Significant drop in US budget deficit

The federal government uses a fiscal year that begins in October; on that basis, the 2014 fiscal year ended in September saw a deficit of USD 483 billion, the lowest of Barack Obama's presidency, it said.

US budget deficit to drop to 583 billion this year

The US government budget deficit in 2014 will come down to USD 583 billion, a drop of USD 100 billion over the previous year.

Fitch affirms US ratings, removes downgrade danger

Fitch Ratings on Friday affirmed the United States` credit ratings at "AAA" with a stable outlook, removing the distant danger that it might downgrade the world`s largest economy.

US 2013 deficit falls to $680 bn, half of 2009 peak

The US budget deficit plunged 37.5 percent in fiscal 2013 to less than half its level four years ago on sharp spending cuts and surging revenues, the Treasury said Wednesday.

US posts $98 billion budget deficit in July

The United States ran a budget deficit in July, although government revenues increased from a year earlier due to tax hikes and a strengthening economy, a report from the Treasury showed on Monday.

Obama presents $3.77 trn budget; vows to make US magnet for jobs

US President Barack Obama on Wednesday presented USD 3.77 trillion annual budget which he said will not only reduce the budget deficit but will also make America "a magnet for good jobs" and put the country on the path of economic prosperity.

US budget targets deficit reduction by another $1.8 trillion

In all, the Budget proposes 215 cuts, consolidations, and savings proposals, which are projected to save more than USD 25 billion in 2014.

US economy shrinks 0.1% in Dec qtr; first time in over 3 years

The unexpected contraction adds to the concerns about the struggling global economy which is already battling the European debt turmoil and slowing growth in many developing countries including India.

America's deficit problem is more than fiscal: US economist

The US needs to address its budget deficit, but measures to be taken should not bring counterproductive effects as the nation also face jobs and growth "deficits", said Lawrence Summer, a US economist and President Barack Obama's former economic adviser.

US budget deficit crosses $1 trillion-mark for 4th straight year

The US budget deficit has crossed USD 1 trillion-mark for the fourth year in a row but a modest improvement in economic growth helped narrow the gap by USD 207 billion compared with last year.

US budget deficit hits $198 bn in March

The US federal government has registered a budget deficit of about USD 198 billion in March, the second largest monthly budget gap in the current fiscal year, the Treasury Department said Wednesday.

US reports $232 billion budget deficit

The US Treasury Department announced Monday that the federal government registered a USD 231.7-billion budget deficit in February.

Obama to forecast $1.33 trillion budget deficit

President Barack Obama's budget to be released on Monday will project a USD 1.3 trillion deficit in fiscal year 2012, an administration official said.

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

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

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

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

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

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.

Obama offers $3.6 trillion deficit plan, would up taxes

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

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.