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Deficits

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  • Jan 5- Arizona's new Republican governor pledged to solve the state's growing budget deficit on Monday but insisted it will not be done through raising taxes. Doug Ducey, the former CEO of the Cold Stone Creamery ice-cream chain and Arizona's former state Treasurer, said his administration can confront the state's deficit, but said raising taxes on people and...

  • DUBLIN, Jan 5- Ireland's budget deficit is likely to have fallen by less than expected in 2014, a finance ministry official said on Monday, as a jump in year-end government spending prompted some concern that fiscal discipline may be slipping. Ireland's deficit fell to around 4 percent of gross domestic product at the end of 2014, John Palmer, a principal officer...

  • WASHINGTON, Dec 31- As Republicans assume control of the entire U.S. Congress in the new year, they are expected to push a controversial change to use more macroeconomic projections in determining the impact of tax and budget legislation on the federal deficit. Critics say wider use of "dynamic scoring," as the Republican-favored approach is known, would...

  • BRASILIA, Dec 29- Brazil posted a primary budget deficit for a period of 12 months in November, its first in more than a decade and a threat to the government's already reduced fiscal goal for the year, central bank data showed on Monday. Brazil posted a primary budget deficit of 8.084 billion reais in November, its largest gap for that month on record.

  • Russia's FinMin sees economy shrinking 4 pct in 2015 Friday, 26 Dec 2014 | 6:30 AM ET

    MOSCOW, Dec 26- Finance Minister Anton Siluanov said on Friday that the Russian economy could contract by 4 percent next year and that the budget could have a deficit of more than 3 percent of gross domestic product if oil prices average $60 a barrel. Siluanov also told journalists that his ministry had recalculated its budget forecasts to take into account oil...

  • RIYADH, Dec 26- Saudi Arabia's Finance Ministry will discuss with the central bank its options for financing the large state budget deficit expected next year, and may cover some of the shortfall with borrowing, Finance Minister Ibrahim Alassaf said. The minister noted that Saudi Arabia's public debt had dropped to 44 billion riyals or about 1.6 percent of...

  • DUBAI, Dec 25- Saudi Arabia will lift state spending to a record in its 2015 budget while covering a deficit with its huge fiscal reserves, the government said, providing the first detailed look at how the world's top oil exporter aims to handle an era of cheap oil. But the budget, released by the Finance Ministry on Thursday, suggests authorities are confident of...

  • DUBAI, Dec 25- Saudi Arabia plans to raise government spending 0.6 percent to a record high in its 2015 budget while covering a large deficit due to plunging oil prices with its huge fiscal reserves, the Ministry of Finance said on Thursday. Some analysts believe Riyadh is content to see oil prices fall as a way to squeeze out competing producers in non- OPEC nations.

  • DUBAI, Dec 25- Saudi Arabia plans to raise government spending by 0.6 percent to a record high next year while covering a large budget deficit due to plunging oil prices with its huge fiscal reserves, the Ministry of Finance said on Thursday. Spending in the kingdom's 2015 state budget is projected at 860 billion riyals, up from 855 billion in the 2014 budget plan-...

  • Greek uncertainty curbs European stock gains Tuesday, 23 Dec 2014 | 12:34 PM ET

    *FTSE up but pares gains as UK external deficit rises. LONDON, Dec 23- A fall in Greek stocks kept a lid on gains in European equities on Tuesday, as the Athens bourse was hit by the prospect of early elections that could put Greece's rescue package at risk. The Bank of Spain raised its economic forecast while Portugal's budget deficit shrank.

  • BAGHDAD, Dec 23- Iraq's cabinet on Tuesday approved a draft 2015 budget worth 123 trillion dinars which was made possible by better ties between Baghdad and the autonomous Kurdish region, but was constrained by plunging oil prices. By contrast, the 2015 budget is a symbol of growing goodwill between Baghdad and the Kurdish region as they both fight Islamic State...

  • Analysts estimate the bloc's biggest sovereign borrowers will sell a third more debt than in 2014, with Germany the notable exception as it aims to eliminate its budget deficit. Investors, on the other hand, will seek higher yields from lower-rated issuers such as Italy, Spain and Portugal, reassured by expectations that the European Central Bank will become a...

  • French parliament passes deficit-cutting 2015 budget Thursday, 18 Dec 2014 | 6:08 AM ET

    Dec 18- The French parliament approved President Francois Hollande's revised 2015 deficit-cutting budget on Thursday, although it remains to be seen whether the European Commission will demand further efforts early next year. The budget has been at the center of a stand-off between the European Commission and France after Paris broke a promise to bring its...

  • TOKYO, Dec 17- A finance ministry's key fiscal panel has called for drastic steps to cut government spending and secure revenue to meet Tokyo's aim of halving the primary budget deficit next year, a draft proposal showed, describing the goal as "quite difficult". The draft proposal highlights the need for Prime Minister Shinzo Abe to continue efforts to restore...

  • SYDNEY, Dec 15- Australia's government expects its budget deficit to balloon to A $40.4 billion in the year to June as falling prices for key resource exports and sluggish wage growth blew a gaping hole in tax revenues. The deficit for 2014/ 15 had been forecasted at A $29.8 billion in the May budget, while the 2015/ 16 shortfall was now put at A $31.2 billion, instead of...

  • SYDNEY, Dec 15- Australia's government forecast its budget deficit would balloon to A $40.4 billion in the year to June as falling prices for key resource exports and sluggish wage growth blew a gaping hole in tax revenues. The deficit for 2014/ 15 had been forecasted at A $29.8 billion in the May budget, while the 2015/ 16 shortfall was now put at A $31.2 billion,...

  • PARIS, Dec 13- Bundesbank President Jens Weidmann said the European Commission's decision to give France longer to prove it is serious about economic reform and fixing its excessive public deficit risks damaging the credibility of the bloc's budget rules. "France announced that it will not reach the agreed deficit goal in 2015 and has clearly put back the...

  • Fitch cuts France to 'AA' Friday, 12 Dec 2014 | 4:39 PM ET

    Dec 12- Fitch ratings has cut its ratings on France to' AA', after having put the country on' Ratings Watch Negative' in October, saying the country's revised deficit-reduction target was not enough to hold the previous rating of' AA+'. The rating agency had said in October "it would likely downgrade the ratings by one notch in the absence of a material improvement in the...

  • Finance minister George Osborne has said he intends to balance Britain's budget over the coming years through spending cuts alone, a pledge which will be central to the campaign of Prime Minister David Cameron ahead of national elections in May. But S&P, the only major ratings agency not to have cut Britain's AAA rating, said the tax base might eventually need to...

  • Finance minister George Osborne has said that he intends to balance Britain's budget over the coming years without raising taxes. S&P-- the only major ratings agency not to have cut Britain's AAA rating-- said the tax base might need to widen. S&P also said Britain's economy would suffer if it left the European Union, something on which Prime Minister David...