US deficit triples to record high of $1.4 trillionOctober 7th, 2009 WASHINGTON - The US federal budget deficit tripled to about $1.4 trillion for fiscal year 2009 in the midst of the worst economic decline since the Great Depression, the office that keeps track of spending for Congress said Wednesday. The figure represented about 9.9 percent of gross domestic product (GDP), the highest percentage since 1945, the Congressional Budget Office said in a statement.
CBO: Budget deficit hit record $1.4B in 2009 thanks to recession-fed drop in revenue, bailoutsOctober 7th, 2009 CBO: Budget deficit hit record $1.4B in 2009WASHINGTON — Congressional analysts say the federal budget deficit tripled to a record $1.4 trillion for the 2009 fiscal year that ended last week. The unprecedented flood of red ink flows from several factors, including a big drop in tax revenues due to the recession, $245 billion in emergency spending on the Wall Street bailout and the takeover of mortgage giants Fannie Mae and Freddie Mac.
Federal deficit climbs higher into record territory, hits $1.38 trillion in first 11 monthsSeptember 11th, 2009 Federal deficit hits $1.38 trillion through AugustWASHINGTON — The federal deficit surged higher into record territory in August, hitting $1.38 trillion with one month left in the budget year. The soaring deficits have raised worries about the willingness of foreigners to keep purchasing Treasury debt.
White House, Congress both predict $1.6 trillion deficit, differ on longer-term shortfallAugust 25th, 2009 Congress projects smaller deficit than White HouseWASHINGTON — Congressional budget analysts project a cumulative $7 trillion deficit from 2010-2019, a figure roughly $2 trillion less than the one projected by the White House budget office. The nonpartisan Congressional Budget Office, in a report that came out on the same day as the White House midyear budget review, said the deficit this year will total $1.6 trillion and that putting the nation on a sustainable fiscal course will require a mix of lower spending and higher tax revenues than the amounts now projected.
AP source: White House to project $2 trillion higher deficit over next decadeAugust 21st, 2009 AP source: $2 trillion higher deficit projectedWASHINGTON — A White House budget official says the Obama administration expects the federal deficit over the next decade to be $2 trillion bigger than previously estimated. The projection now is for a deficit of $9 trillion.
Record federal deficit climbs higher, $180.7 billion in July, $1.27 trillion so far this yearAugust 12th, 2009 Federal deficit higher in July, $1.27T this yearWASHINGTON — The federal deficit climbed higher into record territory in July, hitting $1.27 trillion with two months remaining in the budget year. The Treasury Department said Wednesday that the July deficit totaled $180.7 billion, slightly more than the $177.5 billion economists had expected.
Putin: Russia to run deficit of 7.5 percent of GDP next year, says most country can affordJuly 30th, 2009 Russia to run 7.5 pct deficit in 2010MOSCOW — Russia will next year run a budget deficit equivalent to 7.5 percent of annual economic output, the highest deficit the country can afford without hurting economic stability, Prime Minister Vladimir Putin said Thursday. Russia is facing its biggest economic test in a decade and is this year running a budget deficit of 9.4 percent of gross domestic product — its first deficit in a decade.
Putin: Russia to run 7.5 percent budget deficit next year _ the most it can affordJuly 30th, 2009 Russia to run 7.5 pct budget deficit next yearMOSCOW — Russia will next year run a budget deficit equivalent to 7.5 percent of annual economic output, the highest deficit the country can afford, Prime Minister Vladimir Putin said Thursday. Russia is facing its biggest economic test in a decade and is this year running a budget deficit of 9.4 percent of gross domestic product — its first deficit in a decade.
Government runs April deficit for first time since '83; tally so far this year $802.3 billionMay 12th, 2009 Gov't runs April deficit for first time since '83WASHINGTON — The federal government ran a deficit in the month of April for the first time in 26 years, pushing the red ink so far this budget year to a record $802.3 billion. The Treasury Department said Tuesday the deficit for April was $20.9 billion, a sharp contrast from the surplus of $159.3 billion in the same month last year.
White House: Budget deficit to top $1.8 trillion, quadruple last year's figureMay 11th, 2009 White House: Budget deficit to top $1.8 trillionWASHINGTON — With the economy performing worse than hoped, revised White House figures point to deepening budget deficits, with the government borrowing 50 cents for every dollar it spends this year. The deficit for the current budget year will rise by $89 billion to above $1.8 trillion — about four times the record set just last year.
Treasury plans to auction 30-year bonds on a monthly basis to deal with record debt levelsApril 29th, 2009 Treasury again increases auctions of 30-year bondsWASHINGTON — The Treasury Department said Wednesday it will boost the number of times it auctions 30-year bonds to 12 times a year in another move to cope with the government's soaring debt. The monthly auctions of 30-year bonds follows Treasury's decision just three months ago to double the frequency of the auctions from four times annually to eight.
Treasury needs to borrow $361 billion in April-June quarter, record amount for that periodApril 27th, 2009 Treasury needs record $361B April-June borrowingWASHINGTON — The Treasury Department said Monday it will need to borrow $361 billion in the current April-June quarter, a record amount for that period. It's the third straight quarter the government's borrowing needs have set records for those periods.
Rs.1-bn tax concession in Tamil Nadu's deficit budgetFebruary 16th, 2009 CHENNAI - Tamil Nadu Finance Minister K. Anbazhagan Tuesday offered Rs.1-billion value-added tax (VAT) concessions while presenting the state budget for 2009-10 with a total deficit of Rs.118.24 billion (Rs.11,823.64 crore).
Government to overshoot expenditure estimateFebruary 15th, 2009 NEW DELHI - The government Monday revised the total expenditure estimate in the current fiscal to a little over Rs.9 trillion (Rs.900,953 crore), an increase of Rs.1.5 trillion (Rs.150,069 crore) on account of increased assistance to states, greater sectoral investments and a higher subsidy burden. In the interim budget that he presented in the Lok Sabha, External Affairs Minister Pranab Mukherjee hiked the plan expenditure by Rs.395.71 billion (Rs.39,571 crore) to Rs.2.82 trillion (Rs.282,957 crore), against the budgeted estimate of Rs.2.43 trillion (Rs.243,386 crore).
Obama warns of `trillion-dollar deficits for years to come'January 6th, 2009 WASHINGTON - President-elect Barack Obama has warned Americans about the unparalleled prospect of 'trillion-dollar deficits for years to come', saying the exploding budget gap underscores the need for long-term reform of US finances. 'We're already looking at a $1 trillion budget deficit or close to a $1 trillion budget deficit, and potentially we've got $1 trillion deficits for years to come,' Obama told reporters Tuesday after a meeting with his economic and budget team.
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