US fiscal situation worsening in next decade
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The federal deficit of the US government hit a record high of US$436.9 billion in the first 11 months of fiscal year of 2004 ending on September 30, the Treasury Department reported on Monday.
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The IMF warns that the global credit crunch will lower economic growth next year, with the US hardest hit.
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Federal Reserve Chairman Ben  Bernanke on Wednesday warned lawmakers that as the country's  baby boomer generation ages, funding shortfalls to government  programs such as Medicare and Social Security will create an  unsustainable fiscal situation.
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Many population experts say that Americans' life expectancy will increase rapidly in the 21st century, making the program's financial problems even worse.
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US Treasury Secretary John Snow on Wednesday expressed his concerns about the huge US federal deficit but also said that an improving economy already is beginning to reduce the red ink.
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Slight improvement tempered by forecast of a sharp rise in debt over the next 10 years. Links to other web sites will open a new browser.
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Prospects for the global economy next year are growing dimmer as oil prices hurt consumption and the rise in the U.S. trade deficit depresses the dollar.
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The decline, the biggest in the US since World War II, is deepening.
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Ongoing weakness in the housing market will push the national economy to the brink of recession, but growth in other areas should put the country back on a slow road to recovery by 2009, according to an economic forecast released Wednesday.
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Older investors are facing tough economic realities as a result of the disappointing United States stock market this year.
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The wars in Iraq and Afghanistan will cost U.S. taxpayers hundreds of billions of dollars over the next decade, no matter how quickly U.S. troops are reduced in those countries over the next few years, according to a report released this week by the Congressional Research Service (CRS).
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Pressure is mounting for the US government to act soon to prevent a recession.
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Top economists warn that a recession in the US looks more likely, and urge government action.
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WASHINGTON - The federal deficit will swell to a record $422 billion this election year but fall short of even more dire forecasts, Congress' top budget analysts projected Tuesday in a report that became instant fodder for both political parties.    The nonpartisan Congressional Budget Office said the shortfall would shrink to $348 billion next year - still the third worst ever in dollar terms...
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Three US banks, including Bank of America, warn that losses linked to bad debt will get worse.
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The Congressional Budget Office is predicting the government will accumulate another $855 billion in deficits over the next decade, excluding the costs of President Bush's Social Security plan and ongoing wars in Iraq and Afghanistan.
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Record prices for oil are taxing the disposable income of US consumers and threatening to hinder economic growth, Treasury Secretary John Snow said.