The Latest Breaking News from Deficit

As climate change accelerates, many countries around the world are increasingly facing the risk of drought. Water scarcity has become one of the major constraints of food production in the 21st century, and a major threat for our current and future food security. In the Horn of Africa, four consecutive…

Treasurer Jim Chalmers has unveiled a budget that includes cost of living relief and down payments on election promises, but warns of hard decisions to come.

Chalmers' budget has no surpluses, only deficit and debt. His “big national conversation” needs to be about why that’s OK.

WASHINGTON — President Joe Biden is sharpening his final sales pitch for next month’s midterm elections, casting himself as fully in control of a solid economy even as economists and Republicans warn of a coming recession.

WASHINGTON — The U.S. budget deficit saw a record reduction for the 2022 financial year, a second straight annual drop that reflects the drying up of COVID-related aid spending alongside a surge in revenues propelled by wage and employment gains.

President Biden is casting himself as managing a solid economy even as Republicans and economists warn of a coming recession.

But the road ahead looks more troubling for the nation's fiscal situation.

The Treasury Department says that the federal budget deficit was 562% higher on a monthly basis compared with September 2021

The federal budget deficit for the fiscal year that ended Sept. 30 fell to just under $1.4 trillion, a 50 percent drop from the prior year.