WASHINGTON, Aug 27- The U.S. budget deficit for fiscal year 2014 will be an estimated $506 billion, a slight increase from the $492 billion projected in April, based on lower-than-expected corporate tax receipts, the Congressional Budget Office said on Wednesday.» Read More
Trimming the federal budget deficit ultimately means tough choices. And to get an idea just how tough, we printed out the entire federal budget—43,000 pages in all. It stands 16 feet tall. Cutting it down to size will be an enormous task.
A commission to balance the US budget will deliver its final deficit-cutting plan on Wednesday but delay a vote until Friday, reflecting sharp divisions within the bi-partisan panel.
The United States Marine Corps want to spend billions of dollars on a new amphibious landing craft, budget cutters in Washington say that’s simply too much money for a vehicle that Marines may never ride into battle.
The National Flood Insurance Program is one big hurricane away from costing U.S. taxpayers billions of dollars. Experts say unless Congress makes some much needed changes to the program, taxpayers will find themselves footing the bill for another major disaster.
If you grow peanuts in this country, the government will pay you to keep them in storage—instead of selling them—if the price of peanuts falls below a certain target and the farmers decide to forfeit their crop.
Americans are skeptical that the mid-term elections will produce much change in Washington—and one reason is their own resistance to deep cuts in federal spending and deficits.
American businesses that import Chinese goods face higher prices, but exporters are predicting sales growth. The NYT reports.
Voters who demanded Washington rein in the nation's spiraling debt are getting a message from President Obama and his deficit commission: It'll hurt.
Share your opinion in today's poll.
When stumping on the campaign trail, the nation's new slate of governors could afford to make sweeping but vague promises about how they'd solve their states' massive looming budget deficits.
CNBC gives cutting-edge coverage of the 2010 midterm elections, with analysis that impacts people on both Wall Street and Main Street. Here is the latest analysis from reporters on the front lines.
For candidates to deliver on their promises to cut government spending and reduce the budget deficit, they will have to make potentially painful cuts. If given a limited choice, where would you wield the axe? Take our poll and tell us your opinion.
Any country that has spare cash to throw at buying millions of pumpkins that will never get eaten and hundreds of millions on tickets for a group more middle of the road than cats-eyes, clearly has more money than sense.
How does the spending review of the UK’s coalition government look now, more than a week after its launch? The FT's Martin Wolf reports.
If there is a single message unifying Republican candidates this year, it is a call to grab hold of the federal checkbook, slam it closed and begin to slash spending. But while polls show that the Republicans’ message is succeeding politically, Republican candidates and party leaders are offering few specifics about how they would tackle the nation’s $13.7 trillion debt. The NYT reports.
The public panned it. Republicans obstructed it. Many Democrats fled from it. Even so, the session of Congress now drawing to a close was the most productive in nearly half a century.
The retail industry's trade group said a study it commissioned estimates a European-style VAT would result in the loss of 850,000 jobs in its first year, reduce the gross domestic product for three years, and cut retail spending by $2.5 billion over its first decade.
Throwing money at a country in debt will not solve its problems if consumers refuse to spend, said Stephen Roach, non-executive chairman at Morgan Stanley Asia, on why a second round of quantitative easing (QE) from the U.S. Federal Reserve will not work.
For the first time in living memory, government spending has become a major issue. In the past, Republicans would run against taxes and Democrats against spending cuts, with neither party really running hard against spending. This had the predictable result of lowering taxes, raising spending, and inflating the public debt.
For graduating MBA students five years ago, the path may have been predictable: accept diploma, sign onto a six-figure income with a major investment banking firm, and begin 18-hour workdays.