WASHINGTON — The budget deficit for March showed a dramatic decline as the Obama administration formally entered a lower ultimate cost for the government’s $700-billion financial bailout program. The Treasury Department said the deficit for March totaled $65.4 billion, compared to a $191.6-billion imbalance a year ago. However, $115 billion of that improvement occurred because [...] [...]
WASHINGTON — President Barack Obama signed an order yesterday unilaterally creating a bipartisan commission to rein in unruly deficits after Congress rejected a similar body with considerably more enforcement power. In making the announcement, Obama said that unless lawmakers put aside partisan differences, the continuing red-ink trend could “hobble our economy.” The federal deficit hit [...] [...]
WASHINGTON — America’s federal deficit through the first four months of the budget year is running at a record-breaking pace even though the deficit in January was slightly smaller than expected. The massive tide of red ink reflects the continued fallout from a deep recession and a severe financial crisis. It highlights the formidable challenges [...] [...]
WASHINGTON — President Barack Obama sent Congress a $3.83-trillion budget today that would pour more money into the fight against high unemployment, boost taxes on the wealthy and freeze spending for a wide swath of government programs. The deficit for this year would surge to a record-breaking $1.56 trillion, topping last year’s then unprecedented $1.41 [...] [...]
WASHINGTON — The latest congressional budget estimates due today predict a $1.35-trillion U.S. deficit for this year, a top legislative aide says. The Congressional Budget Office figures confirm the massive problem facing President Barack Obama and his Democratic allies just days before his Feb. 1 budget submission. The White House says Obama will propose a [...] [...]
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