11.   France, seen as the key to monetary union, still has an excessive government deficit.

12.   From which it follows that, barring spending cuts of which even the most hawkish Republican dare hardly dream, the government budget deficit will increase.

13.   For starters, he notes, privatization made it impossible to paper over government budget deficits with current cash flow from the pension system.

14.   Gilts fell amid concern about a wider-than-expected U.K. government deficit, or Public Sector Borrowing requirement, resulting in an increase in bond issuance.

15.   Government officials said the public works program would not expand government deficits inordinately since only about a third of the spending would come from national and provincial budgets.

16.   He has changed the way economists think about everything from the long-run effects of government deficits to the forces that favor economic growth.

17.   He said that as president he would work to bring down the government deficit by cutting waste and graft, and increase tax receipts by prosecuting evaders.

18.   However, the need to shrink government deficits to join European economic and monetary union limits what can be done to allay unemployment, economists say.

19.   In addition, a low inflation rate, narrowing government deficits and greater political stability are buoying international investor confidence in Canada.

20.   In Italy, stocks fell after acting Prime Minster Lamberto Dini delayed passage of an emergency budget designed to trim the government budget deficit.