 I think reality is going to be much, much harsher to her than it was to Mr. López Obrador. How harsh? Sheinbaum faces a budget deficit of nearly 6% of the country's GDP. The last time Mexico's deficit was that large was 1995, and it contributed to a financial crisis. Ms. Sheinbaum will have to understand that today, the Mexican economy depends much, much more on the U.S. than it did six years ago.