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Mr. Bush and the Republican-led Congress enacted various new tax breaks for retirement savings, education and health care savings in his first term, but those did not stop the savings rate from falling to a record low of 0.2 percent in September.

He and Republican congressional leaders want to augment his savings-account proposals next year, promote investment and savings through tax reform, and partially privatize the Social Security system.

But analysts say experience suggests those proposals may do little to increase savings, while they certainly would add trillions to the budget deficit and worsen the deficit-financing problem.

Mr. Bush has pledged to cut the deficit in half, but has not said how he would do so as he proposes trillions of dollars more in tax cuts and spending programs.

Businessmen from Wall Street to Main Street are skeptical. Concern about the prospect of burgeoning deficits broke out after Mr. Bush’s re-election and sent the dollar to record lows against the euro. It also hit a four-year low of 103 against the Japanese yen yesterday.

Roger Kubarych, economist with HVB Group, said he does not think the Bush administration is concerned about either the trade deficit or the budget deficit, and he expects the White House to ignore advice from Mr. Greenspan and others to do something about it.

Mr. Kubarych said it is more likely that the administration will advocate a major devaluation of the dollar and even trade restrictions rather than significantly cut the budget deficit. He pointed to Mr. Bush’s imposition of quotas on steel imports during his first term.

One possibility is a coordinated effort by the United States and other Group of Seven nations to orchestrate a 30 percent dollar devaluation, as occurred during the Reagan administration in 1985 when trade deficits became too large, he said.