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Obama projects budget deficit will drop to $564 bil. in FY 2015

U.S. President Barack Obama released his budget blueprint Tuesday projecting the deficit will shrink to $564 billion for fiscal 2015 from $649 billion in the current year on the back of the economic recovery. The Obama administration estimated the ratio of the budget deficit to gross domestic product will fall to around 3 percent, a level widely regarded as the threshold for maintaining fiscal discipline, in fiscal 2015 and 2016.

White House foresees steady growth, falling deficit

The White House projected a steady fall in the US deficit over the next decade while the economy grows moderately, as it released its budget for the 2015 fiscal year on Tuesday. President Barack Obama's team foresees the American economy growing by 3.1 percent this year and by 3.4 percent the next, with inflation remaining under control, rising to only 2.0 percent in 2015. "Building on the progress already made, the budget's deficit reduction measures are more than enough to achieve the key fiscal goal of stabilizing the debt as a share of GDP," the document said.

Obama budget sets up election-year clash with Republicans

By Jeff Mason, Mark Felsenthal and David Lawder WASHINGTON (Reuters) - President Barack Obama proposed new tax credits and job-training programs for U.S. workers on Tuesday in a 2015 budget that drew instant condemnation from Republicans, who dismissed the document as an election-year campaign pitch.

Factbox: Details of President Obama's fiscal year 2015 budget

(Reuters) - President Barack Obama will send Congress his fiscal 2015 budget request on Tuesday, and lawmakers will promptly ignore it. But the annual ritual will highlight his policy priorities for the coming year and serve as a Democratic Party manifesto as Democrats seek to draw a contrast with Republicans ahead of congressional elections in November. The budget plan will cover less than a third of the approximately $3.5 trillion the government is likely to spend next year.

U.S. Senate Democrats do not plan to pass budget this year: Murray

By David Lawder WASHINGTON (Reuters) - Democrats in the U.S. Senate won't bother passing their own budget this year, arguing that a deal in December has already set spending levels for the 2015 fiscal year and "relitigating" it would create economic uncertainty. Senate Budget Committee Chairwoman Patty Murray said in a statement on Friday she would prefer to focus on promoting longer-term budget priorities for the Democratic Party, including measures to boost economic growth.

Japan's lower house approves record 95.88 tril. yen FY 2014 budget

Japan's House of Representatives gave the nod Friday to a draft budget for fiscal 2014 totaling a record 95.88 trillion yen ($941.7 billion), ensuring its enactment by the end of this fiscal year on March 31. The budget bill mapped out by Prime Minister Shinzo Abe's government will go to the House of Councillors for deliberations, after opposition parties called in vain for the details to be scrutinized in the lower house.

Fed's Fisher - accommodative monetary policy 'risks creating risks'

FRANKFURT (Reuters) - Prolonged accommodative monetary policy "has the risk of creating risks", Dallas Federal Reserve Bank President Richard Fisher said on Thursday. "We have to be mindful of that," he added at a conference in Frankfurt. Earlier, Fisher said he would like the U.S. central bank to continue with its current pace of scaling back its monthly bond-buying stimulus by $10 billion at each policy meeting. (Writing by Paul Carrel)

Alberta on track for operational surplus, still faces capital spending deficit

EDMONTON - Alberta is on track to record a $1.4-billion surplus on day-to-day spending this year, but it will be $8.5 billion in the hole on the capital side due to borrowing for new schools and roads. Finance Minister Doug Horner had originally forecast a $451-million deficit on day-to-day operational spending, but he said Wednesday that higher-than-expected oil prices, along with a low Canadian dollar, have changed the economic outlook. "We're turning the corner," Horner told a legislature news conference as he delivered his third-quarter budget update for 2013-14.

U.S. economist urges Japan to be more ambitious in structural reform

Adam Posen, president of the Peterson Institute for International Economics in the United States, called on Japan on Monday to be more ambitious in structural reform such as raising the participation of women in the workforce, after making progress in monetary and fiscal policies.

US debt, deficits - once the passion of politics - fade from the top of Washington's agenda

WASHINGTON - Just four years ago, U.S. deficits and debt were an explosive political combination, propelling Republicans to control of the House of Representatives and fueling the budget fights that would ensue over the next three years. Today, they are an afterthought in Washington's political and policy landscape.
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