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  • Connecticut governor announces $31.5M in budget cuts Friday, 23 Jan 2015 | 4:23 PM ET

    Dannel P. Malloy on Friday announced $31.5 million in spending cuts, making a second round of reductions to address a projected budget deficit of more than $120 million. Malloy's budget director, Ben Barnes, said he might need to take further steps to keep the budget in balance. The new round of cuts includes $6 million expected from the Judicial Branch, $2.3...

  • Scott Walker will have to plug a roughly $280 million budget shortfall by the end of June, and the state faces a two-year deficit that could be as large as $2 billion, based on new estimates released Friday by the nonpartisan Legislative Fiscal Bureau. Wisconsin's two-year shortfall hits about $2 billion when state agency requests— which will certainly not be...

  • The real story about the budget deficit  Wednesday, 21 Jan 2015 | 1:14 PM ET

    President Obama said the budget deficit was shrinking, but the numbers are saying something very different.

  • Rhode Island governor faces $34.5 million budget shortfall Wednesday, 21 Jan 2015 | 11:26 AM ET

    PROVIDENCE, R.I.— Rhode Island's new governor faces a $34.5 million shortfall for the current fiscal year instead of a surplus and a deficit that will likely continue growing, a public policy group said Wednesday. Gina Raimondo because the state is spending more on Medicaid than expected and agencies are overspending. The report said Medicaid expenditures are...

  • ATHENS, Jan 21- After four years of economic sacrifices, Greece bet it could agree an early end to its international bailout. Greece triggered the regional financial crisis in 2009 when a far higher budget deficit than previously calculated emerged. The collapse of talks in Paris on Nov. 26 set off a month-long sequence of events leading to elections next week and...

  • Jan 20- Massachusetts has will have an estimated $765 million budget deficit this fiscal year due to overspending by the state government, Governor Charlie Baker said on Tuesday. Baker said that a large drain on funds was the $230 million spent for ongoing issues with the state's Health Connector website, the insurance exchange set up under the national...

  • *Revised budget assumes world oil price of $55 instead of $100. KUALA LUMPUR, Jan 20- Malaysia ringgit currency fell to a six-year low on Tuesday as the government cut its economic growth forecast, reduced its budget and widened its fiscal deficit target for 2015, to reflect lower oil and gas revenues due to plunging world prices. Announcing revisions to a 2015...

  • KUALA LUMPUR, Jan 20- Malaysia has increased its fiscal deficit target to 3.2 percent of gross domestic product for 2015 and cut its forecast for economic growth to adjust its budget after a sharp fall in earnings from oil and gas, Prime Minister Najib Razak announced on Tuesday. The government had assumed a price of $100 a barrel last October, whereas the price of...

  • KUALA LUMPUR, Jan 20- Malaysia has increased its fiscal deficit target to 3.2 percent of gross domestic for 2015 as the government needed to adjust its budget due to a sharp fall in earnings from oil and gas, Prime Minister Najib Razak announced on Tuesday. He said the revised budget would assume a global oil price of around $55 a barrel. The original budget had...

  • Australia: No plans to increase GST  Sunday, 18 Jan 2015 | 8:50 PM ET

    Josh Frydenberg, Assistant Treasurer of Australia, says the nation is not aiming to increase the rate or base of the goods and services tax (GST).

  • TORONTO, Jan 18- Canada's Conservative government is prepared to curb spending to eliminate the deficit in 2015, a senior minister said on Sunday, just days after the government said it would delay unveiling its next budget so it can weigh the impact of tumbling oil prices. Employment Minister Jason Kenney also said eliminating the budget deficit for the first...

  • NEW DELHI, Jan 16- Indian Prime Minister Narendra Modi said on Friday he was committed to meeting this year's budget deficit target, welcoming a cut in interest rates by the Reserve Bank of India on the back of falling inflation. In a speech, Modi said his government would cut wasteful spending, streamline the payment of welfare benefits and raise investment in...

  • ANKARA, Jan 15- Turkey's economy will grow around four percent this year and inflation will fall "comfortably" to the central bank's forecast of 6.1 percent, Finance Minister Mehmet Simsek said on Thursday. The budget deficit stood at 22.7 billion lira last year, Simsek told a news conference in Ankara, up from 18.5 billion in 2013 but sharply below a government...

  • MUMBAI, Jan 15- The Reserve Bank of India surprised markets with a 25 basis point reduction in interest rates on Thursday and signaled it could cut further, amid signs of cooling inflation and what it said was a government commitment to contain the fiscal deficit. While the early move was unexpected, aggressive reductions in rates have been seen as likely over the...

  • MUMBAI, Jan 15- The Reserve Bank of India surprised markets with a 25 basis point cut in interest rates on Thursday and signalled it could do more, amid signs of slowing inflation and what it said was a government commitment to contain the fiscal deficit. While the early move was unexpected, aggressive reductions in rates have been expected over the course of the...

  • UPDATE 1-Indian central bank surprises with early rate cut Wednesday, 14 Jan 2015 | 11:00 PM ET

    MUMBAI, Jan 15- The Reserve Bank of India cut its repo interest rate by 25 basis points to 7.75 percent in a surprise move on Thursday, making its first reduction in a year as inflation showed signs of slowing and the government was making efforts to contain the fiscal deficit. Helped by plunging global oil prices, India's wholesale price index for December rose...

  • *Japan seen to halve deficit; budget-balancing goal still distant. TOKYO, Jan 14- Japanese Prime Minister Shinzo Abe's cabinet approved on Wednesday a record $812 billion budget for the fiscal year starting on April 1, while cutting new borrowing for a third straight year in a bid to balance growth and fiscal reform. A projected rise in tax revenue to a 24- year high...

  • *Japan seen to halve deficit; budget-balancing goal still distant. TOKYO, Jan 14- Japanese Prime Minister Shinzo Abe's cabinet approved on Wednesday a record $812 billion budget for the coming fiscal year while cutting new borrowing for a third straight year in a bid to balance growth and fiscal reform. With Japan's public debt above twice its gross domestic...

  • JERUSALEM, Jan 13- Israel's budget deficit ran at 2.8 percent of gross domestc product last year, the Finance Ministry said on Tuesday, in line with initial projections despite the cost of the Gaza war. Israel's spending priorities changed as a result of the 50- day summer war with Palestinian militants in Gaza. Israel's cabinet had approved a deficit target of...

  • NEW DELHI, Jan 9- A weak recovery from India's longest growth slowdown in decades is pushing Prime Minister Narendra Modi's advisers to consider loosening fiscal deficit targets, risking the ire of investors, ratings agencies and the central bank. Yet with debt service devouring 42 percent of federal spending, higher deficits would revive risks of a ratings...