×

Federal Budget (U.S.) Deficits

  • Unless Congress simply cuts taxes for everyone, there will be winners and losers, and the losers won't go quietly. If Congress does cut taxes for everyone, lawmakers risk exploding an already large budget deficit. Republicans in Congress are also working on plans, with the House GOP taking the lead.

  • *Egypt floated its pound currency in November. CAIRO, Feb 24- Egypt will receive in March the second $1 billion tranche of a $3 billion World Bank loan aimed at supporting a government economic reform program, Central Bank Governor Tarek Amer said late on Friday. Facing a gaping budget deficit, Egypt began a series of painful economic reforms and has been taking...

  • CHICAGO, Feb 24- The Chicago Public Schools said on Friday it will return $18 million in funding cuts to certain schools in a move that will increase the cash-strapped district's lingering budget deficit to $129 million. "This increases the districts remaining budget deficit from $111 million to $129 million." Illinois Governor Bruce Rauner's veto in December...

  • LONDON, Feb 24- Zambia expects to agree a deal with the International Monetary Fund in the first half of this year, Finance Minister Felix Mutati said on Friday. Last March, Zambia began talks with the IMF about a potential loan package after agreeing that its budget deficit was not sustainable, though formal talks have not yet been launched. He said it was too early...

  • LONDON, Feb 24- Zambia expects to agree a deal with the International Monetary Fund in the first half of this year, Finance Minister Felix Mutati said on Friday. Last March, Zambia began talks with the IMF about a potential loan package after agreeing that its budget deficit was not sustainable, though formal talks have not yet been launched. He said it was too early...

  • LISBON, Portugal— A senior European Union official says EU authorities are poised to release Portugal from tight fiscal oversight and the threat of sanctions because the country's financial health has improved. EU Commission Vice President Valdis Dombrovskis says that if statistics next month show Portugal's budget deficit has continued to fall and that...

  • CALGARY, Alberta, Feb 23- The government of Alberta, Canada's crude-producing province, kept its 2016-17 budget deficit forecast steady on Thursday in a third-quarter fiscal update, and said the province's battered economy was turning a corner after a prolonged downturn. "A full economic recovery will take time after such a long downturn, but we are starting to...

  • LISBON, Portugal— Portugal is finding it hard to please the International Monetary Fund. Despite fighting its way out of a financial crisis, cutting the budget deficit to its lowest level in more than 40 years and boosting growth through exports, the IMF says Portugal must do more. The IMF said in a report Wednesday that Portugal must reduce its government and...

  • BAGHDAD, Feb 21- Iraq needs oil prices to reach $60 per barrel to plug its public deficit gap, Prime Minister Haider al-Abadi told a news conference in Baghdad on Tuesday. Brent crude was trading at about $57 per barrel on Tuesday. Iraq is OPEC's second largest producer, after Saudi Arabia.

  • Tax revenues flowed strongly into the government's coffers, data for January showed, prompting Britain's official budget forecasters to say the deficit was likely to come in well below the level they had previously predicted. But any significant slackening of the purse strings in two weeks' time looks unlikely, given the challenges ahead for Britain's...

  • ACCRA, Feb 21- Ghana's President Nana Akufo-Addo said in his first state of the nation address the economy was in a "bad way" but he would press ahead with a plan to create jobs, cut the budget deficit and improve sustainable agriculture. "The economy of our country is in a bad way," he said in a speech to parliament frequently interrupted by cheers from lawmakers from the...

  • REUTERS POLL- SOUTH AFRICA EXPECTED TO TARGET 2017/ 18 BUDGET DEFICIT EQUIVALENT TO 3.2 PCT OF GDP.

  • *South Africa to target personal income and sin taxes. JOHANNESBURG, Feb 17- South Africa's finance minister Pravin Gordhan is likely to target income, alcohol and tobacco taxes in his Feb 22 budget to reassure rating agencies that he will gradually rein in the deficit in coming years, a Reuters poll found. "The fiscal situation is a huge challenge for the South...

  • LISBON, Portugal— Portugal's government has proved its critics wrong, slashing the debt-heavy country's budget deficit to its lowest level in more than 40 years despite warnings that its anti-austerity policies could spell financial disaster. Some other eurozone countries expressed alarm when the center-left Socialist government, with the support of...

  • ACCRA, Feb 15- Ghana's President Nana Akufo-Addo has taken power with ambitious plans to revive once spectacular economic growth, only to discover a $1.6 billion hole in the budget and a deficit twice as high as expected. With Ghana more than half way through a three-year International Monetary Fund programme, the new government must reveal in its first budget...

  • BUCHAREST, Romania— Romania's president says the government's 2017 budget plan is "risky" and he has concerns about overspending. Iohannis said after the meeting that "there is a real risk of the budget exceeding 3 percent" of gross domestic product, the European Union limit. In 2016, Romania's budget deficit was 2.4 percent of GDP, and the new government has...

  • *Nigeria in roashow to sell $1 bln Eurobond. ABUJA/ LAGOS, Feb 8- Nigeria's parliament has approved the government's request to sell a $1 billion Eurobond to help the country finance its budget deficit, senate spokesman said on Wednesday. "...the only request for approval from the executive was... for the issuance of $1 billion Eurobond... for the funding of the 2016 budget...

  • PARIS, Feb 8- The French government's public deficit reduction target for 2017 will be "very difficult" to achieve, as it underestimates a rise in public spending and sets overly optimistic tax income forecasts, France's auditing court said on Wednesday. The court also offered a less than rosy assessment of the government's past efforts to cut France's public...

  • HARRISBURG, Pa., Feb 7- Pennsylvania Gov. Tom Wolf on Tuesday proposed a $32.3 billion state budget for fiscal 2018 that seeks to reduce an estimated $3 billion structural deficit through $2 billion in spending cuts and $1 billion in revenue enhancements. Wolf also hopes to get $200 million from a leaseback deal for the Pennsylvania Farm Show Complex& Expo Center...

  • OTTAWA, Feb 3- Canada's budget watchdog forecast on Friday that the government will have a smaller-than-expected deficit in the current fiscal year, largely as a result of higher revenue from corporate income taxes and a lag in planned infrastructure spending. Canada will see a deficit of C $20.5 billion in fiscal 2016-2017, the Parliamentary Budget Officer...