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The Latest Breaking News from Deficit

Here's What Would Happen If We Seized All the Wealth From America's 800 Billionaires

Don't comfort yourself with wishful thinking that millionaires and billionaires could take the entire burden of the deficit off our hands.

Reason

Philadelphia mass transit agency gets OK to use project money to avoid bus, trolley and rail cuts

Gov. Josh Shapiro’s administration is approving the use of hundreds of millions of dollars in capital project funding for Philadelphia’s public transit agency to help it restore bus, trolley and rail services that it had eliminated to shore up its deficit-riddled finances

The Independent UK

French Prime Minister François Bayrou loses crucial confidence vote in parliament

The centrist leader, who became France’s fourth head of government in less than two years, lost his gamble after calling an unprecedented confidence vote over his austerity plans to rein in the country’s ballooning public deficit.

Euronews

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French political crisis threatens country's influence over the EU

France’s political paralysis is shaking the EU: chronic instability and unpopular budget cuts weaken Paris’ influence just as Italy under Meloni gains ground, pushing for key EU roles and shaping the bloc’s future while France struggles at home.

Euronews

U.S. may have to refund half its tariff revenue as high-stakes court battle threatens to wreak havoc on the deficit and bond market

"This alone would raise further concerns about the fiscal outlook and likely push bond yields higher."

Fortune

Political instability in France: What are the potential consequences for the EU?

The possible fall of the government could weaken France on the European stage.

Euronews

Would tax hikes for the wealthiest really drive them to flee France?

The French government is looking to slash its deficit by €44 billion, with ministers favouring spending cuts over tax increases on the wealthy. But new research challenges a key government argument that higher taxes would trigger a mass exodus of the rich.

Radio France Internationale

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Trump's Tariffs Are Hitting America Harder Than Its Rivals, Trade Data Show

President Donald Trump‘s aggressive use of tariffs to shrink the U.S. trade gap is falling short, as fresh data show the trade deficit just hit its worst monthly level since March despite rising duties on foreign goods.

Benzinga

US Trade Gap Widest In 4 Months As Imports Surged Ahead Of Tariffs

The US trade deficit expanded more than expected in July to its widest in four months, government data showed Thursday, on a surge in imports before a fresh wave of President Donald Trump's tariffs kicked in.

International Business Times

French national debt under presidents Chirac, Sarkozy, Hollande and Macron: a look at the numbers

French national debt has grown steadily over the last 30 years. It is the sum of all public deficits accumulated since the mid-1970s. To compare the amount of national debt to the government’s financing capacity, it is expressed as a percentage of gross domestic product (GDP) – debt-to-GDP ratio – which…

The Conversation

From failed Democrat to Trump’s unhinged enforcer: The strange career of Peter Navarro

Since August 27, when the US tariffs on India came into effect, millions of Indians have had to familiarise themselves with many US political personalities. This is especially true for those who consume news in vernacular languages or rarely pay attention to world affairs. Last week, in this star-studded sky…

Newslaundry

Political instability in France: How does it impact the economy and investments?

Economic risks are emerging in France while political instability looms, as the third government is in danger of falling in little over a year. Further attempts to tackle the country’s enormous debt could be choked until after the next presidential election in 2027.

Euronews

France's debt: how did we get here, and how dangerous is it?

Prime Minister François Bayrou has warned that France’s excessive debt puts it in danger, which is why he says his government’s proposed budget, which cuts into public spending and freezes pensions and other social payments, is crucial. But is the debt really such a danger? And how did France get…

Radio France Internationale

Minister to get power to veto sentencing guidance after ‘two-tier’ row

Justice Secretary Shabana Mahmood said she wanted to ‘right the democratic deficit that has been uncovered’.

Evening Standard

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Motorsport

Who slept worst last night: Lando Norris

Norris retired late on in the Dutch Grand Prix with a mechanical fault, extending his deficit to championship leader Oscar Piastri to 34 points with nine rounds left

Fortune

'A different shock to the system': De minimis tariff dodge ending means less purchasing power for Americans

Closing the loophole could raise $10 billion a year, but experts say the number is "not all that meaningful" compared to the country’s trade deficit.

GOBankingRates

I Asked ChatGPT To Debunk One Common Myth About Trump’s Economy: Here’s What It Said

ChatGPT elaborates on the Trump tax cut myth, revealing they don’t pay for themselves and could add $2.8T to the deficit, per multiple data sources.

The Guardian - UK

France on the brink: how a budget deficit became a political crisis

With the government facing defeat in a confidence vote, the nation’s economic problems will still need to tackled

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news in one place.

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GOBankingRates

I Asked ChatGPT To Explain the National Debt Like I’m 12 — Here’s What It Said

Confused by the national debt vs. the national deficit? ChatGPT breaks it down in plain terms and explains why it matters for your wallet and the U.S. economy.

AAP

Lives on the line with $8b deficit in rural health

Some country towns are being forced to fundraise for their own community-led medical centres, while those in the cities get double the healthcare funding.

The Independent UK

Luke Littler falls at last-16 stage as Jeffrey de Graaf wins maiden PDC title

De Graaf recovered from a 4-1 deficit to beat Stephen Bunting 8-7 in the final and become the first Swedish player to win a Players Championship.

Fortune

Trump’s tariffs are becoming such an important revenue source that they’re now propping up America’s debt rating

“At this time, it appears that meaningful tariff revenue has the potential to offset the deficit-raising aspects of the recent budget legislation.”

Fortune

Trump is bringing in enough revenue from tariffs to cut deficits by $4 trillion over the next decade, CBO says

In just two months, Trump added another $1.5 trillion of deficit reduction in the form of new tariffs, CBO said. Still, the One Big Beautiful Bill Act will raise deficits by $3.4 trillion.

GOBankingRates

Retirees in This State Will Outlive Savings by Almost Half a Million Dollars

New data from Seniorly reveals that seniors in 41 states risk outliving savings. New York tops the list with a $448K deficit. See where your state ranks.

Benzinga

Trump Touts 'Incredible' Tariff Strategy After Congressional Budget Office Projects $4 Trillion Deficit Cut, Even As Economists Warn Of Slower Growth

On Friday, President Donald Trump celebrated a Congressional Budget Office report projecting that his sweeping tariffs will reduce U.S. deficits by $4 trillion over the next decade, even as analysts caution the levies could weigh on economic growth and face legal challenges.

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