Budget deficit News

Speaking to the financial and general news press, Fix The Debt Coalition Co-founder Erskine Bowles characterized the 'fiscal cliff' solution as a 'missed opportunity.'

Washington - Cuts to defense spending are often criticized as leading to lost jobs and less security. However, little attention is paid to the economic costs of what has now become a permanent war economy in the U.S.

Paris - French President Francois Hollande's Socialist government unveiled its 2013 budget proposal to tackle the growing deficit. One of the key measures includes a 75 percent temporary super-tax on those making one million euros ($1.28 million).

Toronto - Is it time to celebrate at Queen's Park? New budget figures show that the deficit in Ontario has shrunk by $3.3 billion to $13 billion, but the opposing Progressive Conservatives called the numbers a deception.

California Governor Jerry Brown says California's budget deficit has soared to $16 billion or about $7 billion more than his previously announced estimate of $9.2 billion in January.

Washington - A proposed tax overhaul by GOP presidential contender Newt Gingrich could cut taxes for all Americans, but those making more than $1 million would receive an average annual tax cut of almost $614,000, new analysis released this week shows.

In an interview with CNBC, Berkshire Hathaway Chief Warren Buffett clarified the nature of his tax increase proposal, saying the 'Buffett Rule' floated by the White House was not in line with Buffetts thinking.

Appearing on MSNBC's 'Rachel Maddow Show' on Monday, filmmaker and Liberal activist Michael Moore expressed his pleasure with President Obama's push to implement taxes on upper income Americans.

In the wake of President Obama's $447 billion jobs bill and ahead of the White House proposal to increase taxes on the nation's high-income earners, former President Bill Clinton came out in support of Republican tax positions on NBC's 'Meet The Press.'

Toronto - As the city of Toronto faces a $774 million budget deficit in 2012, the city's budget team is asking Torontonians what they would cut from the budget. Residents have until June 17 to submit online input.