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US Budget Deficit

No Wonder We're Stuck in a Slog

Jared Bernstein | Posted 12.31.2013 | Business
Jared Bernstein

The Treasury today released the data for the fiscal year 2013 budget deficit, which amounted to $680 billion, or 4.1 percent of GDP, down about $400 billion from last year's deficit, which was 6.8 percent of GDP. The 2.7 percentage point drop came from 1.5 ppts higher tax receipts and 1.2 ppts lower outlays (both relative to GDP). That's the largest one year decline in the budget deficit since 1969. The deficit is down 6 percentage points of GDP since 2009 -- the largest four-year decline since 1950. We're engaged in a level of budget austerity that would make a European policy maker proud.

Deficit Falls Below $1 Trillion For First Time In Five Years

AP | MARTIN CRUTSINGER | Posted 10.31.2013 | Politics

WASHINGTON -- WASHINGTON (AP) — For the first time in five years, the U.S. government has run a budget deficit below $1 trillion. The government sa...

Government Forecast Finds Budget Deficit Down 37.6 Percent Through July

AP | MARTIN CRUTSINGER | Posted 08.13.2013 | Politics

WASHINGTON -- The government on Monday reported a $97.6 billion deficit for July but remains on track to post its lowest annual budget gap in five yea...

Deficit Continues To Shrink: White House

AP | ANDREW TAYLOR and JIM KUHNHENN | Posted 09.07.2013 | Politics

WASHINGTON — The White House said Monday that the federal budget deficit for the current fiscal year will shrink to $759 billion. That's more th...

Super Committee Failure Could Rattle Markets

Posted 11.21.2011 | Business

A brutal year for global investors may get even worse this week if Congress proves yet again it is too bitterly divided to deliver on its promise ...

Titanic Economics

David M. Abromowitz | Posted 09.08.2011 | Politics
David M. Abromowitz

The choices being made today by leaders in Washington will determine if the titanic U.S. economy stays afloat or sinks further underwater. Choices that tilt in favor of the wealthy would come at the expense of those who are most vulnerable.

Budget Talks Put Dems Over a Barrel (Again)

Rick Horowitz | Posted 08.29.2011 | Politics
Rick Horowitz

[After hours, just a short walk from the Capitol...] "We're gonna do it again -- I can feel it." "Do what again?" "What we always do -- we're g...

Simon Johnson: Fiscal Conservatives Dodge $10 Trillion Debt

Bloomberg News | Simon Johnson | Posted 06.20.2011 | Business

Washington is filled with self- congratulation this week, with Republicans claiming that they have opened serious discussion of the U.S. budget defici...

Economists' Number 1 Risk: The Budget Deficit

Posted 05.25.2011 | Business

WASHINGTON: The massive U.S. budget deficit is the gravest threat facing the economy, topping high unemployment and the risk of inflation or defla...

Obama Proposing Record Budget Deficits; Is America Doomed to Follow Greece?

Sheldon Filger | Posted 05.25.2011 | Business
Sheldon Filger

What we are witnessing is not only an economic and fiscal calamity in the making. It is as much a display of political dysfunctionality and moral cowardice as it is of inept fiscal policy. But the problem is not uniquely Obama's -- or Democrats'.

Washington Post Misinforms Readers About Deficit

Dave Johnson | Posted 05.25.2011 | Media
Dave Johnson

Obama did not "balloon" the deficit, as the Washington Post claimed.

Why it Is Not Smart to Short the Euro

Georges Ugeux | Posted 05.25.2011 | World
Georges Ugeux

It took three years to execute the colossal task of changing currencies into Euros. The Euro is essential, and the current decision reinforces the European common currency.