It is commonly presupposed that all instances of the deflationary reference schema ‘F’ applies to x if and only if x is ‘are correct. This paper argues, mainly on the basis of concrete example, that we have little reason to be confident about this presupposition: our tendency to believe the instances is based on local successes that may not be globally extendible. There is a problem of semantic projection, Ii argue, and standard accounts that would resolve or dissolve the problem are problematic.