Budget Deficit | featured news

The agreement that lawmakers are scheduled to vote on Thursday would close the $19.1-billion shortfall by trimming salaries, public school funding and services.

Gov. Arnold Schwarzenegger and state lawmakers ended talks Thursday night without reaching a deal on how to close California's $19 billion deficit, breaking a state record for the longest budget impasse.

GOP plan to extend array of tax breaks would raise deficits unless dramatic spending cuts are made.

A new projection from the Congressional Budget Office forecast the federal government's budget deficit for fiscal 2010 would total $1.34 trillion, improving to just over $1 trillion in fiscal ...

The United States racked up a $165.04 billion budget deficit during July, 8.7 percent below the year-ago gap as spending on economic stimulus subsided from peak levels, the Treasury Department said on Wednesday.

Dow plummets nearly 220 points after trade deficit unexpectedly widens and reports from Asia, Europe spurs concerns recovery is veering off track.

A judge on Friday declined to force the state controller to comply with an order by Gov. Arnold Schwarzenegger to pay state workers minimum wage while the state remains without a budget.

As the Terminator, Arnold Schwarzenegger was the technology of the future, feared by humans. As governor, he's being foiled by the technology of the past.

For the second time in two years, Schwarzenegger has ordered most state workers' pay cut to the federal minimum wage because lawmakers missed their deadline to fix the state's $19 billion budget deficit. The Legislature's failure to act has left the state without a spending plan as the new fiscal year begins.

World leaders are lining up behind a bold pledge by rich nations to cut budget deficits in half by 2013.

President Obama wants more control over the country's budget, and plans to ask Congress for it this week.