Tax revenues are going to be lower. Fewer people will have jobs, fewer people will pay income tax, more people get unemployment benefits, so government spending goes up.
More Quotes from Paul Donovan:
We believe this issue has no bearing on our proposed acquisition of Guidant. Unfortunately, threats of legal action are commonplace in our industry.Paul Donovan
We continue to expect to be in a position to sign a definitive agreement in the first two weeks of January.
Paul Donovan
It's clear we have not done enough to resolve the issues raised by the FDA, and we recognize fully that the responsibility to do so lies with us.
Paul Donovan
What's happening is that consumers are worried about losing their jobs, and if consumers worry about losing their jobs, they spend less money -- so the economy slows down, so they lose their jobs -- it's a vicious circle.
Paul Donovan
We continue to move forward on our due diligence with the goal of reaching a definitive agreement with Guidant. I don't think we're going to have anything more to say right now.
Paul Donovan
If successful, we would combine the resources of two of the leading innovators in cardiovascular medicine and would expand our footprint into cardiac rhythm management. The Guidant acquisition is a natural outgrowth of our strategy to further diversify our business and accelerate growth.
Paul Donovan
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