This is from a morning briefing that goes out to all of the Schwab clients:

So it's a near-certainty that more stimulus is coming from Washington. But
the details change
constantly, as trial balloons are floated and shot down day after day. Some
quick highlights:
? In stark contrast to its foreign policy/defense team, the Bush economic
brain trust looks inept, unable to
coordinate its plans and apparently unwilling to provide much direction to
Congress.
? Filling that vacuum are Republicans who want big tax cuts and Democrats
who want to spend much
more.
? This means the budget surplus in fiscal 2002 is in free fall. It's
possible that the budget could go into
deficit this year, but our guess is that it will be in the black by a
little, probably under $50 billion. But
these estimates aren't worth much right now - the big story is that the
surplus is melting fast.

Mark Lay
713-552-9518

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