deficits

Congressional budget analysts say Obama budget pares deficits by $1.1 trillion over decade

Sat, 18 May 2013 04:08:26 GMT

Source: www.startribune.com --- Friday, May 17, 2013
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Obama budget cuts deficits $1.1 trillion by 2023

Sat, 18 May 2013 03:03:46 GMT

Source: www.tulsaworld.com --- Friday, May 17, 2013
The congressional report said to achieve his $1.1 trillion in savings over the next decade, Obama relies on $974 billion in higher revenue and $172 billion in spending cuts. ...

CBO: Obama budget cuts deficits 1.1T by 2023

Sat, 18 May 2013 02:23:17 GMT

Source: www.thereporteronline.com --- Friday, May 17, 2013
WASHINGTON - President Obama's budget would trim projected federal deficits by $1.1 trillion over the coming decade, using nearly $6 in higher revenues for every $1 in reduced spending to achieve it, Congress' nonpartisan budget analyst said Friday. After four straight years of annual shortfalls exceeding $1 trillion, the Congressional Budget Office report said Obama's budget would push this year's deficit down to $669 billion. Annual shortfalls would shrink slowly to $399 billion in 2017 before rising again, the report said. The report did little to resolve the budget impasse between Obama and congressional Republicans. The White House wants to reduce deficits further with a mix of tax increases and spending cuts, while Republicans have said they won't consider higher taxes. Chiefly because of spending increases his budget proposes, Obama's fiscal plan would make next year's deficit $115 billion higher than the $560 billion shortfall that the budget office estimates for 2014 without the president's policies. Republicans criticized that and contrasted the $542 billion deficit Obama's budget would leave in 2023 with the spending plan approved by the GOP-run House, which relies on deep spending cuts to achieve balance by that year. "This new report shows that the president's budget doesn't come close to solving the problem" despite proposing tax increases, House Budget Committee Chairman Paul Ryan, R-Wis., said in a statement. Rep. ...

CBO: Obama budget cuts deficits $1.1T by 2023

Fri, 17 May 2013 22:42:26 GMT

Source: www.denverpost.com --- Friday, May 17, 2013
WASHINGTON—President Barack Obama's budget would trim projected federal deficits by $1.1 trillion over the coming decade, using nearly $6 in higher revenues for every $1 in reduced spending to achieve it, Congress' nonpartisan budget analyst said Friday. ...

Whatever happened to those dastardly budget deficits?

Fri, 17 May 2013 21:58:18 GMT

Source: www.laobserved.com --- Friday, May 17, 2013
Mark Lacter: Government is needed a lot more in bad times than in good times. With the economy getting better, albeit slowly, that reliance is not only starting to recede, but it's being replaced by more money coming in. ...

Obama budget would cut deficits, report says

Fri, 17 May 2013 21:35:26 GMT

Source: www.chicagotribune.com --- Friday, May 17, 2013
WASHINGTON -- President Obama’s proposed mix of tax hikes and spending cuts would reduce future budget deficits more quickly than under current laws, according to a report issued Friday that could rekindle the dormant budget wars in Washington. ...

Obama's budget will cut deficits by $1T by 2023

Fri, 17 May 2013 20:51:03 GMT

Source: www.fox23.com --- Friday, May 17, 2013
WASHINGTON (AP) — Congress' nonpartisan budget analyst says President Barack Obama's budget would trim projected federal deficits by $1.1 trillion over the coming decade. The Congressional Budget Office said Friday that after four straight years of annual shortfalls exceeding $1 trillion, Obama's budget would leave this year's deficit at $669 billion. The report says annual budget gaps would fall slowly to $399 billion in 2017 before gradually rising again. The budget office says that of the overall savings Obama proposes, $974 billion would come from higher revenues and $172 billion from spending cuts. Overall, the budget office says Obama's budget would produce $5.2 trillion in red ink through 2023. But that is $1.1 trillion less than the deficits that would be generated over that time if no tax or spending laws are changed. ©2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. ...

CBO: Obama Budget Will Reduce Deficits

Fri, 17 May 2013 19:12:31 GMT

Source: www.slate.com --- Friday, May 17, 2013
The Congressional Budget Office is out with its score of the President's proposed budget (dead on arrival in the House of Representatives, naturally) and it does exactly what a budget should , making the deficit larger in the short term but smaller in the medium term. Doing this would not eliminate the long-term economic challenges of population aging and federal responsibility for health care needs, but it would leave us with a budget deficit that's clearly sustainable—quite a bit smaller than the nominal growth rate of the economy, and with the debt burden shrinking. ...

CBO: Obama budget would cut 10-year deficits by $1.1 trillion

Fri, 17 May 2013 18:39:00 GMT

Source: www.washingtonpost.com --- Friday, May 17, 2013
President Obama’s budget request would raise taxes by nearly $1 trillion compared with current law and cut spending by nearly $200 billion, congressional budget analysts said Friday. All told, the president’s most recent request, released in April, would reduce projected borrowing by more than $1.1 trillion over the next decade, pushing the national debt below 70 percent of the overall economy by 2023, the Congressional Budget Office said. Read full article >> ...

The 15 Michigan schools running the biggest deficits

Fri, 17 May 2013 17:22:33 GMT

Source: michiganradio.org --- Friday, May 17, 2013
Bake sales, magazine subscriptions, and car washes... it seems school systems are perennially low on money. But with one Michigan school system closing its doors before the school year ends, others consolidating to save money, and still another giving up on its high school ; Michigan schools seem to be in an especially bad spot. Blame gets spread around. It's the economy - mismanagement - declining enrollment - excessive funding cuts - high retiree costs - or cumbersome union contracts. Pick whatever reason you like best, it doesn't change the fact that many Michigan schools are in trouble. The State's Deputy Superintendent of Schools wrote this in a recent memo to local school officials: "... we have seen a marked increase in the number of districts that have experienced a deficit fund balance. The magnitude of some of these districts seems almost insurmountable." Let's give it a little perspective. Over the last decade, here are the number of schools that ran a deficit in a given school year. Michigan had 742 school districts in 2002-2003. Today, the state has 805 districts. Of the 805 districts today, as the chart shows, 49 are running deficits. Here are the fifteen schools in Michigan with the biggest projected budget deficits as a percentage of their expected overall revenue. (It should be noted these numbers could change as the school year advances.) ...

Republicans completely ignore shrinking deficits

Fri, 17 May 2013 06:43:44 GMT

Source: www.newsvine.com --- Thursday, May 16, 2013
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Former Treasury official: Let's keep running big deficits

Thu, 16 May 2013 18:58:23 GMT

Source: money.cnn.com --- Thursday, May 16, 2013
In a provocative new book, a former Wall Street CEO and Treasury official argues that the U.S. shouldn't worry about the ballooning national debt. This reviewer respectfully disagrees. ...

Michael Kinsley on Deficits and Sacrifice

Thu, 16 May 2013 17:53:00 GMT

Source: www.cnbc.com --- Thursday, May 16, 2013
A duel over austerity. ...