Jul 12, 2014

U.S. monthly surplus augurs low annual deficit

The U.S. government ran a monthly budget surplus in June, putting it on course to record the lowest annual deficit since 2008. The Treasury Department said Friday that its June surplus totaled $71 billion, following a $130 billion deficit in May. The government also ...

India's Modi faces first test of reform pledges

Jul 10, 2014

India's Modi faces first test of reform pledges

India’s Prime Minister Narendra Modi faced the first major test of his reform credentials on Thursday, when his fresh-faced government presented its maiden budget amid early doubts about his willingness to make unpopular decisions. The budget promised a new era of fiscal prudence and ...

Jun 9, 2014

EU eyes using vice to boost economies

European governments are turning their attention to prostitution, drugs and contraband as possible ways of boosting their economic growth profiles, as they struggle away from their debt crises. Italy caused a stir when it announced last month that it would begin including revenues from ...

Abe vows to start cutting corporate tax in fiscal 2015

Jun 7, 2014

Abe vows to start cutting corporate tax in fiscal 2015

Prime Minister Shinzo Abe said Friday that the country will start cutting the effective corporate tax rate in fiscal 2015 as part of efforts to encourage foreign investment in the country. Speaking to reporters in Rome, Abe said he has already instructed Takeshi Noda, ...

Obama sizing up new housing, budget chiefs

May 18, 2014

Obama sizing up new housing, budget chiefs

President Barack Obama plans to nominate Housing Secretary Shaun Donovan to be budget director and is considering a rising Democratic star, San Antonio Mayor Julian Castro, to succeed Donovan, according to people familiar with the selection process. The second-term Cabinet reshuffle would raise the ...

Obama sends 2015 budget wish list to Congress

Mar 5, 2014

Obama sends 2015 budget wish list to Congress

President Barack Obama sent Congress a $3.9 trillion budget Tuesday that would funnel money into road building, education and other economy-bolstering programs, handing Democrats a playbook for their election-year themes of creating jobs and narrowing the income gap between rich and poor. However, the ...

Mar 3, 2014

Detroit bankruptcy prods other cities to target pensions

Local officials in at least 10 states are trying to cut pensions of municipal workers, or eliminate defined-benefit plans, pointing to Detroit as a symbol of the peril of growing retirement costs. From New York to California, mayors and county officials are asking legislatures, ...

Jan 21, 2014

Trust in government plummets in global survey

Trust in elected leaders has fallen sharply, a global survey revealed Monday, citing the protracted budget battle in Washington that nearly saw the U.S. default on its debts and Europe’s stuttering response to its debt crisis as key reasons for the drop. Ahead of ...

U.S. Senate easily passes $1.1 trillion spending bill

Jan 17, 2014

U.S. Senate easily passes $1.1 trillion spending bill

Congress sent President Barack Obama a $1.1 trillion spending bill Thursday, easing the harshest effects of last year’s automatic budget cuts after tea party critics chastened by October’s partial shutdown mounted only a faint protest. The Senate voted 72-26 for the measure, which cleared ...

Jan 16, 2014

Hollande's reforms find favor in Germany

Germany on Wednesday welcomed the beleaguered French president’s “courageous” plan to spur the economy as a rapprochement toward its own approach, but analysts were skeptical about real change. Foreign Minister Frank-Walter Steinmeier, a Social Democrat in conservative Chancellor Angela Merkel’s right-left “grand coalition,” said ...