California controller says disappointing tax receipts will push state into bigger deficitOctober 9th, 2009 California controller warns of bigger deficitSACRAMENTO, Calif. — California's state controller is warning that disappointing tax receipts will push the state into a bigger budget deficit than expected.
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.
Government aiming to bring fiscal deficit down to 4 percentSeptember 23rd, 2009 KOLKATA - Finance Minister Pranab Mukherjee Wednesday said the government planned to scale down fiscal deficit to 4 percent by 2012. "We should try to bring down the fiscal deficit to 5 percent in 2011 and 4 percent by 2012," Mukherjee said in an address at the 155th annual general meeting of the Bengal Chamber of Commerce and Industry here.
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.
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.
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.
Obama's budget director says progress is being made as lawmakers work on health care overhaulJuly 19th, 2009 Budget chief sees progress in health care overhaulWASHINGTON — President Barack Obama's budget director is playing down reports that lawmakers are bogged down over the health care overhaul. Peter Orszag says good progress is being made toward Obama's goal of a bill in August.
Haryana to woo dropouts back to schoolJuly 14th, 2009 CHANDIGARH - The Haryana government will start a two-week campaign from Wednesday to woo school dropouts back to school to increase the literacy rate in the state, Chief Minister Bhupinder Singh Hooda said Tuesday. "This campaign is part of our drive to educate every individual in Haryana.
Deficit of Rs.84.6 bn in Maharashtra interim budgetMarch 18th, 2009 MUMBAI - The Maharashtra government's interim budget for the current year, presented Tuesday, shows a yawning deficit of over Rs.84.6 billion (Rs.8,462 crore), but no new taxes have been imposed and there has been no cut on developmental expenditure. State Finance Minister Dilip Walse-Patil, unveiling the interim budget in the legislative assembly, emphasised that the Ashok Chavan-led Democratic Front government has earmarked funds to step up power generation, minimise load shedding, augmenting irrigation facilities and focussing on the social sector.
Congress has made Haryana bankrupt: ChautalaMarch 4th, 2009 CHANDIGARH - Indian National Lok Dal (INLD) leader Om Prakash Chautala Tuesday accused Haryana's Congress government of leading the state to bankruptcy. The former chief minister told reporters here that the four-year-old Bhupinder Singh Hooda government had put Haryana under immense debt due to faulty policies.
Haryana's demand for separate Sikh body could irk PunjabFebruary 22nd, 2009 CHANDIGARH - The submission Friday of a report to Haryana Chief Minister Bhupinder Singh Hooda suggesting the formation of a separate Sikh body to manage Sikh shrines in the state could lead to friction with Sikh leaders of neighbouring Punjab. The report for having a separate Shiromani Gurdwara Prabandhak Committee (SGPC) for Haryana was submitted Friday to Chief Minister Hooda by a committee headed by Haryana?s Agriculture Minister H.S.
Karnataka revenue declines by 50 percent for FY 2009February 21st, 2009 BANGALORE - The economic slowdown has severely impacted Karnataka, resulting in a steep 50 percent decline in its revenue surplus as against the budget estimates for this fiscal 2008-09 (FY 2009). 'The revised estimate of revenue surplus is Rs.767 crore (Rs.7.67 billion) as against the budget estimates of Rs.1,527 crore (Rs.15.27 billion) for 2008-09, which is a decline of 50 percent,' Chief Minister B.S.
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).
Highlights of interim budget presented in Lok SabhaFebruary 15th, 2009 NEW DELHI - Following are the highlights of the interim budget presented by Minister for External Affairs Pranab Mukherjee in the Lok Sabha Monday:
* In past three years, India grew by average of over 9 percent
* Per capita income expanded by 4.7 percent per annum
* Fiscal deficit was brought down from 4.5 percent to 2.7 percent
* Revenue deficit was cut from 3.6 percent to 1.1 percent
* Exports increased 26.4 percent per annum
* Foreign trade increased from 27.3 percent to 35.5 percent
* Tax to gross domestic product ratio expanded by 9.2 to 12.5 percent
* Agriculture grew by 3.7 percent per annum
French budget deficit jumped by 44 percent in 2008February 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.
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