"Today's fiscal environment shows no sign of being cyclical in nature," said the Navy's long-range planning document.

Samurai bond market has high tax rates and an unclear fiscal environment.

Ms. Angello said the pact made "realistic choices necessary in this fiscal environment."

Canada's risk-averse fiscal and regulatory environment is also cited as a factor.

"We still have to maintain a very disciplined fiscal environment because the financial crisis of the 1990's is not over yet."

Moreover, there is a budget implication in what appears to be a very tough fiscal environment.

These same programs, despite their effectiveness, were threatened by cutbacks in funding in the present fiscal environment.

When agencies are "on budget" decision makers look at the Government's overall fiscal environment and make intelligent choices based on that broad picture.

The fiscal environment also plays an important role in the performance of small and medium-sized enterprises.

The fiscal environment adds a whole additional layer of challenge.