GDP for Q1

In news released this morning, Q1 Gross Domestic Product (GDP) fell 5.5%, better that the expected -5.7%. GDP will be more closely watched in the future as the US and other nations spend wildly to stabilize both their banking systems and economies. Yesterday Europe pumped 622B into the banking system. For budget purposes, GDP is used to derive anticipated tax receipts, which is the cash governments use to pay their bills. If GDP falls short of estimates later this year, tax receipts will suffer and the deficit will SWELL.