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Nov 18, 2011

Spending cuts pose new threat to U.S. economy

WASHINGTON, D.C. — Just as the U.S. economy is making progress despite Europe’s turmoil, here come two new threats. A congressional panel is supposed to agree by Thanksgiving on a deficit-reduction package of at least $1.2 trillion. If it fails, federal spending would automatically be cut by that amount starting in 2013. Congress may also […]

Nov 14, 2011

State budget update projects deficits

ALBANY — New York budget officials are projecting a $350 million deficit in this year’s general fund, followed by a deficit ranging from $3 billion to $3.5 billion next year. In the midyear update released Monday, the Division of the Budget cites weak economic conditions around the world, volatility in financial markets and persistently disappointing […]

Aug 1, 2011

Questions and answers about the debt ceiling-deficit deal

WASHINGTON — The House began debate Monday on the hard-bargained plan to avert a national financial default, even as the White House and congressional leaders struggled to round up enough votes to approve it. Here is an explanation, in questions and answers ...

Jun 29, 2011

IMF urges US lawmakers to raise $14.3B debt limit

WASHINGTON — The International Monetary Fund urged U.S. lawmakers Wednesday to raise the nation's borrowing limit. It warned that inaction could lead to a spike in interest rates that would harm the U.S. economy and world financial markets.

Apr 13, 2011

Obama pivots, eyes Medicare changes, tax increases

WASHINGTON, D.C. — President Barack Obama, risking liberal anger and Republican scorn, is turning his attention to the nation's crushing debt with an anti-deficit framework that tackles politically sensitive health care programs while also increasing taxes.

Apr 11, 2011

White House: Obama to lay out spending plan

WASHINGTON, D.C. — President Barack Obama this week will outline a broad plan to reduce the nation's deficit, shifting from immediate budget concerns to the debate over the nation's long-term economic health. Obama is expected to call for cuts to Medicare and Medicaid and tax hikes for the wealthy.

Feb 2, 2011

Gov. Cuomo wields ax in 2011-12 state budget

ALBANY — Gov. Andrew Cuomo on Tuesday did what no New York governor has tried in 15 years: He unveiled a budget plan that calls for an overall reduction in spending and up to 9,800 layoffs as the state tries to get out from under crippling deficits.

Nov 29, 2010

Citing deficit, Obama freezing federal worker pay

WASHINGTON, D.C. — President Barack Obama announced a pay freeze for 2 million federal employees Monday and warned the American public that the move is the first of many difficult decisions that must be made to slash the nation's mounting deficits.

Nov 4, 2010

Hard times worsen state’s deficit, more seek Medicaid

ALBANY — New York's hard times just got harder. The administration of Gov. David Paterson on Thursday said closing the latest deficit may require cuts of perhaps 1 percent in every area including a midyear cut in school aid.

Jul 16, 2010

China reduces Treasury debt holdings

WASHINGTON, D.C. (AP) — China reduced its holdings of U.S. Treasury debt in May as total foreign holdings of government debt posted a slight increase.

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