Federal Budget (U.S.) Austerity

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  • QUITO, Ecuador— The death count from Ecuador's worst earthquake in a decade rose to at least 577 on Thursday even as the country was facing another grim toll: a long and costly reconstruction effort likely to cost billions of dollars. The damage from 7.8- magnitude quake adds to already heavy economic hardships being felt in this OPEC nation because of the...

  • BEIJING— Amid an ongoing austerity drive, China's once-lavish government spending on overseas travel, vehicles and entertainment was down almost 15 percent than budgeted last year, the Finance Ministry said Wednesday. With China's economy slowing sharply from the runaway growth of the last decade, belt-tightening has been ordered across China's...

  • MONTECRISTI, Ecuador— A fresh tremor rattled Ecuador before dawn Wednesday morning, a 6.1 magnitude jolt that was the strongest aftershock since a lethal earthquake killed hundreds of people. The U.S. Geological Survey said the tremor was centered offshore, 25 kilometers west of the devastated beach town of Muisne, at 3:33 a.m. local time.

  • MADRID, April 16- Spain's acting treasury minister met with the heads of the country's regional governments late on Friday, urging them to control their spending this year in order to rein in one of the European Union's largest public deficits. The task is a politically uncomfortable one for the caretaker government of the centre-right People's Party at a time...

  • Larry Summers: Damage of repressed deficits

    Larry Summers, Harvard University professor and former Treasury Secretary, shares his thoughts on deferred debt, the global economy, and trade wars.

  • OTTAWA, March 22- Canada's new Liberal government on Tuesday unveiled a stimulus budget to revive growth with infrastructure spending and said it would run a deficit nearly three times larger than promised during last year's election. The government said the budget was expected to raise growth 0.5 percent in the first year and 1.0 percent by the second after...

  • economy@ OTTAWA, March 22- Canada's new Liberal government said on Tuesday that in a bid to revive growth it would run a deficit nearly three times larger than promised during last year's election, but gave no target date for returning to a balanced budget. The projected C $29.4 billion deficit for fiscal 2016-17 comes after the government of Prime Minister...

  • GLASGOW, March 22- Scotland's nationalist leader said she would stop a planned UK- wide tax cut from being introduced in Scotland, drawing a contrast with British finance minister George Osborne whose latest budget plans have raised a storm of protest. The Scottish government will use its new powers to stop the planned increase in the level at which households...

  • The human cost of an economic crisis

    Nicos Anastasiades, President of Cyprus, says governments need to achieve budgetary discipline without harming vulnerable members of society.

  • PARIS, Feb 25- Lower taxes, fewer labor rules, less state: in a country famed for its attachment to a protective social model, economic liberalism is the surprise trend among aspirants for France's 2017 presidential election. For decades, the French center-right eschewed the free market policies of Margaret Thatcher, sticking to the tradition of a strong...

  • OTTAWA, Feb 23- Canada's ruling Liberals will cap the coming year's budget deficit at C $30 billion- three times larger than originally pledged- as they try to stick to long-term budget plans, according to senior government sources. Four insiders, who spoke on condition of anonymity because of the sensitivity of the topic, said a 2016-17 deficit of C $30 billion, or...

  • BRASILIA, Feb 19- Brazil's government said on Friday it will cut its key fiscal target to a deficit from a surplus this year if tax revenues continue to fall, in a move that increased market doubts about leftist President Dilma Rousseff's commitment to austerity. Congress must approve the new fiscal target. "It certainly falls well short of the more determined...

  • Finance Minister Nelson Barbosa also announced the government will send a bill to Congress to limit public spending growth in the future. Rousseff, battling impeachment proceedings in Congress, is under growing pressure from her leftist allies to leave behind austerity in favor of measures to jumpstart an economy mired in recession. A sharp drop in tax...

  • BRASILIA, Feb 17- Standard& Poor's downgraded Brazil's credit rating deeper into junk territory on Wednesday, citing its failure to curb its fiscal deficit, in a surprise blow to President Dilma Rousseff`s bid to haul the economy out of its worst recession in decades. S&P cut Brazil's sovereign credit rating to BB from BB+ with a negative outlook, just five months...

  • RIO DE JANEIRO, Feb 12- Brazilian President Dilma Rousseff issued a decree late on Friday cutting the federal government's discretionary spending limit for the January-to-March period by a third as her government continues to work on a comprehensive austerity plan. Rousseff has been under pressure to cut the country's budget and reduce taxes in an effort to...

  • *Saudi labor ministry issues statement on unpaid wages. DUBAI, Feb 9- Some Saudi Arabian construction companies are struggling to pay their staff on time in a sign of growing pressure on the economy from low oil prices, which are causing the government to slow spending on building projects. In an unusual move this week, the Ministry of Labour issued a public...

  • LISBON, Jan 26- Fitch Ratings warned Portugal on Tuesday some key economic forecasts in the new Socialist government's anti-austerity budget may be unrealistic and could lead to weaker growth and a cut in the country's rating. After many delays, the government presented a draft 2016 budget last week aiming to cut the deficit to 2.6 percent of gross domestic...

  • *Irish economy outperforms euro zone peers, France lags. LONDON, Jan 13- Ireland's remarkable economic recovery following a 2010 bailout may soon push its borrowing costs below those of France but its less liquid debt means it is unlikely ever to become a "core" euro zone credit. Irish growth, budget deficit and borrowing figures all look better than those of France,...

  • *Bahrain, Kuwait, Qatar and Oman all reviewing subsidies. DUBAI, Dec 30- An austere state budget released by Saudi Arabia this week is likely to mark the end of an era for the Gulf's lavish cradle-to-grave welfare systems, encouraging governments around the region to roll back costly handouts to their populations. Struggling to narrow a huge budget deficit...

  • SAO PAULO, Dec 9- Moody's Investors Service is studying Brazil's credit rating for a possible downgrade to junk status due to a deteriorating economy, widening fiscal deficit and increasing risks of political paralysis, the ratings agency said on Wednesday. Economic data last week showed Brazil's economy contracted 4.5 percent in the third quarter from a...