U.S. Budget Deficit Falls Under $1 Trillion; Lowest Since 2008

by Bill Chappell

October 30, 2013 6:52 PM

The U.S. government ran a deficit of $680 billion in the financial year that ended last month — the first time since 2008 that the annual shortfall has been under $1 trillion. It represents a fall from $1.09 trillion in 2012, but as the AP reports, “It’s still the fifth-largest deficit of all time.”

The Treasury Department announced the news along with the White House budget office Wednesday.

“Under President Obama, the nation’s deficit has fallen for the past four years,” Treasury Secretary Lew said. “It is now less than half of what it was when the president took office.” Continue reading “U.S. Budget Deficit Falls Under $1 Trillion; Lowest Since 2008”

No clear path to ending U.S. debt limit, spending impasse

No clear path to ending U.S. debt limit, spending impasse

Thomas Ferraro and Rachelle Younglai 12 hours ago

By Thomas Ferraro and Rachelle Younglai

WASHINGTON (Reuters) – U.S. House of Representatives Republicans on Thursday refused to give in to President Barack Obama’s demand for straightforward bills to run the government beyond September 30 and to increase borrowing authority to avoid a historic default.

In a direct challenge to Obama, they said they will seek not only a one-year delay in the full implementation of the national healthcare law known as “Obamacare” in return for raising the debt ceiling, but also seek a Republican wish-list of tax measures, energy bills, regulatory proposals and spending cuts that Democrats have already refused to endorse.

President Barack Obama has said he will not negotiate over the debt ceiling at all. Continue reading “No clear path to ending U.S. debt limit, spending impasse”

Obama signs debt ceiling suspension, ‘No Budget, No Pay’ into law

Obama signs debt ceiling suspension, ‘No Budget, No Pay’ into law

Carolyn Kaster/AP

President Obama has signed Congress’ temporary debt ceiling suspension into law, including the “No Budget, No Pay” provision.

The law will lift the current debt limit of $16.4 trillion through May 18, allowing the federal government to continue borrowing to pay its bills until then. It also prohibits lawmakers from getting paid should they fail to pass a fiscal 2014 budget. The funds would be held in an escrow account until the budget was passed. If an agreement is not reached, the salaries would resume at the start of the 114th Congress in January 2015. Continue reading “Obama signs debt ceiling suspension, ‘No Budget, No Pay’ into law”

House Postpones Debt Limit Deadline to May 18

01/23/2013; Kenneth Quinnell

 Photo courtesy Gage Skidmore

The U.S. House of Representatives, led by Speaker John Boehner and his Republican allies, voted to put off the debt ceiling fight until May 18.

This is good news—no doubt about it—and it shows the power of working people when they make their voices heard. But don’t think for a second that Republicans have given up trying to tank the economy to get their way. Or trying to cut Social Security, Medicaid and Medicare benefits. Or trying to cut taxes for Wall Street and rich people. Because they haven’t and they won’t. This fight is still on. Continue reading “House Postpones Debt Limit Deadline to May 18”

Message from NP J. David Cox on Ongoing Budget Battles Over the Next Three Months

IMPORTANT: This information should not be downloaded using government equipment, read during duty time, or sent to others using government equipment, because it suggests action to be taken in support of and/or against legislation. Do not list your government email or government address in filling out this message, and do not use a government provided phone for this action.

You’ve read about it in the newspaper and heard about it on TV: Congress has approved the new “Tax Deal.” You know it will affect you, but you don’t know how. What do these budget battles really mean? What about unresolved issues like the Sequester and the Debt Ceiling? What does the Sequester mean? How does it affect you as a federal employee and a taxpayer?

In the video below, AFGE President J. David Cox Sr. explains in simple English what this all means for us. Watch the video from President J. David Cox Sr. to get up to date on what’s going on in Washington DC over the next few months, and what this translates to for you.

In solidarity,

J. David Cox, Sr.
President, AFGE

For the latest updates on your pension, pay, budget cuts, and other news, text “NoCuts” on your personal phone to 225-568.