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US deficit down in first half 2010 - report
Source: Agencies |
April 13, 2010, Tuesday
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Online Edition
THE US federal budget deficit in the first half of fiscal 2010 is down 8 percent from the same period a year ago, The Washington Post reported yesterday.
Citing senior Obama administration officials, the Post said in an article on its website that the smaller deficit resulted from higher tax revenue and lower than projected spending to bail out the financial system.
The newspaper said if the trend continued for the rest of the fiscal year ending Sept. 30, it would mean the annual deficit would be US$1.3 trillion -- about US$300 billion less than the administration's projection two months ago for 2010.
White House officials were not immediately available for comment.
No official statement on the deficit is scheduled until the release of a late-summer review. The Post said the officials spoke on condition of anonymity because the findings were preliminary and the results for the full year might not turn out so well.
The White House has forecast a US$1.6 trillion budget deficit this year, or about 10.6 percent of gross domestic product, the highest level since World War Two.
Republicans are expected to use the ballooning budget deficits as a rallying cry in congressional elections in November as they try to unseat Democrats by blaming them for running up record deficits.
In February, President Barack Obama named a bipartisan panel to tackle exploding budget deficits and promised it broad leeway to recommend ways to put the country on a path to fiscal responsibility.
He asked the commission to come up with a strategy to balance the budget, excluding interest payments, by 2015.
The Washington Post said the officials "expressed cautious optimism" about the figures but noted the outlook remained uncertain.
The story said a senior administration official acknowledged the lower deficit number would not substantially ease the budget problems facing the government.
"But the favorable trend could allow Democrats to say they have turned the corner, and the number is one they would want to highlight for voters souring on Obama because of the government's red ink," the newspaper said.
Citing senior Obama administration officials, the Post said in an article on its website that the smaller deficit resulted from higher tax revenue and lower than projected spending to bail out the financial system.
The newspaper said if the trend continued for the rest of the fiscal year ending Sept. 30, it would mean the annual deficit would be US$1.3 trillion -- about US$300 billion less than the administration's projection two months ago for 2010.
White House officials were not immediately available for comment.
No official statement on the deficit is scheduled until the release of a late-summer review. The Post said the officials spoke on condition of anonymity because the findings were preliminary and the results for the full year might not turn out so well.
The White House has forecast a US$1.6 trillion budget deficit this year, or about 10.6 percent of gross domestic product, the highest level since World War Two.
Republicans are expected to use the ballooning budget deficits as a rallying cry in congressional elections in November as they try to unseat Democrats by blaming them for running up record deficits.
In February, President Barack Obama named a bipartisan panel to tackle exploding budget deficits and promised it broad leeway to recommend ways to put the country on a path to fiscal responsibility.
He asked the commission to come up with a strategy to balance the budget, excluding interest payments, by 2015.
The Washington Post said the officials "expressed cautious optimism" about the figures but noted the outlook remained uncertain.
The story said a senior administration official acknowledged the lower deficit number would not substantially ease the budget problems facing the government.
"But the favorable trend could allow Democrats to say they have turned the corner, and the number is one they would want to highlight for voters souring on Obama because of the government's red ink," the newspaper said.
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