VOLCKER PUSHES SPENDING CUTS OVER TRADE BILL
Federal Reserve Board Chairman Paul
Volcker said reducing the federal budget deficit was a more
important goal for Congress than drafting trade legislation.
    "Reduce the budget deficit," Volcker responded when asked by
a member of the Senate Banking Committee about trade
legislation priorities.
    "If you don't deal with the budget deficit, everything else
you do is going to be counterproductive," he said.
 Reuter
