Tuesday, 12 March 2013 02:34
Gov't fiscal outlook improving - but only for now
WASHINGTON (AP) — In spite of budget wrangling and finger-pointing by U.S. policymakers, the government's short-term fiscal picture isn't all that bad. It's actually getting better — at least for now.
Washington is borrowing about 25 cents for every dollar it spends, down from over 40 cents just a few years ago.
And the budget deficit is dropping to $845 billion after topping $1 trillion for four straight years. The Congressional Budget Office says the deficit will keep shrinking — to $430 billion by 2015.
That's the good news.
But without a fix, the government's finances will start to worsen again as the three major "entitlement" programs — Social Security, Medicare and Medicaid — become more and more expensive and unmanageable under the increasing weight of retiring baby boomers.
Washington is borrowing about 25 cents for every dollar it spends, down from over 40 cents just a few years ago.
And the budget deficit is dropping to $845 billion after topping $1 trillion for four straight years. The Congressional Budget Office says the deficit will keep shrinking — to $430 billion by 2015.
That's the good news.
But without a fix, the government's finances will start to worsen again as the three major "entitlement" programs — Social Security, Medicare and Medicaid — become more and more expensive and unmanageable under the increasing weight of retiring baby boomers.
Published in
National News
Latest News
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
St. Charles City Council hears both sides of smoking ba…
St. Charles City is one step closer to crafting a smoking ban of some sorts. The question is whether there will be any exemptions. The city heard input from citizens Monday ni...
Injuries pile up in wake of Oklahoma tornado
OKLAHOMA CITY (AP) — Officials at two hospitals say they're treating nearly 60 patients, including more than a dozen children, after a massive tornado hit suburban Oklahoma City. ...
Missouri Senator could call new session
JEFFERSON CITY, Mo. (AP) - Missouri's legislative session is over, but the work may continue for some lawmakers. Senate President Pro Tem Tom Dempsey says he is considering appoin...
Crews search for man who fell into Mississippi River
The search continues for a man in the Mississippi River. Police say two men were in a car that was parked near the Merchants Bridge in north St. Louis when it started to roll. The...
Huge tornado rips across Moore, OK
MOORE, Okla. (AP) - Neighborhoods are flattened and buildings are on fire after a mile-wide tornado moved through the Oklahoma City area. Television footage on Monday afternoon s...
Violence, crime prevention program expands to St. Louis…
St. Louis ciyy and county police are launching a new program that targets violence in high-crime areas. The "St. Louis Initiative to Reduce Violence" or "SIRV" was announced this ...
Scientists say New Madrid could be due for large earthq…
It has been over two hundred years since the powerful New Madrid earthquakes. Scientists now say that lull could end in the not-too-distant future. They expect a the fault to unle...
MO legislative session over, but work may continue
JEFFERSON CITY, Mo. (AP) - Missouri's legislative session is over, but the work may continue for some lawmakers. Senate President Pro Tem Tom Dempsey says he is considering appoin...
