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, ...

Tagged with: Congress deficit Economy spending cuts

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 ...

Tagged with: deficit

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 ...

Tagged with: deal debt ceiling deficit federal government

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.

Tagged with: debt ceiling deficit Economy imf

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.

Tagged with: Budget deficit Medicare Taxes

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.

Tagged with: budget cuts deficit Economy President Obama

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.

Tagged with: Budget deficit Gov. Andrew Cuomo spending

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.

Tagged with: deficit President Barack Obama

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.

Tagged with: budget cuts deficit Gov. David Paterson Medicaid New York State

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.

Tagged with: Budget China deficit Treasury