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  • SPRINGFIELD, Ill., Feb 18- Illinois Governor Bruce Rauner proposed a fiscal 2016 budget on Wednesday that he said will eliminate a $6.2 billion structural deficit without relying on higher taxes or borrowing. "It will take time to restore Illinois to fiscal health," he said in his budget address to the legislature. Rauner, a political neophyte who took office in...

  • Defense hawks want to wipe out previous spending cuts to steer more money to the military, but the GOP is divided over how to do it without piling billions onto the deficit. Lawmakers who want to rein deficit spending insist that any increases for the military should be financed by cuts to domestic programs— even as GOP pragmatists warn that could cause a budget...

  • PHOENIX— The Arizona Senate on Monday joined the House in passing a bill that adjusts tax brackets every year to account for inflation, despite a large state budget deficit. Doug Ducey, who took office this year, asked the Legislature to send him a bill making the adjustment automatic each year. Estimates by the Legislature's analysts show Senate Bill 1088 and a...

  • U.S. budget deficit widens a bit in January Wednesday, 11 Feb 2015 | 2:00 PM ET

    WASHINGTON, Feb 11- The U.S. budget deficit widened slightly in January, fueled in part by higher spending on government health care services for low-income Americans, according to data released by the Treasury Department on Wednesday. Compared with a year earlier, Washington spent $5 billion more on Medicaid, which provides health insurance for lower-income...

  • MOSCOW, Feb 11- Russian Economy Minister Alexei Ulyukayev said on Wednesday that the country's budget would run a deficit this year of around 3.8 percent of gross domestic product, based on new macroeconomic forecasts recently released by his ministry.

  • BRASILIA, Feb 10- Brazil's Congress passed legislation on Tuesday that limits the president's ability to reduce pork-barrel spending passed by lawmakers, a setback for President Dilma Rousseff's efforts to fight a fiscal deficit. The bill forces the government to get congressional approval before cutting spending items added to the national budget by...

  • Treasury Secretary Jack Lew signalled that Germany and others in Europe should engage in deficit spending, saying it would not be a "good ride" for the global economy if only the United States was strong. "In Europe, there's a need for more fiscal policy. The meeting of finance ministers and central bankers in Istanbul comes at a difficult time, with major economies...

  • Falling oil prices pull India's budget out of the fire Wednesday, 4 Feb 2015 | 4:00 PM ET

    NEW DELHI, Feb 5- Falling oil prices have been a major windfall for India: Just weeks ago it faced failing to meet fiscal deficit targets, but can now expect a budget that not only hits its targets, but also provides extra cash to support reform. The coming budget for fiscal 2015/ 16, which will be unveiled on Feb. 28, is widely seen as a test of Prime Minister Narendra Modi's...

  • OBAMA FY 2016 BUDGET ACHIEVES ABOUT $1.8 TRILLION IN DEFICIT REDUCTION THROUGH HEALTH, TAX, IMMIGRATION REFORM- WHITE HOUSE.

  • BRASILIA, Jan 30- Brazil fell way short of its main fiscal target in 2014, underscoring the daunting uphill battle that President Dilma Rousseff's new economic team faces to shore up public accounts and prevent a credit rating downgrade. Brazil posted a public sector primary budget deficit of 32.536 billion reais for last year, equal to 0.63 percent of gross...

  • OTTAWA, Jan 27- If Canada's opposition Liberals win the election set for this October they would be able to boost spending on their priorities without necessarily running a budget deficit, party leader Justin Trudeau told Reuters on Tuesday. Prime Minister Stephen Harper's Conservatives, who have been in power since early 2006, portray management of the...

  • WASHINGTON, Jan 26- The U.S. budget deficit will decline slightly to $468 billion this fiscal year, the lowest level since President Barack Obama took office, congressional forecasters said on Monday in a report heralding the end of a brief period of dramatically shrinking red ink. Republicans now in control of Congress seek to eliminate deficits within 10...

  • NEW YORK, Jan 23- Connecticut governor Dannel Malloy ordered a second round of spending cuts in two months on Friday, slicing $31.5 million more from the state's $20 billion budget as officials warned of "very tough choices" ahead. The move was aimed at closing a $31.6 million projected deficit this fiscal year that Connecticut's chief financial watchdog...

  • 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.

  • 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).