The outlook for the Federal budget is bleak.

We do not see the sort of fundamental changes that would be necessary to reduce the trajectory of federal health spending by a significant amount and, on the contrary, the legislation significantly expands the federal responsibility for health care costs.

The insurance payments are going to go away. The outlook remains very bleak.

Yes. We do think that the stimulus package is raising GDP and raising employment relative to what would have happened otherwise.

If Federal Reserve loans are subsidies, it doesn't show up in the federal budget.

More than anything else, this one program threatens the long-term federal budget.