The United States government recorded a budget deficit of 174 billion dollars in June, which is approximately a fifth of the 864 billion dollars the same month a year ago. Recovery of the labor and jobs markets, together with an advanced deadline to pay taxes this year helped to achieve the positive tendency.
A United States researcher who shared this year's Nobel Prize for medicine bluntly criticized political developments in the US in his address at the awards' gala banquet Sunday night. Michael Rosbash, who was honored for his work on circadian rhythms — commonly called the body clock — expressed concern that U.S. government support such as that received by him and colleagues Jeffrey Hall and Michael Young is endangered.
The White House has denied the president's budget proposal contains an egregious math error. Former US Treasury Secretary Larry Summers pointed out the spending plan double-counts US$2trillion. But White House budget director Mick Mulvaney told reporters: We stand by the numbers.
Washington's battles over government funding ended with a whimper today as the US Senate approved a 1.1 trillion dollars spending bill that quells for nearly nine months the threat of another federal agency shutdown.
On the same day the Federal Reserve announced tapering of stimulus, the US Senate passed a two-year budget deal to ease automatic spending cuts and reduce the risk of a government shutdown, but fights were already breaking out over how to implement the budget pact
Tax increases, spending cuts and a stronger economy nearly sliced the United States budget deficit in half in fiscal 2013, reducing it to the lowest level since 2008, Treasury Department data showed. The federal government took in 75.1 billion more than it spent last month, leaving the deficit for the fiscal year, which runs from October to September, at 680 billion, down from 1.09 trillion in 2012.
The United States may lose its triple-A debt rating if next year's budget negotiations do not produce policies that over time decrease the country's debt, Moody's Investors Service said in an e-mailed statement on Tuesday.
The Federal Reserve is likely to deliver another round of monetary stimulus “fairly soon” unless the economy improves considerably, minutes from the US central bank's August meeting show.
President Barack Obama called on Monday for aggressive spending to boost growth and for higher taxes on the rich, laying out an election-year vision for the US in a budget that was criticized sharply by Republicans for failing to curb the deficit.