WASHINGTON (Reuters) - The chances of a deal between Democratic and Republican lawmakers that would overhaul the tax system, trim government spending and reform safety net spending programs appear to be fading.

  The Congressional Budget Office put conservative economic thinkers on their ass this week. In this Report (pdf), the CBO concluded that the US budget deficit is about to collapse to insignificance. The improvement in the deficit outlook is so

The plan includes limiting the deductions and exclusions high-income families can claim, increasing taxes on tobacco products and adopting a new minimum tax on income over $1 million.    

WASHINGTON -- 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...

WASHINGTON (Reuters) - Near-term U.S. deficits under President Barack Obama's 2014 budget plan would be higher than those forecast by the Congressional Budget Office this week but would be $1.1 trillion lower over the coming decade, CBO said on Frida

WASHINGTON, May 17 (Reuters) - Near-term U.S. deficits under President Barack Obama's 2014 budget plan would be higher than those forecast by the Congressional Budget Office this week but would be...

WASHINGTON, May 17 (Reuters) - Near-term U.S. deficits under President Barack Obama's latest budget plan would be higher than the most recent estimates by the Congressional Budget Office, but $1.1...

The week’s data show how clothing prices have been under wraps for over 20 years, while the budget deficit looks to be in better shape than previously estimated. See the data in charts.

The new CBO budget projections showing debt stabilization over the next decade and a reduction of the expected FY 2013 deficit to $642 billion hasn't been deemed by Washington as a "scandal," although falling deficits amid high unemployment and below

Unlike today's politicians, however, FDR refused to pander to the sky-is-falling rhetoric of the conservative right on the disastrous consequences that would accrue to the country by running a deficit in the midst of an economic crisis.

While Tepper and his breathless team-mates celebrate a 'sustainable' euphoria-inducing drop in the deficit that heralds the new America, TrimTabs CEO Charles Biderman upsets the bull's apple-cart by explaining the three one-off items that created thi

It is most unfortunate that it takes a severe crisis to get anything done on Capitol Hill, but we fear that a new one will be required to effect material change.

NEW YORK (TheStreet) -- To many observers, March's U.S. trade report was a smashing success: Compared to March 2012, the trade deficit fell 11%! To us, though, that wasn't necessarily cause for celebration. In our view, the trade deficit is a mislead

American college students not only have to pay too much for their education, they also are getting gouged on the student loans provided by the government to cover these excessive costs, writes Darrell Delamaide.

Sale of rail unit to Siemens for £1.7bn has allowed engineering group to pay off most of its £490m pensions deficit and return £625m to shareholders

MADRID, May 16 (Reuters) - Spain central government deficit reached 1.53 percent of gross domestic product, or 16 billion euros ($21 billion), in the first quarter of the year, the Treasury Ministry...

WASHINGTON, May 15 (Reuters) - Republicans in the House of Representatives vowed on Wednesday to press on with their campaign to further slash spending on U.S. government benefits programs despite...

WASHINGTON -- Congressional Republicans are seeking deeper cuts to nutrition programs this year even as the federal budget deficit is shrinking faster than expected. The...

The CBO said this week that America's fiscal deficit will be much smaller than anyone thought, and that long term debt growth will slow by at least 3 points through the next decade.    That's good news right? In his note today, Deutsche Ban

Chancellor George Osborne tells business leaders at the CBI that he will not deviate from the government's economic road to reducing the deficit.

The point isn't to have one, it's to make it quickly and efficiently and then pin it on the president. To exploit a scandal for scandal's sake. Because scandals are the only way to shrink our deficit, improve our financial outlook, and

For some reason, Karl Rove seems to like Josh Barro's post arguing that we shouldn't be trying to cut deficits now.

The improving short-term picture offers breathing space to address the long-term crunch. Congress should take the debt-ceiling battle off the agenda

The eurozone has entered a vicious circle feeding on consolidation measures that weigh heavily on growth, hampering deficit reduction and requiring new adjustments to be made. Since the countries caught up in the crisis do not have the option of depr

The leaders of France and the European Union's executive body said the euro zone should remain open to relaxing budget restrictions in tough economic times after preliminary data showed France has slipped into a recession.

NEW YORK (TheStreet) -- The U.S. budget deficit in 2013 is projected to shrink faster than earlier thought, thanks in large part to the government's new cash cows, bailed-out housing giants Fannie Mae and Freddie Mac.The Congressional Budget Office o

Great news!

WASHINGTON -- The good news is the budget deficit for the current year is projected to come in well below what was estimated just a...

* EU wants French reforms in return for easing deficit target

JAKARTA, May 15 (Reuters) - Indonesia had a balance of payments deficit of $6.6 billion in the first three months of this year, due to weak global demand coupled with low investment, the central bank said on Wednesday.

The deficit is shrinking as tax increases and a recovering economy are boosting tax revenue, dividend payments from Fannie Mae and Freddie Mac are going to federal coffers, and government spending has been curbed.

Jon Chait notes some bad news for deficit hawks and opponents of Obamacare: Give Back that Pulitzer, Wall Street Journal Editorial Page: The recent slowdown in health-care costs is one of those facts, like climate change or the rapid growth...

The Congressional Budget Office (CBO) released their new Updated Budget Projections: Fiscal Years 2013 to 2023If the current laws that govern federal taxes and spending do not change, the budget deficit will shrink this year to $642 billion, the Cong

* New CBO estimates could sap Congress' urgency for fiscal deal

The Congressional Budget Office cited bigger-than-expected tax receipts and payments from Freddie Mac and Fannie Mae.    

The brighter US fiscal outlook is the result of a combination of increased tax revenues, due partly to the economic recovery, and deep automatic spending cuts

WASHINGTON, May 14 (Reuters) - The U.S. budget deficit is shrinking considerably more quickly than previously thought and revenue growth will outpace spending increases over the next two years, the Congressional Budget Office said on Tuesday.

WASHINGTON, May 14 (Reuters) - The U.S. budget deficit is shrinking considerably more quickly than previously thought and revenue growth will outpace spending increases over the next two years, the...

WASHINGTON, May 14 (Reuters) - The U.S. budget deficit is shrinking considerably more quickly than previously thought and revenue growth will outpace spending increases over the next two years, the...

WASHINGTON (AP) — A new government estimate says the budget deficit for the current year will come in well below what was projected just a...

WASHINGTON (MarketWatch) -- The Congressional Budget Office on Tuesday slashed its estimate of the current year deficit by $200 billion to $642 billion, which would represent the lowest deficit since 2008 and a deficit-to-GDP ratio of 4%. The reduced

Ratings agency Fitch upgrades Greece's credit rating, citing progress in cutting its budget deficit.

WASHINGTON, May 14 (Reuters) - The U.S. budget deficit this year will be $203 billion lower than previously estimated, the Congressional Budget Office said on Tuesday, citing rising tax revenues and...

The Congressional Budget Office just published its Budget and Economic Outlook. According to their updated forecast, the U.S. deficit will shrink to $642 billion this year. This is down from an estimate of $845 billion in February. More to come... Pl

ATHENS, May 14 (Reuters) - Ratings agency Fitch upgraded its sovereign credit rating for Greece by one notch on Tuesday, citing the country's progress in cutting its budget deficit and the receding...

Fitch Ratings upgraded Greece's sovereign credit rating a notch, citing Athens's progress in tackling its budget deficit and rebalancing its economy, along with a reduced risk of a Greek exit from the euro zone.