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Made in USA: More Cars Coming Soon
Now that the last Ford workers have OK'd a new contract, automakers are set to start building more cars here.
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U.S. Budget Deficit
How bad is the U.S. budget deficit?
It’s bad — but it’s been worse. The federal government quite often spends more than it collects in taxes: the U.S. has run a budget deficit in all but six years since 1940, according to the Congressional Budget Office.
To measure the deficit, economists compare it to the gross domestic product (GDP). President Obama’s 2009 budget calls for a deficit of $1.75 trillion, which would represent 12.3 percent of GDP, the highest percentage since World War II.
The real problem is that deficits add to the national debt, or the total amount our government owes. Interest and principal payments on that debt consume money that could otherwise be used to fund programs or cut your taxes. The total national debt today stands at almost $10.9 trillion, just over two-thirds of GDP.
Will the weight of that debt cripple the economy and markets? It’s possible but far from certain. In 1948 the national debt reached almost 100 percent of GDP — and stocks and the economy surged over the next decade.
Editor's Pick
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How Deficits Add Up
Just how much the U.S. owes, how we got here, and what this massive national debt means for you.
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Debt Watch
See how much the federal government owes borrowers, right down to the penny. Plus, look up 15 years worth of national debt levels.
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Is a Deficit Such a Bad Thing?
Bone up on the three major schools of thought about how budget deficits and the national debt affect the economy.
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Beyond the Big Number
Want to know exactly how the federal government plans to rack up a $1.75 trillion deficit this year? Read the president’s entire 2009 budget to see where the money will go.
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Is Obama’s Outlook Too Rosy?
President Obama has vowed to trim the budget deficit — once he blows it out first. But that promise assumes that the economy will recover soon, an assumption that not everyone agrees with.
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US gov't runs $1.3 trillion budget deficit in 2011
WASHINGTON — The government ran a $1.3 trillion deficit for the budget year that ended last month, the third straight year it has operated more than $1 trillion in the red.The 2011 budget deficit was the second highest on record. It's slightly ahead of the previous budget year's $1.29...
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Budget deficit slips to $1.28T; red ink continues
WASHINGTON — After months of unrelieved gloom and discord, Congress and President Barack Obama are starting to make a dent in the federal budget deficit. It's projected to shrink slightly to $1.28 trillion this year, and bigger savings from this month's debt ceiling deal are forecast over...
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Ahead of the Bell: Trade Deficit
WASHINGTON — The U.S. trade deficit likely narrowed slightly in June after climbing in May to the highest level in 2½ years.Economists surveyed by FactSet expect the deficit to narrow slightly to $48 billion in June. The Commerce Department will release the new report at 8:30 a.m. Eastern...
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Summary Box: Deficit tops $1T for third year
DEFICIT UP: The federal budget deficit through the first 10 months of the budget year totaled $1.1 trillion, the Treasury Department said Wednesday. Three years ago, that would have been a record high for the full year.ANNUAL DEFICITS: This year's deficit is on pace to exceed last year's...
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Ahead of the Bell: Budget Deficit
WASHINGTON — The federal budget deficit is expected to top $1 trillion through the first 10 months of this budget year, giving the country its third consecutive $1 trillion plus deficit.The Congressional Budget Office is estimating that the deficit in July will total $132 billion. If that...
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Ahead of the Bell: Budget Deficit
WASHINGTON (AP) — As Congress and the Obama administration grapple with soaring budget deficits, the imbalance for this year is on track to surpass $1 trillion for the third straight year.Economists surveyed by FactSet are projecting that the deficit for May will hit $155 billion. If that...
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US budget deficit move closer to $1 trillion mark
WASHINGTON (AP) — The federal budget deficit is nearing the $1 trillion mark for a third straight year, putting pressure on Congress and the Obama administration to come up with a plan to rein in government spending.The Treasury Department says the deficit through the first eight months of...
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Ahead of the Bell: Budget Deficit
WASHINGTON (AP) — The deal between President Barack Obama and Congress to cut $38.5 billion in federal spending won't prevent this year's budget deficit from being the largest in history.A Treasury Department report Tuesday is expected to show the deficit is still on pace to hit $1.5...
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US Debt and Deficit: In Focus
I was delighted to participate in a terrific segment with "CBS News With Katie Couric," (produced by the always-awesome, Guy Campanile) which focused on the US debt and deficit and why it matters to all of us. If you missed the interview that CBS News Correspondent Nancy Cordes conducted with the...
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VAT: Will the U.S. Adopt a Value-Added Tax?
To fix the deficit, higher income taxes alone won't do the trick. That's why a whole new type of tax - the VAT - is starting to get attention. by Cait Murphy
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Market Update
Apple earnings miss drags technology stocks lower
NEW YORK — Stocks are mixed in midday trading Wednesday as investors weigh a rare earnings miss by Apple against a surpr...
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