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US Treasury reports $113B surplus in April, biggest in 5 years; helps lower US deficit

The Canadian PressMay 10, 2013 17:01
WASHINGTON - The U.S. Treasury said Friday that it took in a rare surplus of $113 billion in April, the largest in five years. Steady economic growth and higher tax rates have boosted the government's tax revenue, keeping this year's annual budget deficit on pace to be the smallest since 2008. A smaller deficit is also likely to give negotiators more time to work out a deal on raising the nation's borrowing limit. Through the first seven months of the budget year, the deficit was $488 billion. That's lower than last year's deficit of $720 billion over the same period.

U.S. government may not hit debt limit until October - analysts

April 26, 2013 18:00
By Rachelle Younglai WASHINGTON (Reuters) - The United States might not hit the statutory limit on its debt until October, a policy research group said on Friday, giving Republican lawmakers more time to extract spending cuts from the Obama administration in return for extending the borrowing cap.

BoJ holds off fresh easing measures

Agence France-PresseApril 26, 2013 01:30
The Bank of Japan held off announcing any new policy measures Friday as it wrapped up its first meeting since unveiling a huge stimulus package this month aimed at stoking the limp economy. In a brief, two-paragraph statement the central bank said its widely expected decision to stand pat was reached by a unanimous vote by its board. Earlier Friday, data released showed Japan's core consumer prices, which exclude volatile prices of fresh food, fell 0.5 percent on-year in March, highlighting the tough task ahead for the bank and the government.

UK March public finances mostly better than forecast

April 23, 2013 05:45
LONDON (Reuters) - Britain's budget deficit fell slightly last year, official data showed on Tuesday, saving the country's embattled finance minister some embarrassment as criticism of his austerity programme mounts. ********************************************************** KEY FIGURES FOR UK PUBLIC BORROWING (IN BLN STG) MARCH F'CAST PSNB-ex 15.142 15.5 PSNB 16.747 14.0 PSNCR 31.270 n/a (For previous stories click on)

France plans spending cuts as fiscal targets slip

April 17, 2013 11:00
By Ingrid Melander and Nicholas Vinocur PARIS (Reuters) - The French government said on Wednesday it would have a higher-than-planned public debt and deficit throughout its mandate but hoped to appease EU partners with spending cuts that will bring the underlying budget to surplus in 2016. Paris is battling to persuade the European Commission and euro zone leaders to grant it more time to knock its finances into shape after it conceded earlier this year it would break a pledge to cut its deficit to 3 percent of output in 2013.

France eyes bigger-than-planned 2017 headline budget deficit

April 17, 2013 07:15
By Ingrid Melander and Nicholas Vinocur PARIS (Reuters) - The French government acknowledged on Wednesday it would have a higher headline public deficit than planned by the end of its mandate in 2017, but said the underlying budget would be in surplus one year before that. Paris is battling to persuade the European Commission and EU partners to grant it more time to knock its finances into shape after it conceded earlier this year it would break a promise to bring its deficit down to 3 percent of output in 2013.

Bank of England chief repeats stimulus call

April 17, 2013 05:45
Bank of England governor Mervyn King called again for more quantitative easing stimulus cash, minutes from this month's policy meeting showed on Wednesday. The BoE's nine-member Monetary Policy Committee voted 6-3 to keep its QE cash stimulus amount at £375 billion ($573 billion, 435 billion euros), repeating the voting pattern from February and March, according to minutes from their April 3-4 gathering.

Analysis - Brazil's laxer fiscal rules may imperil inflation battle

April 16, 2013 19:30
By Alonso Soto and Luciana Otoni BRASILIA (Reuters) - The Brazilian government's move to relax budget spending rules could undermine its own efforts to tame a surge in prices that threatens to put the brakes on growth in Latin America's largest economy.

S. Korea brings in 282.4 tln won in revenue last year

April 11, 2013 07:48
South Korea brought in 282.4 trillion won (US$ 246.9 billion) through taxes and other earnings in 2012, which is slightly smaller than the government's earlier target, the finance ministry said Tuesday.According to a settlement of accounts for last year's budget compiled by the ministry, South Korea's tax revenue and other earnings were smaller than the 282.7 trillion won it projected in its 2012 budget.

Obama budget aims to kick start deficit-reduction talks

April 10, 2013 15:34
By Jeff Mason and Mark Felsenthal WASHINGTON (Reuters) - President Barack Obama proposed a $3.77 trillion (2.45 trillion pounds) budget on Wednesday that combines controversial cuts to social safety net programs with tax increases on the wealthy in a package the White House hopes will jumpstart deficit-reduction talks. The proposal, an annual attempt to identify and fund the president's policy desires, is unlikely ever to become law.
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