Budget Deficit | featured news

The plan would generate $4 billion a year by raising taxes on the highest earners, in a move that would help to close the state’s budget deficit.

The Senate's top Democratic on budget issues is scrapping Barack Obama's signature tax $400 tax credit for most workers as he seeks to cut the deficit to sustainable levels.

U.S. congressional analysts are expected on Friday to forecast even more red ink than expected, a record $1.8 trillion deficit for fiscal 2009, which could complicate President Barack Obama's efforts to pass his $3.55 trillion budget plan for 2010.

President Obama is reaching across party lines Monday to host a bipartisan "fiscal responsibility summit" as the government tackles the seemingly contradictory tasks of controlling a soaring federal deficit while spending the country's way out of a deep recession.

Ambitious budget seeks to cut deficit in half in 4 years, largely by raising taxes on businesses, the wealthy, cutting spending in Iraq, Afghanistan.

The financial crisis is forcing probation and parole agencies to reduce or drop prison time for thousands of offenders who violate ...

Its deficits ballooning and its lawmakers intransigent, California appears to be headed off the fiscal rails.