When the government sells bonds it competes with private borrowers.

The moves delay for 90 days the foreign currency debt repayments owed by Russian banks and other private borrowers.

National savings does not change, nor does private borrowers' access to capital.

The main part of the package is a change in terms on $30 billion of debt owed by both Government and private borrowers.

But senior administration officials say they remain adamantly opposed to pressing private banks to follow up with more generous lending to private borrowers.

The government, if it wanted to, could sell its backing to private borrowers like Fannie Mae.

And the loans were not to governments but to private borrowers like real estate speculators and manufacturers.

It would dry up the flow of Japanese credit to all American borrowers, private or public.

Staying close to fiscal balance over long periods of time keeps interest rates low, for both public and private borrowers.

Rates would stay high in part because Government borrowing to finance the deficits fanned competition with private borrowers for credit.