the U.S. Treasury posted a $54.3 billion budget deficit for November, on expectations but well above the $23.7 billion deficit posted in November 2000. The fiscal year-to-date deficit after two months totaled $63.7 billion for FY2002, compared with $35.0 billion in the same period a year earlier, partly the result of a slowing economy and partly the result of a quirk of the calendar. Nevertheless, analysts suggested that the deteriorating fiscal picture could be the start of a trend.