"A sluggish Europe is as big a problem as the U.S. deficit."

She currently covers issues pertaining to the U.S. federal deficit and debt as well as tax policy.

But the most challenging is the U.S. twin deficits.

No country probably fears a drop in U.S. deficits more than Japan.

"The U.S. deficit with Japanese companies is remaining much the same."

"And if they take business away from German car makers, it will not add to the total U.S. deficit."

The huge yearly U.S. deficit, more than anything else, increased competition for loans and kept the costs high for borrowing money worldwide.

But the net U.S. deficits are only a small part of a larger picture of growing hemispheric integration.

The far better remedy is for the world to grow its way out of the U.S. deficit.

Recently, many politicians and economists have launched a new approach to the exploding U.S. deficit: Don't worry, be happy.