America's First Big-City Bankruptcy of 2013
For the time being at least, Detroit can claim the distinction of having been the biggest U.S. city to ever go completely bust.
tax revenues
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.
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.
Should Uncle Sam Tax Churches?
Are America's churches preventing NASA from winning the space race? That's what a striking graphic currently making the online rounds would have us believe.
The 10 States With the Most Trouble Paying Their Bills
Balancing the budget isn't just a federal problem -- it's a state one, too. The Great Recession resulted in some of the lowest state revenues in years, and some of the biggest budget shortfalls ever -- in some cases, into the billions of dollars.
Hocus + Pocus = The 2012 Federal Budget Plan
Like all budgets, the federal government's spending plan is all about revenues and expenditures. Unfortunately, Uncle Sam is very good at grossly overestimating tax receipts and grossly underestimating spending. It's enough to make you wonder if any of it is real.
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.
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.
Too Much Hope? Why Obama's Budget Is Unrealistic
The $3.8 trillion spending plan combines overly rosy projections of rapidly rising tax revenues with skyrocketing outlays in defense, entitlements and other mandatory spending, creating structural deficits above $1 trillion for a long time. Ending Bush-era tax cuts on the rich won't change that reality.
