Douglas Elmendorf News
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When Republicans and Democrats describe each other’s budgets, a person could be forgiven for thinking the plans are as far apart as possible.
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The sudden slowdown in U.S. inflation has left Treasuries at the cheapest levels in almost two years, aiding the Federal Reserve’s efforts to tamp down long-term borrowing costs while the economy improves.
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The U.S. needs to cut its budget deficit soon through changes in spending and tax policies to reduce the risk of a fiscal crisis, according to the head of the nonpartisan Congressional Budget Office.
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Congress’s deficit-cutting supercommittee may receive a push to increase its $1.5 trillion savings target from a bipartisan group of about 25 senators.
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The U.S. budget deficit is projected to be $1.3 trillion in the year ending Sept. 30, down from $1.4 trillion forecast in April, because of curbs on federal spending and increased income-tax collections, the Congressional Budget Office said.
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The conventional wisdom says the U.S. is doomed, fiscally speaking. In most economic forecasts, annual budget deficits stretch as far as the eye can see.
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Pick up any newspaper and you’re bound to see a prominently featured story about someone somewhere losing a government benefit and enduring hardship as a result.
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A permanent extension of Bush-era tax cuts would provide a temporary boost to the U.S. economy and then become a drag on growth by pushing up interest rates, the head of the nonpartisan Congressional Budget Office said.
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Australia’s economy can operate with lower interest rates than it has in the past as overseas investors buttress the local currency that is helping contain inflation, Treasurer Wayne Swan said.
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Members of Congress on the supercommittee charged with trimming the national deficit are facing a menu of leftovers.
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