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The Latest Breaking News from Deficit

The national budget deficit was $1.7 trillion in fiscal year 2023

The federal deficit grew to $1.7 trillion—more than $5,000 per person in the US—in FY 2023. The last budget surplus was in FY 2001.

USAFacts

How to solve our mental health crisis

When BBC journalist Rory Carson sought online consultations for a potential mental health issue, three private clinics diagnosed him with attention deficit hyperactivity disorder (ADHD). They charged between £685 and £1,095 for these consultations, which lasted between 45 and 100 minutes, and all prescribed him medication.

The Conversation

‘Ghastly expensive mess’: bond vigilantes return as deficits rise

Governments face a surge in borrowing costs fuelled by high interest rates and conflict in the Middle East

The Guardian - UK

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Cricket Australia braces for more pain after $17m loss

Hosting the Twenty20 World Cup has been crucial to Cricket Australia restricting its net loss to $16.9 million in the last financial year.

AAP

Chicago Public Schools officials project $391 million deficit next year when COVID-19 relief funds run out

District leaders and Board of Education officials have warned of a financial cliff approaching next school year. Federal COVID-19 relief funds had papered over a structural deficit that officials estimate will reach $691 million. Only $300 million in federal funding is left to offset that,

Chicago Sun-Times

Here are the big stories from Karnataka today

Karnataka Today newsletter: Deficit rain and erratic distribution concern Kodagu planters, and more

The Hindu

Cauvery woes: Not just deficit, erratic distribution of rainfall a major concern in Kodagu

Farmers blame lack of consistency in rain pattern, which was regular for centuries, but is not being seen now due to the impact of climate change. The situation has been particularly bad this year.

The Hindu

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Sugar Prices Firm as the ISO Projects a Global Sugar Deficit

March NY world sugar #11 (SBH24 ) on Tuesday closed +0.05 (+0.18%), and Dec London white sugar #5 (SWZ23 ) closed +2.70 (+0.36%). Sugar prices on Tuesday closed moderately higher, with NY sugar posting a 12-year nearest-futures high. The outlook for tighter global sugar supplies is bullish for prices. On...

Barchart

Ford allowed Mustang aero changes after Supercars parity review

A number of changes have been allowed to the Gen3 Mustang, including alterations to the rear wing, side skirt and front fascia elements.

Motorsport

Sugar Prices Rebound as ISO Projects a Global Sugar Deficit

March NY world sugar #11 (SBH24 ) on Monday closed +0.63 (+2.35%), and Dec London white sugar #5 (SWZ23 ) closed +16.30 (+2.24%). Sugar prices on Monday recovered from 1-week lows and rallied moderately after the International Sugar Organization (ISO) forecasted that 2023/24 global sugar production (Oct-Sep) will fall -1.2%...

Barchart

Slow starts continue to kill struggling Packers

The Packers have been outscored 63-6 in the first half of the last 4 games, including a 9-0 deficit during Sunday's loss to the Broncos.

USA Today Sports Media Group

State govt. sanctions ₹781 cr. to improve rural roads, bridges

TN govt grants ₹781 cr to improve 285 rural roads, 141 bridges. Also, ₹843.40 cr for Ops, Maint & Deficit Grant Fund. Vertical sharing ratio of 51:49 for rural & urban local bodies, 55:39:6 for village panchayats, panchayat unions & district panchayats.

The Hindu

Out-of-towners bring average $523 each with visits to Canberra Theatre

Interstate theatre visitors spent a combined $16.8 million in 2022-23.

The Canberra Times

Ecosystem in Cauvery’s birthplace cries for attention amidst 42% deficit in Southwest monsoon rainfall

The dwindling storage in Karnataka’s Cauvery basin reservoirs due to drought prevailing in the State has caused concerns in the downstream areas, besides typically escalating the legal tussle over inter-State sharing of the river water. But the plight of the sensitive ecosystem of Kodagu, which is the main catchment area as…

The Hindu

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The Hindu

MGNREGS is a demand-driven scheme, no question of deficit in it: Rural Development Minister Giriraj Singh

Union Minister Giriraj Singh says MGNREGS is demand-driven, no scope of deficit. Finance Ministry has given blank cheque to meet shortfall. Govt. has shifted to DBT & Aadhaar seeding of job cards to bring transparency.

The Guardian - UK

More English councils face bankruptcy, leaders warn, as deficits reach £4bn

Budgets ‘under pressure like never before’ due to inflation and rising demand for social care, with deep cuts to services likely

Chicago Sun-Times

Chicago’s budget deficit may force Mayor Johnson to shift his taxation policy

The mayor and his team filled the 2024 deficit with one-time fixes. Odds are that next year will start with a budget shortfall similar to this year’s, and the available tax fixes are all regressive.

The Hindu

Karuvannur Service Co-operative Bank scam | Depositors in dire straits

The multi-crore loan scam at Karuvannur Service Cooperative Bank in Kerala’s Thrissur district may have a ripple effect on other institutions working with community-owned and controlled assets, finds Mini Muringatheri

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The Hindu

West Bengal releases ₹197 crore as crop insurance to farmers under Bangla Shasya Bima

West Bengal government releases ₹197 crore to 2.46 lakh farmers unable to sow paddy due to deficit rainfall. Under Bangla Shasya Bima (BSB) scheme, State government has paid ₹2,400 crore to 85 lakh farmers, no premium payment required, Mamata Banerjee said

The Hindu

Hydel storage: KSEB pinning hopes on northeast monsoon

KSEB hopes NE monsoon will improve hydel reservoir storage ahead of summer 2024. Storage currently lowest since 2016-17, 45% in Idukki. SW monsoon ended with 34% deficit. NE monsoon expected to bring above normal rainfall, but accounts for only 20% of annual rainfall. Cool weather keeping energy consumption at manageable…

The Hindu

Sindhu sweats past Vietnam’s Nguyen to enter Arctic Open semis

P.V. Sindhu overcame a first-game deficit to defeat Vietnam's Thuy Linh Nguyen in a 91-min battle, advancing to the Arctic Open Super 500 semis. Struggling to get into her elements before the Paris Olympics, Sindhu will face China's Wang Zhi Yi in her bid to win her first BWF title…

The Hindu

Goods exports dipped, but August tally lifts outlook

Goods exports dipped 2.6% from last September to hit a three-month low of $34.47 billion

Reason

Inflation Won't Go Away Until Congress Gets the Deficit Under Control

The Federal Reserve's higher interest rates were supposed to trigger changes to fiscal policy. So far, that hasn't happened.

The Hindu

State’s capex declined over 7% so far in 2023-24

Tamil Nadu has reduced capital expenditure by 7.37% in 2023-24 (till Aug) compared to 2022-23. The State had budgeted ₹44,366 crore for capital expenditure and spent 22.44% of it. Govt is monitoring capital works to spur growth and manage revenue deficit at budgeted level of ₹37,540 crore. Debt to GSDP…

The Hindu

India has high debt like China, but risks are moderated: IMF

IMF official advises India to have ambitious fiscal consolidation plan to bring down deficits. Debt is high but risks moderated by long maturities, domestic holdings, and high growth. Suggests revenue and spending reforms, public investments, and improved fiscal management.

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