budget deficits

Economic performance among EU nations is getting more divergent. While Germany and France continue to modestly expand, debt-plagued countries like Greece are shrinking. That makes it tough for the European Central Bank to set its monetary policy.

President Barack Obama releases his proposed $3.8 trillion federal budget for fiscal year 2011 and immediately the hue and cry is one of "$1 trillion structural deficits," "a nation going broke" and "an unserviceable debt."