CBO projects $2.3 trillion US deficit before Biden stimulus plan

While it dropped by $900bn, the United States’ budget deficit could still increase if President Joe Biden’s $1.9 trillion stimulus proposal were to pass. The United States Congressional Budget Office says the federal government is on track for a $2.3 trillion deficit this year, down roughly $900bn from last year when the coronavirus pandemic led […]

US annual trade deficit largest since 2008 financial crisis

The gap in the trade of goods and services widened to $678.7bn in 2020 from $576.9bn in 2019, the US Department of Commerce said. The U.S. last year posted its biggest annual trade deficit since 2008 as the global health crisis depressed export markets for American companies. The gap in trade of goods and services […]

Tunisia: IMF urges deficit control even as protesters demand jobs

The international lender says the country must clearly stipulate measures to cut down its huge fiscal deficit. The International Monetary Fund (IMF) warned Tunisia’s fiscal deficit could exceed 9 percent of gross domestic product (GDP) and urged the country to control energy subsidies, transfers to state companies and wages, even as protesters demand jobs and […]

Budget deficit fix? Oman readies third bond sale in three months

The largest oil exporter outside of OPEC is selling $3.25bn in debt in three parts. Oman is back in the debt market for the third time in less than three months, taking advantage of investors’ appetite for yield to help plug the Gulf Arab region’s widest budget deficit. The largest oil exporter outside of OPEC […]

In the red: US deficit up 25% in first two months of budget year

The United States Treasury reported that just two months into the new budget year, the deficit is already $429.3bn. The United States government’s deficit in the first two months of the budget year ran 25.1 percent higher than the same period a year ago as spending to deal with the COVID-19 pandemic soared while tax […]