Translate the newspaper item from English into Russian. Use a dictionary. The Bush administration's view that the US deficit is a two or three-year problem has been greeted with scepticism on Wall Street

The Bush administration's view that the US deficit is a two or three-year problem has been greeted with scepticism on Wall Street. 'That's a very rosy expectation,' says Alex Li, interest rate strategist at Credit Suisse First Boston, which does not expect a budget surplus to return over the next decade.

Last month, the administration said it expected the federal budget deficit to grow to $165bn this fiscal year due to increased security-related spending and lower tax receipts. It said it did not expect a resumption of budget surpluses until the 2005 fiscal year.

But strategists say the administration has optimistic estimates of US growth and that based on current economic conditions, it is likely to be at a much slower pace than in the late 1990s. A war with Iraq could also push defence spending even higher.

To help combat the deficit – which Wall Street estimates could reach $200bn this year – the Treasury has increased its borrowing. Total supply, including two-year, five-year and 10-year notes as well as Treasury Inflation Protected Securities, is expected to be $449bn in the 2002 fiscal year ending September 30, according to CSFB, a 77 per cent increase from last year. In fiscal 2003, supply is expected to reach $505bn.

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