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Deficits

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  • Obama Says Willing to Work with GOP on Entitlements Tuesday, 15 Feb 2011 | 12:00 PM ET
    President Barack Obama News Conference

    President Barack Obama says he's willing to work with Republicans to make changes to entitlement programs, like Social Security and Medicare, that threaten the nation's fiscal health

  • Nouriel Roubini

    Neither US political party is willing to make the choices needed to bring down the crippling US budget deficits, economist Nouriel Roubini told CNBC.

  • Obama Budget Resurrects Rejected Tax Increases Monday, 14 Feb 2011 | 1:06 PM ET

    President Obama's budget proposal resurrects a series of tax increases that were largely ignored by Congress when Democrats controled both chambers. Republicans, who now control the House, are likely to be even less receptive.

  • US Trade Deficit Widens to $40.6 Billion in December Friday, 11 Feb 2011 | 8:52 AM ET

    The trade deficit widened in December, closing out a year in which America's trade gap ballooned by the largest amount in a decade.

  • Most States Seeing Further Gains in Tax Revenue Wednesday, 2 Feb 2011 | 8:43 AM ET
    Taxes

    A new report says state tax revenues increased in the final three months of last year as the improving economy boosted income and sales taxes receipts.

  • Fratto: Why Income Tax Reform Will Get Shelved Thursday, 27 Jan 2011 | 2:14 PM ET
    Taxes

    Those of us who advocate for wholesale income tax reform understand the quixotic nature of the fight. Our federal individual income tax system is so chock full of special beneficiaries that any action aligns an array of constituencies far too politically sympathetic to defeat.

  • New Jersey to Cut Corporate Taxes Further: Gov. Christie Wednesday, 26 Jan 2011 | 4:10 PM ET

    New Jersey Gov. Chris Christie will propose a further cut in the state's corporate tax rate during his budget address in February, the governor told CNBC Wednesday.

  • 2010 Budget Deficit to Hit $1.5 Trillion: CBO Wednesday, 26 Jan 2011 | 11:31 AM ET
    US Capitol Building with cash

    New budget estimates released Wednesday predict the government's deficit will hit almost $1.5 trillion this year, a new record.

  • Collectively, states have budget deficits of more than $130 billion, unfunded pension and healthcare plans of more than $1 trillion and billions of dollars of unpaid bills to public schools and universities, hospitals and social welfare programs...States are in crisis and floundering to find a solution.

  • Economy Has Improved in Last 6 Months: Fed's Tarullo Friday, 14 Jan 2011 | 2:51 PM ET

    The economy has improved in the last six months, signaled by greater consumer spending, durables purchases and some signs of increased investment, Daniel K. Tarullo, Federal Reserve governor, told CNBC Friday, echoing what his boss, Chairman Ben Bernanke said on Thursday.

  • Dodd-Frank Creates More Uncertainty: Rep. Bachus Thursday, 13 Jan 2011 | 12:21 PM ET
    Sen. Spencer Bachus (R)

    Taking issue with FDIC Chairman Sheila Bair, the new Republican head of the House Financial Services Committee told CNBC Thursday that the Dodd-Frank financial overhaul law actually creates more uncertainty—not less.

  • The Illinois House of Representatives passed a bill that raises the state income tax from a maximum rate of 3% to 5%. They also raised the corporate income tax...As painful as they are, we are in the position of having no choice and yet, these tax increases will not raise the expected amounts.

  • Budget Deficit Narrows to $80 Billion in December Wednesday, 12 Jan 2011 | 4:05 PM ET
    US Capitol Building with cash

    The federal budget deficit narrowed slightly in December compared to a year ago, but the deficit for the entire year is still on pace to exceed $1 trillion.

  • The US stands to lost its coveted top credit rating unless Washington policymakers make good on promises to get the nation's financial house in order, Pimco's Bill Gross told CNBC.

  • Obama is expected to resist some Republicans demands such as canceling unspent stimulus funds, rolling back government spending levels and cutting new financial rules. But the White House does intend to demonstrate its commitment to cut spending.

  • Chadwick: A New Year’s Resolution for Everyone Monday, 3 Jan 2011 | 10:52 AM ET

    Take your newfound income – that 3.5% of every thousand dollars over whatever level of income you need, and put it immediately and directly into the economy by donating it to charities that assist others with acute needs.

  • Michigan Town Is Left Pleading for Bankruptcy Tuesday, 28 Dec 2010 | 10:00 AM ET

    With anemic property tax revenues and forecasts of more dire financial times ahead, some experts and elected leaders fear that more localities may have to at least consider bankruptcy. The New York Times reports.

  • These Three Wise Men Can Help Cut Deficit Thursday, 23 Dec 2010 | 2:18 PM ET
    National Commission on Fiscal Responsibility and Reform co-chairmen Erskine Bowles, and Alan Simpson.

    Three key players, President Obama, Rep. Paul Ryan, and Sen. Kent Conrad, each have the responsibility of presenting a budget early next year. If these three men decide not to turn back, the era of deficit denial will indeed be over.

  • 'We Are Not Doomed to Endless Gridlock': Obama Wednesday, 22 Dec 2010 | 4:45 PM ET
    Barack Obama

    The president celebrated a bipartisan "season of progress' on Thursday at a year-end news conference a few hours after the Senate ratified an arms control treaty with Russia.

  • We Need to Act or Get Thrown Out: Sen.-Elect Portman Wednesday, 22 Dec 2010 | 10:43 AM ET

    The newly elected Congress needs to “get to work” to solve some of the country’s biggest problems or the American people will throw them out in two years, GOP Sen.-Elect Rob Portman of Ohio told CNBC Wednesday.