Federal deficit News

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Spending Cuts Not Expected to Dent $1.5 Trillion Deficit

WASHINGTON -- The $38 billion in spending cuts agreed to last week won't prevent this year's budget deficit from setting another record high, estimated at $1.5 trillion. Most of the agreed-to spending cuts either affect future budgets or amount to accounting gimmicks that won't reduce actual spending. The Treasury...

White House: Obama to Lay Out New Spending Plan to Cut Deficit

WASHINGTON - One budget deal down, President Barack Obama and Congress began to pivot Sunday from the painful standoff over this year's spending to a pair of defining debates over the nation's borrowing limit and the election-year budget. Much will be revealed at midweek, when the House and Senate are expected to vote on...

White House Says Shutdown Will Delay Pay to Troops

WASHINGTON -- The Obama administration warned Wednesday that a federal shutdown would undermine the economic recovery, delay pay to U.S. troops fighting in three wars, slow the processing of tax returns and limit small business loans and government-backed mortgages during peak home buying season. The dire message,...

GOP Budget Proposal Would Increase Health Cost for Future Retirees

WASHINGTON -- Most future retirees would pay considerably more for health care under the new budget proposed by House Republicans, according to an analysis by nonpartisan experts for Congress that signals problems ahead for the plan. The fiscal blueprint would put people now 54 and younger in a different kind of health...

What Would a Government Shutdown Really Mean? [VIDEO]

Federal deficit News From the Web

04/11/11 Federal Deficit Source: Salon.com On a separate long-term track, Republicans controlling the House have fashioned plans to slash the budget deficit by more than $5 trillion over the upcoming decade, combining unprecedented spending cuts with a fundamental restructuring of taxpayer-financed health care for the elderly and the poor.

Background on Federal deficit

The United States public debt is the money borrowed by the federal government of the United States at any one time through the issue of securities by the Treasury and other federal government agencies.

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