No recession expected this year: Congressional Budget Office
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The slowing U.S. economy is unlikely to sink into an election-year recession and an economic rebound could begin as early as next year as housing and financial market turmoil fades, the Congressional Budget Office forecast on Wednesday.
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The House of Representatives on  Friday approved legislation to keep the U.S. government running  through February 15 after the outgoing Republican-led Congress  failed to approve a series of regular spending bills.
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The U.S. budget deficit probably hit  $415 billion in the 2004 fiscal year, a smaller number than  previously forecast but still the largest on record,  congressional budget analysts said on Wednesday.
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Problems in the U.S. subprime  mortgage market are unlikely to push the U.S. economy into a  recession over the next 12 months, the top economist for a  leading U.S. business group said on Tuesday.
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The new Hungarian government has acknowledged it will not hit its budget deficit target this year, Hungarian television reported Thursday.
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WASHINGTON -- State finances remained stable so far this fiscal year, with revenues on target or better and fewer states spending more than they planned, the National Conference of State Legislatures reported.
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The budget that President Bush will submit to Congress today shows the federal deficit falling in each of the next four years and would produce a $61 billion surplus in 2012, administration officials said. But to get there, Bush is counting on strong economic growth, diminishing costs in the Iraq war and tight domestic spending to offset the cost of his tax cuts....
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The minister of economic and fiscal policy, Hiroko Ota, said there had been little change in price trends in January, after a report showed inflation slowed to zero percent for the first time since May. âPrices continue to be flat,â Ms. Ota said. Core consumer prices, which exclude fresh food, were unchanged from a year earlier, matching the median estimate of economists surveyed by Bloomberg News. Household spending climbed 0.6 percent in January, the statistics bureau said, the first increase since December 2005. Economists expected a 0.3 percent drop. The jobless rate was 4 percent, unchanged after the previous monthâs figure was revised from 4.1 percent, the agency said.
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Americans are right to be concerned  about the long-term impact of budget deficits projected to  reach $2.3 trillion over the next decade, but there is little  near-term danger of an economic catastrophe, the head of the  Congressional Budget Office said on Tuesday.
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The United States is experiencing a "significant" housing market downturn but the economy is fundamentally sound and should avoid recession, Treasury Secretary Henry Paulson will tell Congress on Thursday.
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The White House predicted the economy would escape a recession and unemployment would remain low this year, though it acknowledged growth had already slowed.
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The slowdown of California's   housing market has become a drag on the state's economy as home   building and financing payrolls thin, but the most populous   U.S. state will avoid recession through 2008, according to a   UCLA Anderson Forecast report.
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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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The budget deficit for the current budget year will jump to about $250 billion, the Congressional Budget Office estimated Wednesday, citing the weakening economy
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THE US federal deficit will swell to a record $US422 billion ($608 billion) this election year but fall short of even more dire forecasts, Congress&#39; top budget analysts projected
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The budget that President Bush will submit to Congress today shows the federal deficit falling in each of the next four years and would produce a $61 billion surplus in 2012, administration officials said. But to get there, Bush is counting on strong economic growth, diminishing costs in the Iraq...
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Treasury Secretary Henry Paulson on Wednesday stood by his view that the U.S. economy will avoid recession this year and said the Treasury will act quickly to distribute tax rebate payments.