Experts believe that the savings from a common currency could exceed $50 billion a year.

Payments were cut in 1997, but the savings have far exceeded what Congress intended.

In his report he said spending had been cut by 7.8 percent this year and that savings would exceed the target of $146 million.

If the annual savings exceed $20 million, the workers' share would rise to 37 percent.

He said the resulting savings "will far exceed the charge we are taking today."

When they are all closed, the savings will exceed $4 billion a year.

Over all, savings on the spending side of the budget would exceed $115 billion annually.

The international experience suggests that the saving could exceed $500 million annually.

Such a savings would easily exceed the $13.8 million the Mayor is trying to cut in the 1995 budget, he said.

Back then, the situation was reversed: private saving exceeded borrowing by about $360 billion.