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W.House's Hubbard says consumers "optimistic"

NEW YORK, Sept 10 (Reuters) - While consumers remained optimistic, given the sharp U.S. economic slowdown, further declines in a weak stock market could impair consumer confidence, White House economic adviser Glenn Hubbard said on Monday.

``Further declines in the stock market might impair consumer confidence,'' Hubbard said. Hubbard said a lot of consumer wealth is in real estate, which has held up well in the current downturn. ``Consumers seem very optimistic, given the current state of the economy,'' Hubbard said.

Hubbard said, despite the shrinking budget surpluses due to slowing revenue from the economic slowdown and the $1.35 trillion tax cut, it was unlikely spending would have to dip into the Social Security portion of the surplus.

``I don't think we view it likely that there's going to be an on-budget deficit in (fiscal year) 2002,'' Hubbard said. The government's 2002 fiscal year begins in October.

(--U.S. Financial Markets Desk, 646-223-6300)

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