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.
  

