The U.S. federal deficit surged 156 percent in the year through June as expenditures jumped while revenues continued to weaken, according to the Department of the Treasury. The latest monthly Treasury statement (pdf), released on July 13, shows that the government posted a $228 billion budget deficit in June, up sharply compared to a budget…
Budget Deficit Increases 156 Percent as Expenditures Soar, Revenues Shrink
US Goods Trade Deficit Narrows; Retail Inventories Rise
WASHINGTON—The U.S. trade deficit in goods narrowed in May as imports fell, but the improvement was probably insufficient to prevent trade from being a drag on economic growth in the second quarter. The hit from trade on gross domestic product was, however, likely to be offset by a rise in inventory investment, with the report…
‘Worsening’ Trade Could Adversely Affect US GDP as Deficit Jumps to Highest Level in Six Months
The U.S. trade deficit rose in April to widen to a six-month high, potentially affecting second-quarter GDP growth. The trade deficit for April 2023 rose by $14 billion, to $74.6 billion, according to a June 7 news release from the Bureau of Economic Analysis (BEA). This is 23 percent rise from March’s $60.6 billion deficit…
UK Government Borrowing Surges Aim High Inflation
The UK’s public sector net borrowing rose to £25.6 billion last month, the second-highest April borrowing on record. It’s 14 percent higher than the Office for Budget Responsibility’s (OBR) estimate (£22.4 billion) and over 85 percent higher than borrowing in the same month last year (£13.7 billion). The figure is also the sixth highest since monthly records…
Biden Budget Proposes $17 Trillion in Deficits Over Next Decade
March 10, 2023
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Business & Marketsdeficiteconomic policieseconomyExecutive BranchJanet YellenJoe BidenPolicies & ImpactsPoliticsUS
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President Joe Biden revealed the third budget of his presidency, proposing to spend $6.8 trillion and raise taxes by approximately $5 trillion. Despite being promoted as a deficit-reducing plan, the White House forecasts trillions in budget shortfalls over the next decade. According to the administration’s projections (pdf), the U.S. government would record $17.055 trillion in…
‘The Biden Economic Plan Is Working’: Biden
February 15, 2023
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2024 electionbidenBusiness & Marketsdebt ceilingdeficiteconomic policieseconomyExecutive BranchinflationPolicies & ImpactsPoliticsSocial SecurityUSUS News
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President Joe Biden touted his record on the economy in a Feb. 15 speech at a union hall in Lanham, Maryland as speculation mounts as to whether the 80-year-old former senator will seek a second term. “Inflation is coming down, take-home pay for workers has gone up over the [past] several months. We’ve got more…
Japan Marks Record Trade Deficit on Soaring Energy Imports
TOKYO—Japan recorded a record high trade deficit for 2022 of 19.97 trillion yen ($156 billion) as energy imports surged, the Finance Ministry said Thursday. The deficit was the biggest since Japan began keeping comparable records in 1979, the ministry said. Both imports and exports jumped to record highs. Exports, led by autos, rose 18 percent…
US November Deficit Rises Sharply as Revenues Fall, Outlays Jump
WASHINGTON—The November U.S. budget deficit jumped by $57 billion or 30 percent from a year earlier to $249 billion, a record for the month, as revenues fell and outlays for education, healthcare, and interest on the public debt rose sharply, the U.S. Treasury said on Monday. Receipts for November fell 10 percent or $29 billion…
$100 Billion Surplus Turns to $24 Billion Deficit
November 23, 2022
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budget surplusCaliforniadeficitLocal NewsNorthern CaliforniaOpinionRegional-Local NewsSouthern CaliforniaUSViewpoints
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Commentary Just like that, California’s record $100 billion surplus has vanished into the Pacific Ocean fog, replaced by a $24 billion deficit. That’s according to the projections of the nonpartisan Legislative Analyst for fiscal year 2023-24, which begins next July 1, in “The 2023‑24 Budget: California’s Fiscal Outlook.” Well, I warned them repeatedly right here…
$100 Billion Surplus Turns Into $24 Billion Deficit
November 23, 2022
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budget surplusCaliforniadeficitLocal NewsNorthern CaliforniaOpinionRegional-Local NewsSouthern CaliforniaUSViewpoints
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Commentary Just like that, California’s record $100 billion surplus has vanished into the Pacific Ocean fog, replaced by a $24 billion deficit. That’s according to the projections of the nonpartisan Legislative Analyst for fiscal year 2023-24, which begins next July 1, in “The 2023‑24 Budget: California’s Fiscal Outlook.” Well, I warned them repeatedly right here…
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