(2003-11-25) -- The American economy is threatened by a "massive boom" which could ruin the hopes and dreams of many Americans in 2004, according to Democrat National Committee Chairman Terry McAuliffe.

The ominous prediction comes on the heels of an upward revision by the Commerce Department of third-quarter Gross Domestic Product (GDP) growth to 8.2 percent. That's a full point higher than the preliminary estimate.

"The economy is swelling like a tsunami out at sea," said Mr. McAuliffe, "and unless we increase tax rates fast, it will flood the stock market with buy orders, and a shockwave of consumer confidence will ripple across this great land. We must take action now to stop this or millions of Americans will be doomed to another four years of George Bush's failed economic policies."