Canada’s first deficit budget in 12 yrs to stimulate economy

June 10th, 2009 Budget deficit hits record for May of $189.7BWASHINGTON — The federal budget deficit soared to a record for May of $189.7 billion, pushing the tide of red ink close to $1 trillion with four months left in the budget year. The rising deficit reflects increased government spending due to the recession, and billions of dollars spent on bailouts for banks and other troubled companies.

May 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.

April 3rd, 2009 WASHINGTON - US lawmakers Thursday approved a $3.5-trillion budget outline for 2010 that closely mirrors President Barack Obama's priorities for the country. The vote in the House of Representatives was 233-196, largely along party lines, and came after weeks of polarising debate that exposed deep differences between majority Democrats and opposition Republicans over how to resuscitate the US economy.

March 18th, 2009 WASHINGTON - US President Barack Obama Tuesday defended his ambitious budget proposals, which have been strongly resisted by conservatives, telling skeptics that his plans were in line with the enormity of the problems faced by the country's economy. 'The challenges we face are too large to ignore,' Obama said after a meeting with members of the congressional budget committees.

March 7th, 2009 MUMBAI - The fiscal deficit will stimulate growth of the Indian Economy, chief economic advisor Arvind Virmani said here Friday. 'GDP growth rate for India can be reasonably forecast after the publishing of figures for agricultural output.

March 6th, 2009 BEIJING - China Thursday announced a fiscal deficit budget of 950 billion yuan ($139 billion) for 2009, the highest in six decades, as the country boosts spending to cushion the impact of the global financial crisis. The total deficit accounts for less than 3 percent of China's gross domestic product (GDP), said Prime Minister Wen Jiabao at the opening of parliament's annual session.

February 24th, 2009 NEW DELHI - India's large fiscal deficit could pose problems for the banking sector, said economic analysis provider Moody's Economy.com Tuesday. 'A large fiscal deficit could pose problems for the banking sector, with a wide funding gap forcing the government to issue large amounts of debt, pushing up India's risk-free interest rate and depressing the price of government bonds, large volumes of which are held by banks,' according to Nikhilesh Bhattacharyya, associate economist at Moody's Economy.com.

February 21st, 2009 NEW DELHI - India’s consolidated fiscal deficit may increase to 10.3 percent of gross domestic product (GDP) this fiscal and 10 percent the next year, according to an estimate by global investment bank Goldman Sachs. 'We do not think that the deficit will come down substantially over the next few years,' Tushar Poddar, economist with Goldman Sachs, said in a statement.

February 19th, 2009 NEW DELHI - India’s consolidated fiscal deficit may increase to 10.3 percent of gross domestic product (GDP) this fiscal and 10 percent the next year, according to an estimate by global investment bank Goldman Sachs. 'We do not think that the deficit will come down substantially over the next few years,' Tushar Poddar, economist with Goldman Sachs, said in a statement.

February 15th, 2009 NEW DELHI - The government Monday said high fiscal deficit was inevitable given the global economic scenario and increasing public expenditure. External Affairs Minister Pranab Mukherjee in his interim budget speech pegged the current fiscal's deficit at 6 percent of the gross domestic product (GDP), but hoped that it would come down to 5.5 percent in next financial year.

February 15th, 2009 NEW DELHI - Prime Minister Manmohan Singh Monday hailed the interim budget as a 'fine balancing act', and said it will stimulate growth for the country in these difficult times. 'I have no doubt that the continued stimulus for the various flagship programmes of the government will provide relief to all sections - specially the 'aam aadmi' (common man),' the prime minister said in a statement.

February 12th, 2009 CHANDIGARH - After having been a revenue surplus state for nearly four years, Haryana has once again become a revenue deficit state, after the new budget for 2009-10 was presented to the state assembly Friday. Finance Minister Birender Singh said the revenue deficit in 2009-10 will be Rs.33.84 billion.

February 12th, 2009 PARIS - The French budget deficit rose to 56.2 billion euros ($72.5 billion) in 2008, an increase of 44 percent over the previous year, the budget ministry announced Friday. Budget Minister Eric Woerth immediately tried to reassure the French that there would be no tax increase in 2009 to make up for the revenue shortfall that helped create the large deficit.

January 18th, 2009 TAIPEI - The Taiwan government has distributed shopping coupons worth more than about $2.6 billion to the public over the weekend to stimulate spending in the run-up to the Lunar New Year holiday. The coupons were being distributed through more than 14,200 outlets across the island.

December 23rd, 2008 MOSCOW - Russia is facing first budget deficit in a decade in 2009 and would make up for the shortfall with money from the Reserve Fund, a Kremlin aide said Wednesday. The aide, Arkady Dvorkovich, refused to specify the figures involved, saying that the calculations varied.