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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.