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Deficits

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  • House passes bill to make research tax break permanent Wednesday, 20 May 2015 | 7:19 PM ET

    The tax credit is part of a package of more than 50 temporary tax breaks that routinely expires every year or two, only to be renewed by Congress. The House passed the bill by a vote of 274-145. It now goes to the Senate. The White House threatened to veto the bill because it would add $182 billion to the budget deficit over the next decade.

  • 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...

  • U.S. budget deficit rises to $53 billion in March Monday, 13 Apr 2015 | 2:00 PM ET

    WASHINGTON, April 13- The United States ended the month of March with a budget deficit of $53 billion, up 43 percent from the same period last year, the U.S. Treasury Department said on Monday. Analysts polled by Reuters had forecast a $43 billion deficit for last month. Receipts last month totaled $234 billion, up 8 percent from the year-ago period, while outlays were...

  • PANAMA CITY, April 8- Panama's President Juan Carlos Varela said on Wednesday that his country is on track to lower its fiscal deficit to 2 percent of gross domestic product this year, despite slowing growth in the Central American nation. Panama's gross domestic product grew by 6.2 percent in 2014, the slowest rate in four years, and down from an 8.4 percent...

  • Canada's Oliver to announce balanced budget law- report Wednesday, 8 Apr 2015 | 8:12 AM ET

    TORONTO, April 8- Canadian Finance Minister Joe Oliver will announce legislation on Wednesday committing the government to keeping a balanced budget, except under "extraordinary circumstances," the Financial Post reported. The story, citing an unnamed government source, said the only "acceptable deficit" would be in the event of a recession or during a war or...

  • BRASILIA, March 31- Brazil is ready to raise taxes further, Finance Minister Joaquim Levy said on Tuesday, warning that the country's investment grade remains at risk as the government's fiscal results underperformed expectations. Brazil posted a primary budget deficit of 2.3 billion reais in February, central bank data showed, against analysts' forecasts in...

  • BUENOS AIRES, March 30- Argentina's primary budget deficit was 1.457 billion pesos in January versus a surplus of 798.5 million pesos in January 2014, the economy ministry said on Monday.

  • QUEBEC CITY, Quebec, March 26- The Canadian province of Quebec said on Thursday it will balance its books in 2015-16 following six consecutive years of deficits and vowed to continue to control government spending in the years ahead. Quebec Finance Minister Carlos Leitao reiterated his forecast for a deficit of C $2.35 billion in fiscal year 2014-15, ending...

  • DUBAI, March 26- Saudi Arabia has begun drawing down its foreign currency reserves for the first time since 2009 to cover a record state budget deficit caused by the plunge in oil prices, data from the Saudi central bank indicated on Thursday. It was the first year-on-year drop since February 2010, when Saudi Arabia was affected by the global financial crisis.