Boy if this isn't the kind of news that makes you want to get rid of gold holdings like a hot potato...I don't know what is..
LONDON, Feb 26 (Reuters) - News that the U.S. budget deficit for 2009 could blow out to $1.75 trillion sent U.S. Treasuries lower on Thursday, while fresh steps taken by the British government to shore up the ailing banking sector underpinned European stocks.
U.S. President Barack Obama was set to lay out the record deficit spending later in the day in a budget proposal which sets goals of overhauling the healthcare system and boosting the U.S. economy.
The huge deficit would represent 12.3 percent of U.S. gross domestic product -- the largest share since World War Two. The budget still requires congressional approval to take effect.
