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US set for fourth year of $1 trillion-plus deficit: CBO

Last Updated: Wednesday, February 01, 2012, 08:59

The United States is headed for a fourth straight year with a USD 1 trillion-plus budget deficit, congressional forecasters said on Tuesday, giving Republicans ammunition to hammer President Barack Obama's spending record in November's elections.

US budget deficit to dip to $1.1 trillion

Last Updated: Wednesday, February 01, 2012, 00:25

A new budget report released on Tuesday predicts the US government will run a USD 1.1 trillion deficit in the fiscal year that ends in September, a slight dip from last year but still very high by any measure.

Divided lawmakers muster modest tax deal

Last Updated: Saturday, December 17, 2011, 13:02

Deeply divided US lawmakers on Friday eked out an agreement to extend payroll tax cuts for just two months, and only after Democrats bowed to Republican demands on a controversial oil pipeline.

Deficit "super committee" stalled as deadline looms

Last Updated: Sunday, November 20, 2011, 09:03

Both sides of Congress' deadlocked "super committee" held separate talks on Saturday, but formal negotiations remained stalled, reaffirming gloomy predictions that the deficit-fighting panel may fail.

US Democrats reject latest deficit-cutting plan

Last Updated: Saturday, November 19, 2011, 08:59

A high-profile congressional effort to trim stubborn budget deficits appeared near collapse on Friday as Democrats rejected a scaled-back proposal from Republicans that contained few tax increases.

US budget gap widens; above $1 tln for 3rd year

Last Updated: Saturday, October 15, 2011, 00:42

The U.S. budget gap widened slightly in fiscal 2011, staying above $1 trillion for a third straight year and providing fodder for a political battle over taxes and spending ahead of next year's presidential election.

Obama offers $3.6 trillion deficit plan, would up taxes

Last Updated: Tuesday, September 20, 2011, 08:42

President Barack Obama laid out a USD 3.6 trillion plan on Monday to cut budget deficits partly by raising taxes on the rich, but Republicans rejected it as a political stunt and made clear the proposal had little chance of becoming law.

US budget deficit slips to $1.28 trillion

Last Updated: Thursday, August 25, 2011, 09:35

After months of unrelieved gloom and discord, Congress and President Barack Obama are starting to make a dent in the federal budget deficit. It's projected to shrink slightly to USD 1.28 trillion this year, and bigger savings from this month's debt ceiling deal are forecast over the next decade.