deficit

2013 deficit estimate lowered to $642 billion

WASHINGTON (AP) — The budget deficit for the current year is projected to come in well below what was estimated just a few months ago, a development that could further curb the already slowing momentum for a budget pact this year.

By Andrew Taylor, Associated Press , May 15, 2013

CBO: Budget deficit estimated at $845B

The federal budget deficit will drop below $1 trillion for the first time in President Barack Obama's tenure in office, a new report said Tuesday.

February 05, 2013

U.S. government deficit hits $904 billion for 2012 through month of June

The U.S. budget deficit grew by nearly $60 billion in June, remaining on track to exceed $1 trillion for the fourth straight year. Through the first nine months of the budget year, the federal deficit totaled $904.2 billion, the Treasury Department reported Thursday. President Barack Obama is almost certain to face re-election criticism for having run trillion-dollar-plus deficits in each of his first four years in office. That would likely benefit his opponent, GOP presumptive nominee Mitt Romney.

By By Martin Crutsinger, Associated Press , July 13, 2012

Cutting deficits harder than just talking about it

WASHINGTON — The coming year-end spending spree after so much debate over budget deficits shows just how hard it is to stem the government's flow of red ink.

By By Andrew Taylor, The Associated Press , December 05, 2011

Deficit-cutting committee gives up on finding solution

Congress’ supercommittee conceded ignominious defeat Monday in its quest to conquer a government debt that stands at a staggering $15 trillion, unable to overcome deep and enduring political divisions over taxes and spending.

By By David Espo, The Associated Press , November 22, 2011

Supercommittee set to fail to cut deficit by $1.2 trillion

WASHINGTON (AP) — The imminent collapse of a special deficit-reduction supercommittee on Monday promises to set off yet another round of the Washington blame game as the panel officially admits failure in its quest to sop up at least $1.2 trillion in government red ink over the coming decade.

November 21, 2011

Debt panel poised to admit failure

WASHINGTON — A special deficit-reduction supercommittee appears likely to admit failure on Monday, unable or unwilling to compromise on a mix of spending cuts and tax increases required to meet its assignment of saving taxpayers at least $1.2 trillion over the coming decade.

By Andrew Taylor, Associated Press , November 21, 2011

GOP, Dems far apart from a deficit deal

As the nation’s debt soared past $15 trillion, congressional Republicans and Democrats approached stalemate Wednesday in a yearlong assault on federal deficits, stymied still by politically charged disagreements over taxes and the future of enormously expensive government benefit programs.

By By Andrew Taylor, The Associated Press , November 17, 2011

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House GOP leader Cantor says deficit deal likely

WASHINGTON (AP) — Sidestepping controversy, House Majority Leader Eric Cantor, R-Va., declined to take sides Monday on a proposal for higher taxes backed by fellow Republicans on Congress’ supercommittee, yet expressed confidence the panel would agree on a deficit-reduction plan of at least $1.2 trillion by a Nov. 23 deadline.

November 14, 2011

Obama to offer his own deficit plan

Even as President Barack Obama prepares his opening bid on long-term deficit reduction, the White House wants to keep the focus on jobs and is determined to avoid getting sucked into another budget fight with lawmakers.

By By Jim Kuhnhenn, The Associated Press , September 19, 2011

Obama to offer his own deficit-reduction package

WASHINGTON (AP) — Even as President Barack Obama prepares his opening bid on long-term deficit reduction, the White House wants to keep the focus on jobs and is determined to avoid getting sucked into another budget fight with lawmakers.

September 18, 2011

Budget request important

President Barack Obama’s order for government agencies to submit budget proposals showing 5 percent cuts in current-level spending is being hailed by some conservatives as a good first step toward fiscal discipline. Actually, it isn’t even that. It’s more like a shuffling of feet than a step.

By Minot Daily News , August 30, 2011

Deficit deal: There’s a rough road ahead

The special panel’s goal is lofty: concoct a deal both parties will embrace to slash federal deficits by a mammoth $1.5 trillion or more over the next decade.

By By Alan Fram, The Associated Press , August 04, 2011

Budget chairman: Short-term extension best answer

The chairman of the Senate Budget Committee says it's impossible to enact spending cuts, a tax code overhaul and changes in benefit programs in the less than two weeks left before an Aug. 2 government default deadline.

July 21, 2011

Tax plan threatens cherished breaks

A new bipartisan plan to reduce government borrowing would target some of the most cherished tax breaks enjoyed by millions of families — those promoting health insurance, home ownership, charitable giving and retirement savings — in exchange for lowering overall tax rates for everyone.

By By Stephen Ohlemacher, The Associated Press , July 21, 2011