71.   THREE YEARS OF DEFICITS EXPECTED The Bush administration said it expected the government to run budget deficits for at least the next three years.

72.   Traditional economic theory holds that governments should run a deficit during downturns.

73.   We are still running trade deficits, and Japan is still running surpluses.

74.   We do not run a deficit because of defense spending.

75.   We run a deficit because we have become a huge welfare state with massive transfer payments and a big centralized bureaucracy.

76.   When President Bush delivered the sobering news last week that his budget would run a deficit, there was nary a squawk of protest.

77.   When Washington runs a deficit, it can always make up the difference by selling bonds backed, ultimately, by the power to create money.

78.   When domestic purchases exceed domestic production, the country imports the excess and runs a deficit on goods and services.

79.   While the United States continued to run deficits with Canada and Mexico, both narrowed, buoyed by strong export sales.

80.   Without these three windfalls, the budget would be running a deficit today.