Ross Perot or no Ross Perot, the bond market will be at sea for months before it gets a more precise idea about what will be done about the massive federal deficits.

Mr. Perot, one of the nation's staunchest deficit foes, jumped back into the presidential race last Thursday afternoon, but his re-entry didn't solve anything. His deficit reduction plan is the clearest and most candid around, but Mr. Perot himself has lost political power by his out-again, in-again performance and by the evidence that his grass-roots support is partly (largely?) unspontaneous and dependent on his billions.

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