Treasury Reports Rare $113B Surplus in April
The U.S. Treasury said Friday that it took in a rare surplus of $113 billion in April, the largest in five years.
budget deficit
Budget Battle Puts Obama Charm Offensive to the Test
House Republicans are sending mixed signals in agreeing to meet with President Barack Obama for talks over the budget impasse.
Budget Deficit Up Sharply But Lower Than Last Year's Pace
The federal deficit likely grew sharply in February from January but stayed below last year's pace through the first five months of the budget year.
U.S. Fiscal Outlook Improving -- At Least For Now
The federal deficit will continue to shrink, official estimates show, even if Congress does nothing further to cut spending or raise tax revenues.
Sequestration Nation: What March 1 Really Means for the Economy
With less than two weeks to go until the March 1 deadline for automatic budget cuts, the administration is issuing dire warnings about how crucial government services are about to wither. Many of the warnings may come true.
Obama Seeks to Avoid Sequester with Short-Term Deficit Fix
President Barack Obama is asking Congress for a short-term deficit reduction package of spending cuts and tax revenue that will delay the effective date of steeper automatic cuts now scheduled to kick in on March 1. Obama said the looming sequestration cuts would be economically damaging.
U.S. Budget Deficit Grows by $260 Million in December
The U.S. annual budget deficit is on track to reach $1 trillion for a fifth straight year, though government revenue jumped last month as people paid some taxes early to avoid higher rates in 2013.
Fiscal Cliff Deal Sets the Stage for Market Turmoil
When the fiscal cliff deal finally passed, the Dow Jones industrial average surged. But that doesn't mean the volatility is over. In fact, there could be more turmoil in the market soon because decisions on cutting the federal budget deficit have been put off until March, when the government will reach its borrowing limit.
House to Vote Thursday on Boehner Budget Plan
The GOP-controlled House is moving ahead Thursday on a bill that would raise taxes on people earning over $1 million a year, sparing most workers from a tax hike but leaving in place painful budget cuts to the military and domestic agencies as "fiscal cliff" talks appear stalled.
U.S. Budget Deficit Reaches $172 Billion in November
The U.S. federal government's budget deficit widened in November compared to October, a sign that the nation is on a path to its fifth straight $1 trillion-plus deficit. The budget gap rose to $172 billion in November, up from $120 billion in October, the Treasury Department said Wednesday.
Federal Deficit Tops $1 Trillion for Fourth Straight Year
The federal budget deficit has topped $1 trillion for a fourth straight year. But a modest improvement in economic growth helped narrow the gap by $207 billion compared with last year.
'Pasty' Tax Battle Burns British Pols -- and Possibly Your 401(k)
Britons recently took to the streets to protest a plan to tax "pasties" -- popular baked goods that resemble Hot Pockets -- and the government couldn't take the heat. Here's why that tax protest victory is likely to leave a bitter taste in U.S. mouths.
Click to Buy? Now, Click to Cheat on Your Taxes
Most people pay their taxes voluntarily, but with at least one type of tax, millions of Americans break the law every year -- and many probably never realize it. Now, states in desperate need of more revenue are trying to do something about that.
Will Budget Battle End With a Tax Increase?
Republicans pushing for spending cuts in the 2011 federal budget may be ready to shut the government down to get their way. But is anyone ready to do what it would take to really make a dent in the federal budget: raise taxes on the rich and close corporate tax loopholes?
GOP Wins Budget Battle, but May Lose Political War
The Republicans are winning this year's budget battle: Discretionary spending will decrease. But this is hardly the time for the GOP to take a victory lap: Next, the GOP will have to lower unemployment and improve the average American's daily life -- two areas where the party has historically come up short.