The U.S. plan to cut $76 billion from the federal budget deficit over two years was aimed at pleasing two groups: Wall Street, and foreigners who hold huge amounts of U.S. debt. Both groups have been worried that the U.S. is borrowing and spending itself into oblivion. What foreigners think of us is particularly important, because of the potential control they exert as owners of our Treasury bonds. Here's how foreign investors and governments reacted to the U.S. deficit plan:

London looks ahead: The British government expressed approval of the U.S. plan. Now, Chancellor of the Exchequer Nigel Lawson said it's important that Japan, West Germany and other nations ``prepare an appropriate response'' in terms of boosting their economies to make up for the spending cuts in the U.S.

Bonn lauds pact: West German Finance Minister Gerhard Stoltenberg praised the U.S. plan, calling it an ``effective and credible decision.'' He said West Germany and other European nations now will ``examine what contributions they could make under their responsibilities'' - an apparent reference to U.S. and British demands for faster German economic growth.