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US budget deficit hits $2.77 trillion in 2021, 2nd highest ever
The budget deficit totaled $2.77 trillion for 2021, the second highest on record but an improvement from the all-time high of $3.13 trillion reached in 2020.
For one month, a huge federal surplus
The federal government ran the second-highest monthly surplus on record this April as tax revenues were pushed higher by a change in the deadline for corporate tax payments. In its monthly budget report, the Treasury Department said Wednesday that the surplus for April totaled $182.4 billion, the second largest surplus after a record $189.8 billion […]
Federal deficit up in January
The federal government ran a bigger deficit in January, pushing the imbalance so far this budget year up 6.2 percent from the same period a year ago. The Treasury Department said Wednesday the deficit for January stood at $17.5 billion compared to $10.3 billion a year ago. For the first four months of the budget […]
U.S. deficit rises in quarter
The federal deficit for the first three months of the budget year is up slightly from the same period a year ago, reflecting the absence of a special payment from mortgage company Freddie Mac that helped narrow the gap in 2014. The Treasury Department says the government ran a deficit of $176.7 billion for the […]
Federal deficit higher in October by quirk of calendar
(AP) The federal government started the new budget year with a higher deficit in October, but the increase reflected quirks in the calendar rather than a deterioration in the government’s budget outlook. The Treasury Department says the deficit last month was $121.7 billion, up $31.1 billion from a year ago. However, that deterioration reflected the […]
Obama’s tax plan sets up ideological battle
WASHINGTON — President Barack Obama proposed tax increases on wealthy individuals and some corporations Monday, setting the stage for an ideological battle that won’t be resolved until after the November election — if then. Obama’s proposed tax hikes put him at odds with the Republican presidential hopefuls. They have all called for tax packages that […]
U.S. government on pace for smaller deficit in 2012
WASHINGTON — The federal deficit was lower in the first quarter of the 2012 budget year than the same period last year. Yet, the imbalance remains high by historical standards and should keep lawmakers debating tax increases and spending cuts through Election Day. The Treasury Department said Thursday the deficit was $86 billion in December. […]
Obama to announce plans to cut government waste
WASHINGTON — President Barack Obama will announce new steps Monday to reduce government waste, arguing that inefficiency, fraud and abuse are especially troubling during tough economic times. Obama was to sign an executive order creating the Campaign to Cut Government Waste. According to a draft of the order obtained by The Associated Press, Obama will […]
House GOP wants to end emergency mortgage aid
WASHINGTON — Republicans on Friday muscled a bill toward House passage that would kill federal loans to struggling homeowners as the GOP and Democrats waged their latest fight over how to balance frugality and compassion at a time of massive federal deficits. The legislation would end a program offering loans to homeowners who can’t make […]
Budget analysts see 2010 deficit at $1.3 trillion
WASHINGTON — Congress’ budget analysts are estimating that this year’s federal deficit will exceed $1.3 trillion, slightly below last year’s total but still a huge ocean of red ink. The nonpartisan Congressional Budget Office said the enormous shortfall is a result of the still staggering economy, which has meant lower federal revenues plus extra government […]
