The Carnegie Endowment for International Peace's exhaustive study of the evidence on weapons of mass destruction in Saddam Hussein's Iraq found that it "was not an immediate threat," exactly the opposite of what the Bush administration had claimed. The International Monetary Fund has issued a Staff Report on US fiscal policies which details the "deterioration" of US finances saying that the "hard-won gains of the previous decade have been lost and, instead of budget surpluses, deficits are again projected as far as the eye can see." Immnauel Wallerstein comments.