The U.S. posted a $130 billion budget deficit in May and the smallest shortfall for the first eight months of a fiscal year since 2008, as a stronger economy and rising employment bolster revenue.
U.S. Senate Democrats want to pass a package of more than $80 billion in business tax breaks.
U.S. Senate Republicans blocked a package of more than $80 billion in tax cuts, killing for now a measure that would provide incentives for corporate research and wind energy.
Republicans are trying to include the repeal of an excise tax on medical devices in a package of tax breaks moving through the U.S. Senate this week.
A proposal to revive lapsed tax breaks for corporate research, wind energy and teachers fell apart in the U.S. Senate, leaving their fate uncertain -- perhaps until the end of the year.
Republicans trying to end a U.S. excise tax on medical devices see a chance to capitalize on fractures among Democrats and score a long-sought victory.
As the political fight over raising taxes for high-income Americans fades away, so are predictions for negative economic fallout.
Goldman Sachs Group Inc. economists reduced their forecast for the U.S. budget deficit to $1.25 trillion in the current fiscal year.
President Barack Obama’s proposed 2015 budget would increase taxes by $1.4 trillion over the next decade compared with current law, the budget agency said.
The U.S. budget deficit narrowed in March from a year earlier as spending shrank almost 21 percent during the first month of mandatory federal cutbacks known as sequestration.
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