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Federal Budget (U.S.) Deficits

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  • *UK budget deficit shows big year-on-year fall in May. LONDON, June 19- Strong income tax receipts pushed British government borrowing to its lowest May reading since 2007, adding to signs that revenue growth could play a major role in debt-reduction plans being drafted by finance minister George Osborne. Osborne says debt needs to fall substantially as a...

  • WASHINGTON, June 16- The U.S. budget deficit will more than double as a share of economic output by 2040 if current tax and spending laws remain unchanged, the Congressional Budget Office said on Tuesday. The CBO, releasing its annual long-term budget outlook, said however, that overall U.S. debt levels in 2040 will be slightly lower than estimates made a year ago for...

  • U.S. posts budget deficit of $82.4 billion in May Wednesday, 10 Jun 2015 | 2:00 PM ET

    WASHINGTON, June 10- The United States posted a budget deficit of $82.4 billion in May, a 37 percent drop from the same period last year, the U.S. Treasury Department said on Wednesday. Analysts polled by Reuters had expected a $98 billion deficit for last month. Receipts last month were $212 billion, up 6 percent from the same period last year, while outlays were $295...

  • DUBAI, June 4- The United Arab Emirates is set to post its first fiscal deficit since 2009 because of lower oil revenues, but it can avoid any serious economic slowdown, the International Monetary Fund said after annual consultations with UAE authorities. He estimated that at today's oil prices, the UAE could keep spending at current levels for at least 30-40...

  • LONDON, June 4- Britain will sell its 30 percent stake in postal operator Royal Mail, currently worth about 1.5 billion pounds, as it renews its drive to wipe out the budget deficit, finance minister George Osborne said on Thursday. The sale of the government's remaining stake in Royal Mail will mark the final stage in one of Britain's most high-profile...

  • UK finance minister eyes extra 5 pct spending cuts Friday, 29 May 2015 | 10:37 AM ET

    LONDON, May 29- British finance minister George Osborne has asked most government departments if they can cut spending by an extra 5 percent this year ahead of an upcoming budget, as he seeks to erase the deficit in public finances. Prime Minister David Cameron's Conservatives unexpectedly won a slim majority in this month's national election, freeing them...

  • BRASILIA, May 27- Brazil's Senate on Wednesday approved an austerity measure that cuts pension benefits as part of President Dilma Rousseff's drive to reduce a widening fiscal deficit and regain investors' confidence in the once-booming economy. On Tuesday, the Senate approved a similarly watered-down version of another measure curbing unemployment...

  • SANTIAGO, May 24- Maintaining healthy public finances is a "crucial commitment," said Chile's finance minister in an interview published in local media on Sunday, his first since taking over the role two weeks ago. Rodrigo Valdes did not say whether the left-wing coalition government would stick to its stated goal of wiping out the structural budget deficit by...

  • TOKYO, May 12- Members of Japan's top economic advisory panel will propose that the government focus on higher economic growth and spending cuts to meet fiscal targets, but some analysts worry the plan could actually crimp Tokyo's ability to maintain fiscal prudence. Japan's government will also set a new target of reducing its primary budget deficit to 1...

  • BRUSSELS, May 8- EU finance ministers will debate on Tuesday whether the European Commission softened the bloc's budget rules too far through the back door by giving governments leeway on deficit reduction in return for planned reforms before they are implemented. Under the European Union's Stability and Growth Pact, states have to cut the public deficit by...

  • UPDATE 2-Argentina raises more cash in local bond sale Thursday, 7 May 2015 | 6:30 PM ET

    BUENOS AIRES, May 7- Argentina raised 5.263 billion pesos from a sale of local debt on Thursday, the economy ministry said, continuing a drive to drum up cash at home, given its fiscal deficit, upcoming debt payments and difficulty accessing global credit markets. Argentina has been largely cut off from international capital markets since its 2002 debt default.

  • BRASILIA, May 7- Brazilian Finance Minister Joaquim Levy on Thursday defended unpopular austerity measures and floated the idea of setting a target to lower the country's ballooning overall budget deficit. In a narrow vote, Brazil's House of Deputies approved on Wednesday a watered-down version of a bill to cut unemployment benefits. Brazil's 12- month...

  • *Overspill puts Spain at risk of missing deficit targets. MADRID, May 7- Spain's regions are expected to miss their budget goals once again in 2015 as spending cuts ease ahead of looming elections, officials and analysts say, stressing how fragile Spanish finances still are despite an accelerating economic recovery. The result is a 7- billion-euro overspill...

  • Brazil lower house passes key fiscal adjustment measure Wednesday, 6 May 2015 | 10:10 PM ET

    BRASILIA, May 6- A measure that reduces the cost of social welfare benefits narrowly cleared the lower chamber of Brazil's Congress on Wednesday night in a tense victory for President Dilma Rousseff's efforts to cut a fiscal deficit and restore investor confidence. Lawmakers voted 252-227 to pass the bill that toughens conditions for jobless Brazilians to...

  • *Analysts see deals costing 8- 12 billion shekels. JERUSALEM, May 4- Israel's budget deficit is set to widen sharply in 2016 as Prime Minister Benjamin Netanyahu races to put together a governing coalition by this week's deadline, including promises of increased spending for critical allies. Alex Zabezhinsky, chief economist at brokerage Meitav Dash, estimated...

  • DUBLIN, April 28- Ireland nudged up its growth forecasts for 2015 and 2016 on Tuesday, setting it up to remain the fastest-growing economy in the European Union as the government seeks to eliminate its budget deficit by 2018.. That marks a recovery from a high of 15 percent in 2012 when Ireland was in the middle of its three-year international bailout programme...

  • NEW YORK, April 24- Louisiana State University is exploring contingency plans in light of the state's $1.6 billion budget shortfall which has resulted in proposed spending cuts, but has not declared "financial exigency," the institution said in a statement on Friday. LSU said that contrary to some media reports, it had not begun the process of filing for financial...

  • TORONTO, April 23- Ontario's Liberal government trimmed its budget deficit forecasts for the next two years on Thursday as it unveiled a budget that seeks cost cuts in education and healthcare, a move toward austerity that could spark labor unrest across the province. Ontario, Canada's most populous province, which accounts for about 40 percent of the...

  • LONDON, April 23- British finance minister George Osborne met his latest deficit reduction target, avoiding embarrassment two weeks before the election, but weak retail sales figures raise the risk that growth has slowed. And at just over 80 percent of GDP, net public debt has more than doubled since before the financial crisis, potentially weakening Britain's...

  • ANALYSIS-History shows UK markets shrug off elections Wednesday, 15 Apr 2015 | 3:00 PM ET

    *UK markets around elections: http://link.reuters.com/fen54w. Some investors fear a Conservative-led administration will honour a pledge to call a referendum on European Union membership in 2017. Others dread a left-wing pact between Labour and Scottish nationalists that could slow budget deficit cuts, increase regulation and hasten a re-run of last...