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.
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 Martin Crutsinger, Associated Press
, July 13, 2012
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 David Espo, The Associated Press
, November 22, 2011
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.
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.
Andrew Taylor, Associated Press
, November 21, 2011
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 Andrew Taylor, The Associated Press
, November 17, 2011
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.
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 Jim Kuhnhenn, The Associated Press
, September 19, 2011
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.
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.
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.
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 Stephen Ohlemacher, The Associated Press
, July 21, 2011
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