In America, paradoxically, the Greek crisis has, if anything, removed the pressure for deficit reduction, by reducing bond yields.

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Once deforestation falls to zero, which seems a plausible goal for 2030, the pressure for other forms of reduction will become even greater, and inaction now will make those reductions harder to achieve.

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Under growing political pressure to show some leadership on deficit reduction, President Obama yesterday made a much-anticipated speech meant to outline his budget plans.

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His comments sought to increase pressure on Republicans and Democrats to reach agreement on deficit-reduction steps, thereby avoiding the across-the-board spending cuts of sequestration that were part of a 2011 deal that raised the federal debt ceiling.

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This reduction comes as large institutions such as pension and endowment funds pressure fund managers to lower fees in response to lower fund returns in recent years.

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The Center strongly believes that such a shift can and should be designed so as to encourage continued progress toward a managed reduction in the federal deficit and not simply to relieve the pressure to balance the budget.

CENTERFORSECURITYPOLICY: Center for Security Policy | Attention All Budget Summiteers: Whatever You Do, Don��t Make It Worse

Other things equal, the reduction in the trade deficit due to fracking will reduce imported capital and put pressure on investment relative to saving and government spending relative to taxing.

FORBES: How Fracking Can Reduce the Budget Deficit

For all the weakness of British banks, and the pressure they face to shrink - which saw Royal Bank of Scotland last week announcing a significant reduction in the size of its global investment banking operations - the City in a wider sense is still expanding.

BBC: Boost for City's China trade