Royal Institute of Traditional Arts implements Saudi-Chinese cultural exchange program    Localization in Saudi military industries rises to 19.35%    Logistics park for vehicles worth SR300 million to be set up at Dammam port    Commerce Ministry recalls 6,500 Genesis cars due to risk of fire    HONOR KSA expands its presence with new flagship Experience Store in Riyadh HONOR's first flagship store in KSA provides visitors with a premium experience, exciting offers and free services    Saudi, Iranian foreign ministers discuss Oman-mediated talks with US    Prince Sultan University launches first bachelor's program in language and media    Al-Falih: Eastern Province hosts 700 investment opportunities worth SR330 billion    Putin announces three-day Russian ceasefire in Ukraine from 8 May    Crown Prince donates SR1 billion to support housing for eligible families    Pakistani military says it killed 54 militants attempting to cross border from Afghanistan    Suspect charged after Vancouver car ramming leaves 11 dead    Eight hundred Houthi targets hit after weeks of strikes, says US    Rock & Roll Hall of Fame picks Outkast but not Oasis    Duran leads Al Nassr past Yokohama Marinos into AFC Champions League Elite semi-finals    Al Ahli cruise past Buriram into AFC Champions League Elite semi-finals    Saudi orchestra to perform at Sydney Opera House in May    Al Hilal thrash Gwangju to reach AFC Champions League Elite semi-finals    Saudi Theater Commission launches its Work and Learn Project in UK    The season has begun — and one comment shook us all    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Budget deficit on track to exceed $1 trillion
Published in Saudi Press Agency on 11 - 05 - 2011

The U.S. government is taking in more tax revenue as the economy improves, but not nearly enough to keep the federal budget deficit from exceeding $1 trillion for a third straight year, AP reported.
The deficit for April dropped to $40.5 billion, half the imbalance from the same month last year, the Treasury Department reported Wednesday. Tax receipts were up 45 percent last month compared to the same month one year ago.
Still, the deficit is on pace to grow to $1.4 trillion in this budget year, according to the latest estimate from the Congressional Budget Office. That would nearly match the record $1.41 trillion deficit hit in 2009.
The deficit through the first seven months of this budget year, which began Oct. 1, totaled $869.9 billion last month. Before 2009, that would have ranked as the highest full-year deficit of all time.
Soaring deficits are putting pressure on Congress and President Barack Obama to agree on a long-term plan to trim federal spending. But the White House and Democrats also want to trim the deficit by ending tax cuts for the wealthy, which were first passed when President George W. Bush was in office and extended this past year by Obama.
Republicans reject that approach, calling it a tax increase. Their plan would focus exclusively on cutting spending while cutting taxes even further for the wealthy.
The monthly reports this year have shown that the revenue losses are turning around, reflecting the fact that unemployment, while still high, has been declining. More people working means more tax revenue for the government.
Through April, government revenues totaled $1.31 trillion, up 9.2 percent from the seven months through April of 2010. The increase included the big jump in income tax payments received by the government from individuals filing in April and also a gain in corporate tax payments.
Government spending totaled $2.18 trillion through April, a 9 percent increase over the same period a year ago. One of the fastest-rising categories was interest on the government's debt held by the public, which rose 13.1 percent to $139.3 billion through the first seven months of this budget year.


Clic here to read the story from its source.