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Federal Budget (U.S.) Deficits

  • Office of Management and Budget Director Mick Mulvaney holds a briefing on President Trump's FY2018 proposed budget in the press briefing room at the White House in Washington, U.S., May 23, 2017.

    Alan Krueger, a former chairman of Obama's Council of Economic Advisors, and Allianz's Mohamed El-Erian discuss President Trump's budget.

  • WASHINGTON— The Trump administration's budget plan for 2018 assumes that a mix of sharp spending and tax cuts can both shrink the deficit and fuel economic growth of 3 percent a year— a level it hasn't achieved in more than a dozen years. They say there are multiple flaws with the numbers unveiled by President Donald Trump's budget director, Mick Mulvaney.

  • WASHINGTON, May 22- President Donald Trump's promise to balance the federal budget in a decade rests on a sustained rise to 3 percent annual economic growth that he promised in his election campaign and a vague "feedback" effect that lowers the annual government deficit by hundreds of billions of dollars. The projections are a leap of faith that many economists...

  • WASHINGTON, May 22- President Donald Trump's promise to balance the federal budget in a decade rests on a sustained rise to 3 percent annual economic growth that he promised in his election campaign and a vague "feedback" effect that lowers the annual government deficit by hundreds of billions of dollars. The projections are a leap of faith that many economists...

  • Romania was the EU's fastest-growing economy in January-March, expanding 5.7 percent from a year earlier likely due to a consumption boom fueled by wage hikes and tax cuts. Romania reported a slight budget surplus at the end of the first quarter, but both the Council and the European Commission expect Romania to overshoot the bloc's deficit ceiling of 3...

  • *France unlikely to meet budget deficit ceiling. *Italy needs tax, judicial reforms. BRUSSELS, May 22- Euro zone countries improved their fiscal stance, a sign of growing financial stability, the EU Commission said on Monday, but it called on France to take new action to comply with EU deficit limits and warned Italy faced "urgent" challenges.

  • BRUSSELS, May 22- Euro zone countries have improved their fiscal stance, a sign of the bloc's growing financial stability, but France and Spain remain above deficit limits set by EU rules and Italy still faces "urgent" challenges, the EU Commission said on Monday. Because of improving public finances in Portugal and Croatia, the Commission said it wanted to end a...

  • Sec. Ross: We have to get on with it, Russia probe just a side show

    U.S. Commerce Secretary Wilbur Ross discusses the department's hearing today on trade policy and how to reduce the country's trade deficit.

  • MOSCOW, May 18- Russia's government has approved lowering this year's planned budget deficit to 2.1 percent of gross domestic product, as proposed by the finance ministry, Finance Minister Anton Siluanov said on Thursday. But the finance ministry now expects oil prices to average more this year than the $40 a barrel it used for its initial calculations, and the...

  • A liquefied natural gas (LNG) tanker arrives at a gas storage station.

    U.S. Commerce Secretary Wilbur Ross discusses the department's hearing today on trade policy and how to reduce the country's trade deficit.

  • Sec. Ross: We're not in a reciprocal mode on trade

    U.S. Commerce Secretary Wilbur Ross discusses the department's hearing today on trade policy and how to reduce the country's trade deficit.

  • Sec. Ross on trade, Russia probe, NAFTA

    U.S. Commerce Secretary Wilbur Ross discusses the department's hearing today on trade policy and how to reduce the country's trade deficit.

  • *April fiscal spending up 3.8 pct y/y, revenue up 7.8 pct. BEIJING, May 12- China's fiscal spending rose 3.8 percent in April from a year earlier, slowing sharply from a 25.4 percent jump in March and adding to signs of cooling in the world's second-largest economy. China has kept its budget deficit at 3 percent of gross domestic product for 2017, the same as last year,...

  • RIYADH, May 11- A strengthening in Saudi Arabia's government finances has allowed the kingdom to stop drawing down its foreign assets to cover a budget deficit caused by low oil prices, finance ministry data showed on Thursday. Net foreign assets, which peaked at $737 billion in August 2014, shrank to $501 billion in March this year, raising concern in financial...

  • SACRAMENTO, Calif., May 11- California Governor Jerry Brown is set to revise his proposed budget on Thursday, as the most populous U.S. state faces slumping tax collections and uncertainty over whether the federal government will cut health care funding for the poor. The budget Brown proposed in January already required the first belt-tightening in years for...

  • BRASILIA, May 2- Brazil's economy will post growth of between 0.7 percent and 0.8 percent in the first quarter, turning the corner on a two-year recession, Finance Minister Henrique Meirelles said on Tuesday. Meirelles said the reform of Brazil's costly social security system, the main cause of a gaping budget deficit, is crucial to restore growth and create jobs...

  • RIYADH, April 27- Saudi Arabia's government is making faster than expected progress in cutting costs and that is the main reason for a stronger budget position so far this year than originally projected, a top official said on Thursday. The deficit was 26 billion riyals in the first quarter of this year, far below the government's projection of 56 billion riyals,...

  • WASHINGTON, April 26- President Donald Trump unveiled a one-page plan on Wednesday proposing deep U.S. tax cuts, many for businesses, that would make the federal deficit balloon if enacted, drawing a cautious welcome from fiscal conservatives and financial markets. Only Congress can make major tax law changes, and Democrats immediately attacked the...

  • CFRB President: Revenue-neutral tax reforms are more pro-growth

    Discussing tax reform expectations for the market and economy, with Maya MacGuineas, Committee for a Responsible Federal Budget president, and Terry Haines, Evercore ISI head of political analysis and managing director.

  • LONDON, April 25- British finance minister Philip Hammond avoided a potentially embarrassing slip-up before June's parliamentary election as he hit his budget deficit target for the 2016/ 17 financial year, but his fiscal challenge is likely to get harder. This was in line with a forecast set out in March by the country's budget watchdog, the Office for Budget...