up 0.9% in February, better than expected.
  

• Japan's index of business sentiment, dropped 25 in December to 23 in March.
  

• Manufacturing index in the U.K. fell from 55.4 to 54.4 in March, more than expected.
  

• The USDA' said rain is badly needed in most Florida OJ areas.
  

• China announced that they will buy $12.5 billion worth of U.S. goods in May, including $2 billion of soybeans and $500 million of cotton

Quick Overview

• U.S. Personal income was up 0.6% in February and U.S. consumer spending rose 0.6%.
  U.S. Core rate of personal consumption expenditures rose 0.3% in February and 2.4% YoY.
  The University of Michigan's consumer sentiment index fell from 91.3 to 88.4 MoM.
  The Chicago purchasing managers index rose from 47.9 to 61.7 MoM, more than expected.
  U.S. Construction spending rose 0.3% MoM.
  The U.S. said it will impose duties on imports of coated paper from China, raising fears of protectionism.

• Japans unemployment rate was 4.0% in February, the lowest in over eight years.
  Japans household spending in Japan was up 1.3% in February, stronger than expected.
  Japans Industrial production was down 0.2% in February, stronger than expected.
  YoY Japans consumer prices were down 0.2% in February.
  

• Canada's real GDP increased 0.1% in January and 2.0% YoY.
  Canada’s Industrial Product Price was up 4.4% YoY.
  

• Inflation in the euro 13 region will probably reach 1.9 percent in March, the European Union said Friday.
  The unemployment rate in the Euro area fell from 7.4% to 7.3% in February.
  Business sentiment in the Euro area rose from 109.7 to 111.2 MoM.
  

• The unemployment rate in France fell from 8.5% to 8.4% MoM, the lowest in 24 years.
  

• GDP in New Zealand rose 1.5% YoY.
  

• India's central bank raised interest rates to 7.75%.
  

• The USDA's Prospective Plantings report expects:
  90.45 million acres of corn planted this spring, up from 78.3 million acres a year ago. (The biggest corn plantings since 1944) (est. 87.98)
  67.14 million acres of soybeans, down from 75.5 million acres a year ago. (est. 69.17)
  60.30 million acres of wheat, up from 57.3 million acres a year ago.
  12.15 million acres of cotton, down from 15.27 million acres a year ago.
  

• The USDA said that on March 1, 07 there were:
  6.07 billion bushels of corn stocks, down 13% YoY.
  1.78 billion bushels of soybean stocks, up 7% YoY.
  856 million bushels of wheat stocks, down 12% YoY.
  
  
  

Updates resume March 31st.

Quick Overview

• The Conference Board index of U.S. consumer confidence dropped from 111.2 to 107.2 in March, weaker than expected.
  

• German business confidence rose from 107.0 to 107.7 in March, stronger than expected.
  

• The U.S. military denied reports that Iran fired a missile at a U.S. ship in the Persian Gulf. The rumors sent oil prices up more than 8 percent in after-hours trading.

Bloomberg Special Report - Phantom Shares
relinked

Quick Overview

• U.S. New home sales were weaker than expected down 3.9% from January's pace. This # is dimming hopes for a rebound in the housing market and increasing worries about the health of the economy
  

Quick Overview

• U.S. Leading indicators were down 0.5% in February, six of ten indicators showing a decline.

• U.K. Retail sales were up 1.4% in February, more than expected and the biggest jump in two years after
  

• The Fed said its holdings of Treasury and agency debt kept for overseas central banks rose $10.79 billion in the week ended March 21, to $1.882 trillion.
  

• Japans land prices increased 0.1% in 2006, the first increase in 16 years. Commercial land prices increased 2.3% and land in metropolitan areas increased more.
  

• The USDA said there were 483.6 million pounds of frozen pork in storage on February 28, 2007, down 8% YoY.
  

• The USDA said there were 732 million pounds of frozen orange juice concentrate in U.S. cold storage, down 32% YoY.
  

• The U.S. Department of Energy said that underground supplies of natural gas were up 17 billion cubic feet last week at 1.533 trillion cubic feet.
  

Agrifood Giant Nearly Rivals Carmakers On Emissions
Producing one kilo of cut veal produces as much greenhouse gas emissions as travelling 220 kilometres (137 miles) by car. However, meat from non ruminants turns out to be more environmentally friendly. One kilo of pork is equivalent to a car journey of just 20 kilometres, while a kilogramme of chicken is worth just 10 kilometres.

Quick Overview

• The Federal Reserve kept the federal funds rate unchanged at 5.25%.
  
  

• The Mortgage Bankers Association said its index of mortgage application dropped 2.7% to 672.1.
  
  

• The U.S. Department of Energy (DOE) said that:
  Supplies of crude oil were up 4.0 million barrels last week to 329.3 million barrels.
  Supplies of gasoline were down 3.4 million barrels
  Supplies of heating oil were down 300,000 barrels.
  YoY Gasoline demand was up 2.1%
  YoY distillate demand was up 3.0%.
  
  

Quick Overview

• U.S. New housing starts jumped 9% in February, following a slump in January, but still down 28.5% YoY.
  

• The Bank of Japan kept interest rates unchanged at 0.50%, as expected.
  

• YoY Consumer prices in the U.K. increased 2.8% in February.
  

• YoY Canada's consumer prices increased 2.0% in February.
  

Chart of the day


The Percent of ETF's (Exchange Traded Funds) on our list of 317 funds that are up in the last 20 days.

iRack

Quick Overview

• The National Association of Home Builders index of homebuilders' sentiment dropped from 39 to 36 in March.
  

• China's central bank raised it's one year lending rate 0.27% to 6.39% Sunday, the 3rd hike in 11 months.
  

• (AP)--The Yangtze River gets more than half of China's industrial waste and sewage. Europe's Danube has lost most of its surrounding wetlands. And the Rio Grande has become so shallow that salt water is seeping in, bringing ocean fish that threaten freshwater species.

Quick Overview

• YoY U.S. consumer prices rose 2.4% in February, more than expected.
  

• The U.S. Federal Reserve said that industrial output increased 1.0% in February, the biggest monthly gain in over a year.
  

• The University of Michigan's consumer sentiment index dropped from 91.3 to 88.8 in March, a six month low.
  

• Informa estimates 2007-08 U.S. planted corn acreage at 87.834 million acres, above last year's 78.3 million acres.
  
  

Quick Overview

• The producer price index rose 1.3% in February, while the core rate rose 0.4%, the Labor Department reported.
  

• The U.S. Treasury said that foreign investors bought $115.0 billion of U.S. securities in January while U.S. investors bought $17.6 billion of foreign securities.
  

• The New York Federal Reserve's index of manufacturing dropped from 24.4 to 1.9 in March.
  

• The Philadelphia Federal Reserve's regional index of manufacturing dropped from 0.6 to 0.2 in March.
  
  

• ExFederal Reserve Chairman Alan Greenspan said on Thursday there was a risk that rising defaults in subprime mortgage markets could spill over into other economic sectors.
  

• Australia's unemployment rate increased from 4.5% to 4.6% in February.
  

• YoY Consumer prices in the Euro area were up 1.8% in February
  

• The Swiss National Bank increased its key interest rate from 2.00% to 2.25%.
  

Quick Overview

• The Mortgage Bankers Association said that its index of mortgage application increased 2.8% last week, the highest level this year.
  

• Consumer confidence in Australia increased to 115.5 in March, the highest score in over a year.
  

• YoY China's retail sales in the first two months rose a strong 14.7 %.
  

• Industrial production in the Euro area was down 0.2% in January and up 3.7% YoY.
  

• Asian soybean rust was found in a bin of soybeans that came from southeast Iowa last fall.
  

• The U.S. Energy Department (DOE) said that:
  Supplies of crude oil supplies were up 1.1 million barrels to 325.3 million barrels.
  Supplies of gasoline were down 2.5 million barrels.
  Supplies of heating oil were down 2.1 million barrels.
  Gasoline demand was up 2.8% YoY.
  Distillate demand was up 5.5% YoY.
  

• The Shanghai Futures Exchange is set to start zinc trading later this month.
  
  

• The Brazilian government may boost the amount of ethanol it blends with gasoline to 25%.

Quick Overview

• U.S. Retail sales rose 0.1% in February, the Commerce Department reported Tuesday.
  

• The International Coffee Organization increased its estimate of the 2007-2008 world coffee crop from 110.5 to 112.0 million bags. It reduced its estimate of 2007 world consumption from 118 to 117.5 million bags.
  

• YoY China's consumer prices were up 2.7% in February.
  

• Question marks continue to hang over the US mortgage market. The Securities & Exchange Commission is investigating troubled subprime mortgage lender New Century, the firm has revealed.
  
  
  

• Special Report: Phantom Shares
  Bloomberg Television premieres a half hour Special Report called "Phantom Shares" on Tuesday, March 13, 2007 at 7:00pm, 9:00pm, and 10:00pm ET.
  

Quick Overview

Japan changed its economic growth figures for the fourth quarter to an annual pace of 5.5 %, the strongest growth in three years.

U.S. Senator John Thune, R-S.D., has urged federal officials to consider a proposal for using a 20% blend of ethanol in vehicles.

The U.S. government posted at $120 billion deficit in February, slightly larger than the deficit a year ago. For the first five months of the new fiscal year, the deficit is $162.2 billion, down 25% YoY.

The Coming Entitlement Meltdown
The National Taxpayers Union reports that Medicare will consume nearly 40% of the nation's GDP after several decades because of the new drug benefit. That's not 40% of federal revenues, or 40% of federal spending, but rather 40 % of the nation's entire private sector output!