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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’s budget plan to cut deficit by $1 trillion: CBO

The Obama budget deficit would hit a low point of USD 399 billion, or 2.0 percent of gross domestic product, in 2017.

Obama urges smart government spending cuts

The uncertainty caused by the government spending cuts is already having an effect on US economy, Obama said in his remarks Monday to the National Governors Association at the White House, reported Xinhua.

Obama calls for balanced mix of spending cuts and tax reforms

The US President Barack Obama on Saturday asked the Congress to act to avoid a series of harmful and automatic spending cuts, called sequester, by finding a balanced mix of cuts and tax reforms.

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 federal government has $69.6 billion deficit

The US federal government registered a budget deficit of about USD 69.6 billion in July, bringing the total budget gap for the first 10 months of this fiscal year near the USD 1 trillion mark, the US Treasury Department reported.

Bernanke to testify on US economy and deficit

US Federal Reserve Chairman Ben Bernanke will likely tell members of Congress on Thursday that the slowly improving economy may need more help from the Fed and that cutting the deficit too quickly could backfire.

Lawmakers abandon deficit-cutting effort

Lawmakers abandoned their high-profile effort to rein in the country's ballooning debt on Monday in a sign that Washington likely will not be able to resolve a dispute over taxes and spending until 2013.

US rating likely to be downgraded again: Merrill

The United States will likely suffer the loss of its triple-A credit rating from another major rating agency by the end of this year due to concerns over the deficit, Bank of America Merrill Lynch forecasts.

US crude falls to 5-wk low on US deficit concern

US crude fell to near a five-week low on Wednesday after ratings agency Moody's assigned a negative outlook to the United States, stoking concern that demand may fall as the world's top oil user faces longer-term fiscal and economic challenges.

Moody's expects to affirm US rating, negative outlook

The United States will likely keep its top-notch credit rating from Moody's for now, despite the "limited magnitude" of the deficit reduction plans being discussed in Washington, the ratings agency said on Friday.

S&P threatens downgrade of US financial companies

Standard & Poor's on Friday raised the pressure on debt negotiators in Washington, saying it could downgrade insurers, securities clearinghouses, mortgage agencies and a laundry list of other firms without a deal soon to lift the US debt ceiling and cut the deficit.

Obama to raise 10-year deficit to $9 trillion

The Obama administration will raise its 10-year budget deficit projection to approximately USD 9 trillion from USD 7.108 trillion in a report next week, a senior administration official a news agency on Friday.

US deficit estimate to be trimmed to $1.58 tr

The Obama administration will trim its budget deficit forecast for fiscal 2009 to USD 1.58 trillion, after scrapping money earmarked for bailing out more banks, officials said on Wednesday.