federal budget deficit

The federal budget deficit will hit $1.28 trillion this year, down slightly from the previous two years, with even bigger savings to come over the next decade, according to congressional projections released Wednesday.

July 19 -- Peter Tanous, co-author of 'Debt, Deficits, and the Demise of the American Economy,' talks about a plan by a bipartisan group of U.S. senators that would cut $3.7 trillion from the federal budget deficit.

(American College of Physicians) "A debt ceiling agreement must be reached in time to avert an unprecedented suspension of funding for the millions of patients who rely on Medicare, Medicaid and other federal health programs," Virginia Hood, MBBS, MPH, FACP, president of the American College of Physicians (ACP) told the president, vice president and Congressional leaders today.

"I am writing to share our views on enactment of legislation to increase the debt ceiling linked to an agreement on policies to reduce the federal budget deficit."

The government ran the largest-ever budget deficit for a single month in February. The shortfall kept this year's annual deficit on pace to end as the biggest in U.S. history.

The Obama administration is set to report Friday that the federal budget deficit exceeded $1 trillion for the second straight year, providing critics of government spending with fresh ammunition ahead of the midterm congressional elections.

Treasury Secretary Timothy Geithner acknowledges the federal budget deficit is too high, but that the priorities now are economic growth and job creation.

Treasury Secretary Timothy Geithner acknowledges the federal budget deficit is too high, but that the priorities now are economic growth and job creation.

The federal budget deficit has surged to an all-time high of $1.42 trillion as the recession caused tax revenues to plunge while the government was spending massive amounts to stabilize the financial system and jump-start the economy.

The federal budget deficit increased in June as spending surged and tax receipts sunk, pushing the total budget shortfall to over $1 trillion in the first 9 months of the fiscal year, according to a government report released Monday.

The federal budget deficit soared to a record for May of $189.7 billion, pushing the tide of red ink close to $1 trillion with four months left in the budget year.