InfoAnda - CBO: Federal deficit projected at $1.35T

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

Now! 43 keeps new entries from Billboard 200 top spot | | 16 August 2012
Dante's Inferno videogame taking players to Hell | 10 October 2009
US, Swiss get more time to finalize UBS tax deal | 8 August 2009

"Facebook" for 50-somethings woos India's Web-savvy seniors | 8 September 2009

Forum Views () Forum Replies ()

Read more with google mobile : CBO: Federal deficit projected at $1.35T

Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Africa Europe Latin America Middle East North America CBO: Federal deficit projected at $1.35T By ANDREW TAYLOR,Associated Press Writer - Wednesday, January 27 Send IM Story Print WASHINGTON – The Senate on Tuesday rejected a plan backed by President Barack Obama to create a bipartisan task force to tackle the federal deficit this year, despite glaring new figures showing the enormity of the red-ink threat. The special deficit panel would have attempted to produce a plan combining tax increases and spending curbs to be voted on after the November elections. The measure went down because anti-tax Republicans joined in opposition with Democrats wary of being railroaded into cutting Social Security and Medicare. With Congress unwilling to go along, Obama will announce during Wednesday's State of the Union address that he is establishing a similar panel by executive order, The New York Times reported late Tuesday on its Web site. The alternative panel will also come up with recommendations by December to reduce annual budget deficits and slow or reverse the growth of the national debt, the Times said. But unlike the commission proposal killed by the Senate, the executive order could not force Congress to vote on a commissions suggestions. Asked earlier Tuesday by reporters whether the president was considering a presidential commission of his own, White House spokesman Robert Gibbs said, "I think that is certainly one of the things that is being talked about." The vote to kill the deficit task force came hours after the nonpartisan Congressional Budget Office predicted a $1.35 trillion deficit _ $4,500 for every American _ for this year as the economy continues to slowly recover from the recession. "Yet another indication that Congress is more concerned with the next election than the next generation," said Sen. Judd Gregg, R-N.H., a sponsor of the plan. The budget deficits facing Obama and Congress are large and intractable, and the CBO's new deficit prediction is roughly equal to last year's record $1.4 trillion ocean of red ink. That means the government is borrowing to cover 40 percent of the cost of its programs. Economists say sustained high deficits would force interest rates higher and "crowd out" private investment _ and could have severe implications for the value of the dollar. The report predicts a sluggish economic recovery and continued high unemployment _ which presages big political problems for Obama and his Democratic allies heading into the midterm elections. The report sees unemployment averaging 10.1 percent this year as the economy grows by slightly more than 2 percent. It would grow only a little more next year with an unemployment rate of 9.5 percent. "CBO expects that the pace of economic recovery will be slow," said agency chief Douglas Elmendorf. The latest estimates also project that the deficit will drop to $980 billion next year and $480 billion in five years _ but only if a host of tax cuts enacted under President George W. Bush are allowed to expire. Most budget experts see deficits nearing or exceeding $1 trillion each year over the next decade once tax cuts and other policies are factored in. It's a sobering reminder of the fundamental imbalance of the federal government's budget that comes just days before Obama's Feb. 1 budget submission. The White House says Obama will propose a three-year freeze on domestic agency spending. It hasn't said whether Obama will propose tax hikes or benefit cuts to spiraling programs such as Medicare, Medicaid and Social Security. Obama's budget also includes deficit-boosting ideas such as an increase in the child care tax credit for families making less than $85,000 a year. Administration officials won't say what it would cost, but the Tax Policy Center, a Washington think tank, says credit would cost up to $40 billion over the next 10 years. The 2010 deficit figure is in line with previous estimates, but plans afoot on Capitol Hill for a new jobs bill and a coming Obama request for war funds would add to the total. The spending freeze, expected to be proposed by Obama in his State of the Union address, would apply to a relatively small portion of the federal budget, affecting a $477 billion pot of money available for domestic agencies whose budgets are approved by Congress each year. Some of those agencies could get increases, while others would have to face cuts; such programs got an increase of almost 10 percent this year in the $3.5 trillion federal budget. Also Tuesday, Sens. Claire McCaskill, D-Mo., and Jeff Sessions, R-Ala., said support was building for a plan to impose binding "caps" on spending similar to Obama's. It would take 67 votes to bust through the spending limits. The freeze on so-called discretionary programs would have only a modest impact on the deficit. The steps needed to tackle such huge deficits include tax increases and curbs on benefit programs like Medicare, Medicaid and Social Security. That was the idea behind the Obama-backed plan to create a special task force to find a way to curb the spiraling budget deficit. Supporters garnered 53 votes for the plan, which was co-sponsored by Gregg and Budget Committee Chairman Kent Conrad, D-N.D. But 60 votes were required under procedural rules. Thirty-six Democrats and independent Joe Lieberman of Connecticut voted for the plan, as did 16 Republicans. Six Republicans who had co-sponsored the plan, including John McCain of Arizona, ended up opposing it. The task force was rejected after the powerful seniors lobby, led by AARP, objected to a potential fast-track debate of cuts to Social Security and Medicare. Anti-tax activists and GOP-friendly editorial pages pressed Republicans to oppose it. The plan was offered as an amendment to a deeply unpopular bill to permit the government to borrow an additional $1.9 trillion to finance its operations and prevent a first-ever default on U.S. obligations. ___ On the Net: Congressional Budget Office: http://cbo.gov/ Recommend Send IM Story Print Related Articles New Honduran leader to take office, ending turmoil AP - 56 minutes ago Brazil's Silva gets hero's welcome at Social Forum AP - 56 minutes ago Fed mulls exit plan as Bernanke awaits 2nd term AP - 1 hour 9 minutes ago Economic gloom clouds first Obama State of the Union AFP - 1 hour 32 minutes ago Five Taliban officials removed from sanctions list: UN AFP - 1 hour 37 minutes ago News Search Top Stories Haiti queues for aid amid fresh aftershocks GM clinches last-minute deal to sell Saab to Spyker IMF says global recovery stronger, but still frail UN panel defends climate change evidence British economy crawls free of record recession More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended New York woman falls, rips Picasso painting Haitian police shoot scavengers indiscriminately British economy crawls free of record recession Ericsson cuts 1,500 more jobs, profit plunges GM clinches last-minute deal to sell Saab to Spyker More Most Viewed » Woman who saved Anne Frank's diary dead at 100 Scientists praise Obama as Doomsday clock reset More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

Other News on Wednesday, 27 January 2010
Germany boosts Afghan efforts ahead of conference
French report calls for burqa ban
Obama to take questions via YouTube, answer them online
IMF sees stronger but still fragile global recovery
Israel says Turkish leader fueling anti-Semitism
Siemens denies giving Iran censorship technology
Search for victims, answers in Lebanon plane crash
UN panel defends climate change evidence
Minister: Israel rejects UN Gaza war probe call
Arab Israeli's Auschwitz visit raises criticism
US-TECH Summary
U.S. urges Kurds to settle disputes with Baghdad |
EBay to stop, change listing fees for some sellers
Damaged Picasso Painting To Be Repaired
Nokia drops music package from flagship X6 model
Shifting Ground Forces Evacuation Of San Antonio Homes
U.S. concerned about arms flowing to South Sudan |
China's Baidu wins court case against music groups
Facebook Page Prompts School Officials To Suspend Student, Issue Detention To Others
Internet companies voice alarm over Italian law
Kremlin urges Caucasus leaders to back new envoy |
Suicide bomb injures nine near US base in Kabul
U.N. arms forum seen stuck on bomb-making material |
Sarkozy beats Star Wars in bid to reassure France |
Nokia drops music package from flagship X6 model
Clinton: Critics of US Haiti relief misguided
IRS requires firms to report iffy tax breaks
NASA ends effort to free rover from Martian sand
PROMISES, PROMISES: Skepticism on Obama tax credit
EBay to stop, change listing fees for some sellers |
Judge OKs Alaska diocese plan for abuse victims
China issues warning over US arms sales to Taiwan
Correction: Obit-Stovitz story
Hong Kong lawmakers seek 'referendum' on democracy
NYC mayor denies White House ambitions for 2012
Sri Lanka war victors vie in presidential poll
Lawyer seeks FBI probe in Pa. arts student beating
Britain the best? Chinese ambassador not so sure
FCC seeks info on early mobile termination fees |
Feds end probe of W.Va. congressman; no charges
Internet companies voice alarm over Italian law |
Troops to 'help' Thai police face protesters
N.Korea declares 'no sail' zone: Seoul
Abortion doc case focuses on slaying, not debate
Nokia drops music package from flagship X6 model |
Corruption watchdog slams Indonesian president
China's Baidu wins court case against music groups |
Opium farming surges in northern Myanmar: group
China sentences four more to death for Urumqi riot
Car bomb wounds 6 near US base in Afghan capital
Argentina courts Chinese investors for mining sector
'Precious' aims to extend Sundance's Oscar glory
Malaysia likely emerged from recession: think-tank
Japan rejects economic project offer on disputed islets
LG books 4th-qtr net profit amid higher sales
China, Taiwan hold talks on trade pact
US truck, bus drivers banned from texting while driving
Sundance films turn cameras on the paparazzi |
'World's best restaurant' El Bulli to shut for two years: chef
For Neil Sedaka, breaking up a career is hard to do
For Neil Sedaka, breaking up a career is hard to do |
China court sides with Baidu in music piracy case
Ashley Judd to release memoir at age 41 |
'Precious' aims to extend Sundance's Oscar glory
Rosie lets kids do talking in TV film on families |
Vienna Opera Ball to pay tribute to Chopin
Poet wins Costa book award for tribute to late wife |
Somali-born hip-hop star to feature at World Cup
Asian voices make themselves heard at music industry fest
Sundance loves rock 'n' roll with Jett, 'Runaways'
Rosie lets kids do talking in TV film on families
Iraq militants using new tactics to foil security
World powers mull Yemen after foiled US jet 'attack'
Afghanistan wins $1.6 billion in debt relief: IMF |
Haiti queues for aid amid fresh aftershocks
Sri Lanka president wins re-election: report |
China says won't limit Google's Android mobile platform
Cold weather claims more lives in Europe
North Korea fires more artillery: report |
GM clinches last-minute deal to sell Saab to Spyker
Study: Holocaust survivors battle depression
Mexicans Say U.S. Drug Crackdown Feeds Violence
Man rescued from rubble 14 days after Haiti quake |
Suicide bomb injures nine near US base in Kabul
Facebook may "lock in" its Internet dominance
Mars Rover In Sand Trap, Becomes Stationary Lab
London meeting to bolster Yemen in al Qaeda fight |
Zelaya to exit Honduras in win for coup leaders |
eHarmony settles lawsuit over same-sex matching
U.S. Posts First Rise In Teen Pregnancy Since 1990s, Abortion Rate Also Up
Apple tablet can't save print on its own: analysts
FDA: Nipro Corp. Recalling 2M Medical Needles
Israel to shun UN call for Gaza probe: minister
posts best quarter of Bartz era
Buzz builds for Apple's tablet launch
New technology gives 3-D views of arteries
FCC seeks info on early mobile termination fees
Google Voice slips past Apple onto iPhone
Apple tablet can't save print on its own: analysts |
Facebook may lock in its Internet dominance |
China says won't limit Google's Android mobile platform |
Two Koreas trade fire; North warns of more
Sri Lanka: Initial results show president leads
eHarmony settles lawsuit over same-sex matching |
NKorea says it will continue firing artillery
Planes get too close on approach to LAX
Australia to protest death sentence for guard in Kabul
Obama approved secret operations in Yemen
US redefines Yemen strategy
China-Tibet talks resume amid bitter climate
China says no curb on Google mobile technology |
Bangladesh upholds execution for ex-president's killers
CBO: Federal deficit projected at $1.35T
Land mine blast wounds 7 Philippine army soldiers
Chinese tennis finally comes of age
Early Ore. vote results come gushing in
Al-Qaeda seeks WMD, US unprepared: reports
Dalai Lama envoys hope to revisit autonomy plan
4 men accused of scheme with La. senator's phones
LA gold trader to stand trial in wife's stabbing
Pig heads left at Malaysian mosques amid tensions
Ex-Guatemalan leader arrested after US request
Dems lack workable plan and retreat on health care
Athens woos Beijing for massive bonds sale: report
Russia's UC Rusal slides in Hong Kong debut
Quincy Jones, John Mayer to headline LA music expo
Samsung executive commits suicide: police
SKorea's current account surplus hits record high
Japan's exports grow for first time in 15 months
S.Korea c/a surplus triples; outlook weak
China says no limits on use of Google's Android
PAKISTAN
IMF, World Bank announce debt relief for Afghanistan
Avatar becomes highest-grossing movie |
Julianne Moore, Matt Dillon on TV pilot wish lists |
Japan Airlines gets new president
US-ENTERTAINMENT Summary
Clint Eastwood voted favorite movie star |
Quincy Jones, John Mayer to headline LA music expo
Quincy Jones, John Mayer to headline LA music expo |
NBC, Conan O'Brien back in business |
Cage's former Vegas home sells for nearly $5M
Memo to Sundance filmmakers: Be distinct |
Sam Worthington takes on "Dracula Year Zero"
"Frozen" could have been a killer chiller
Thin comedy "Extra Man" may disappoint
Frozen could have been a killer chiller |
Sam Worthington takes on Dracula Year Zero |
Football legend Cantona scores in Paris theatre debut
Thin comedy Extra Man may disappoint |
Lyric Opera of Chicago announces 2010-11 season
Jessica Simpson working to send shoes to Haiti
Anne Hathaway set to announce Oscar nominations
Attacker hits Israeli chief justice with sneaker
Russian parliament ratifies European Court reform
China says no curb on Google mobile technology
Yemen pledges urgent reforms to tackle al Qaeda |
Iranian pilgrims attacked in Iraqi capital
Five Taliban officials removed from sanctions list: UN
London meeting marks sea-change in Afghan approach |
Israel slams Iran as world recalls Holocaust |
Iran official: German diplomats involved in riots |
Haiti quake raises fears of child-eating spirits |
Economic woes cloud first Obama State of the Union
Bomb kills 3 children in NW Pakistan, say police
Malaysia arrests 10 suspects in anti-terror swoop
Clinton to press China FM on Internet issue |
Google's older sister in China urges it to stay |
Coalition standoff unnerves Thai markets
Officials fear another whooping crane die-off
Witness says gay marriage would help children
U.S. technology distributors on track to recovery |
Police: Bomb kills 3 children in NW Pakistan
Hong Kong lawmakers condemn attack on democracy push
Obama's goal: Get agenda moving, people believing
Myanmar court postpones verdict on American
Backroom health care deals fuel voter anger
Analysis: Another goal pared back: Mideast peace
Walkout blocks speeches by Hong Kong democrats
Falungong says China blocked Hong Kong dance shows
Australian sentenced to death in Afghanistan
Taiwan trade talks off to a 'good start': China
Toyota halts US car sales over safety
China: Theaters must meet domestic movie quota
Pakistani o/n rates higher; rupee flat; stocks down
Swedish rapper testifies in LA murder trial
Canon's 4Q profit surges on brisk camera sales
Japan's exports rebound on strong Chinese demand
Taiwan to keep China bank investments ban: report
S.Korea won up on exporters; N.Korea risks weigh
Seoul shares hit 7-week closing low; LG Elec down
Seoul shares post lowest close in 7 weeks
Pete Doherty fined for carrying heroin in court |
Bin Laden's ex-driver in the spotlight at Sundance
After Mamma Mia!, fans can sing along with ABBA |
Next Harry Potter movies coming in 3D |
Spain seeks EU-wide lifeline for battered women
Toyota Suspends Sales Of Selected Vehicles Previously Recalled
Spanish star is latest chef to chuck in apron
Florida Teen Found Guilty Of Attempting To Kidnap Child
Poet Reid surprise winner of Costa Book of the Year
Jersey Shore cast closer to deal |
Civil Rights Group Settles 50-Year-Old Lawsuit
Would-be Gaza migrants face endless hurdles
ACORN Videographer, 3 Others Charged With Plot To Tamper Senator's Phones
Brown Seeks Help Of Hillary Clinton To Save Stormont Power-Sharing Deal
"Jersey Shore" cast closer to deal
China: Theaters must meet domestic movie quota
Bhutto, an icon and martyr, remembered at Sundance
'Avatar' soars to new box office record
Julianne Moore, Matt Dillon on TV pilot wish lists
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph		BlogMeter 1.01