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US budget deficit to drop to 583 billion this year

Last Updated: Saturday, July 12, 2014, 12:21

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

US posts $98 billion budget deficit in July

Last Updated: Tuesday, August 13, 2013, 17:26

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

Last Updated: Saturday, May 18, 2013, 10:57

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

Last Updated: Tuesday, February 26, 2013, 13:32

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

Last Updated: Saturday, February 09, 2013, 16:59

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

Last Updated: Saturday, October 13, 2012, 10:21

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

Last Updated: Saturday, August 11, 2012, 13:54

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.

UBS predicts poor Q1 over euro zone woes

Last Updated: Tuesday, February 07, 2012, 13:40

Swiss bank UBS warned on its first-quarter performance when posting quarterly profit at the bottom end of expectations after a loss at its investment bank, amid uncertainty around the euro zone, Europe's banking system, and US deficit issues.

Bernanke to testify on US economy and deficit

Last Updated: Friday, February 03, 2012, 00:00

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

Last Updated: Tuesday, November 22, 2011, 08:53

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

Last Updated: Sunday, October 23, 2011, 23:12

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 business leaders to President Obama: 'Go big' on deficit cuts

Last Updated: Monday, September 12, 2011, 21:01

Business leaders and former US government officials urged President Barack Obama on Monday to "go big" with his recommendations to a congressional panel tasked with slashing America's debt.