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.
Congress Passes Spending Bill: GOP Wins First Round of Federal Budget Battle
Right now, everything is coming up roses for the Republican Party: It's won the first round of the budget battle, and if the GOP%u2019s momentum continues, the new federal budget will reflect its spending-reduction priorities, not the Democrats'. Even so, if the two parties can agree on a budget, the greater danger, a potentially market-impacting government shutdown, will have been averted.
Bucking a Trend: Why the Dollar Could Rally in 2011
Despite all the headwinds blowing against it -- and they're fierce -- the U.S. dollar has been holding its own against the world's major currencies. And if the U.S. recovery remains on track, the greenback has good odds of actually strengthening in 2011.
IMF Lays Out the Challenges Ahead for Global Recovery
In its latest report, the IMF applauds national policymakers for stabilizing credit markets and putting the global economy on a recovery track. However, thorny problems remain -- including how to prevent overheating in emerging markets, and how to cut the U.S. deficit while lowering its unemployment rate.
U.S. National Debt Is Huge, but It's Not a Catastrophe
Without a doubt, this country's debt overhang needs to be chopped considerably. But does a large national debt doom a nation to economic ruin? Only if you believe that countries like Germany, France, and Japan are economic basket cases, too.
State of the Union: Obama Eager to Fix Health Reform Law
In his State of the Union address, President Obama didn't shy away from tackling the ongoing questions about the health care reform law head on. And though he opened with a joke, he made it clear that while he's serious about repairing any flaws in the law, repeal is not an option.
Tea Party Leaders Say They'd Back Defense Cuts
The Tea Party says everything is on the table regarding its goal to cut federal spending and balance the budget -- including defense spending. If the political faction succeeds in cutting military spending, not only would the U.S. economy benefit, national security could well be strengthened.
Getting to Zero: How Congress Could Balance the Federal Budget
It took about 10 years of decisions for the federal budget to get more than a trillion dollars out of whack, and it's going to take at least five years to balance it again. The only way to do it is piece-by-piece, with equal sacrifices from both Republicans and Democrats.
The Good News Behind the Growing National Debt
The deficit grew to a higher-than-expected $150.4 billion in November as government spending increased for the month. But November brought some bright spots as well: Federal revenue also grew at a higher rate in November, which confirms that the economy is expanding.
Eurozone Growth Slows as Austerity Takes Its Toll
Economic performance among EU nations is getting more divergent. While Germany and France continue to modestly expand, debt-plagued countries like Greece are shrinking. That makes it tough for the European Central Bank to set its monetary policy.
Budget Deficit Unexpectedly Narrowed in October
The U.S. government started the new fiscal year on the right foot, posting $140.4 billion deficit in October, the first month of the new fiscal year. That was substantially lower than the $148 billion deficit that had been forecast.
2010 U.S. Budget Deficit Comes in Below Expectations
Investors received another sign Friday that the U.S. economy is continuing to heal: The 2010 U.S. budget deficit came in at a smaller-than-predicted $1.29 trillion. Though it was still the second-highest deficit on record, the numbers reflect growth in tax revenues, and thus in the economy.
10 Signs the U.S. Economy Is Still on Shaky Ground
It has been two years since Lehman Brothers went under, sparking the Great Recession. While the banks have done surprisingly well in past two years, the economy is still struggling to recover and millions remain out of work. Here are 10 charts of key economic indicators to watch.
Budget Deficit Dips More Than Expected
Investors received another slice of good news Monday about the U.S. economy: The federal budget deficit for August totaled a smaller than expected $90.5 billion, thanks to rising government revenues due to higher tax receipts from stronger corporate profits.
Could Congress Eliminate the Federal Budget Deficit?
The annual U.S. budget deficit is well over a trillion dollars, and in the long term, that's unsustainable. But a closer look at the sources of most of that gap shows that balancing the budget wouldn't be nearly as hard as it might at first appear.