U.N. Report Calls for Help to Ease U.S. Budget and Trade Deficits
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The United Nations urged all major industrial countries to help the U.S. reduce its deficits by spurring their own economies to grow faster.
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Congressional Democrats called on Tuesday for the Bush administration to develop a comprehensive plan to reduce the record U.S. trade deficit, including action against what they called trade barriers and unfair trade practices in China, Japan and the European Union.
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BRUSSELS, Belgiumââ A top European Union official urged the United States on Monday to curb its deficits to help bolster the sagging dollar amid fears a strengthening euro would stifle EuropeÂ´s fledgling economic recovery.
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The US trade deficit narrowed sharply in September, aided by a slide in the value of the dollar, which helped push exports to record levels, a government report showed on Wednesday.
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The U.S. trade deficit narrowed more than expected in September as a rise in exports to unprecedented levels offset the impact of record-high prices for imported oil, a government report showed on Wednesday.
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LONDON -- Some of the world's major central bankers warned the United States that the international community could be running out of patience with the massive US budget and trade deficits that have pushed the dollar lower and increased the cost of their exports in America.
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WASHINGTON -- The nation's budget deficit will drop to $205 billion in the fiscal year that ends in September, less than half of what it was at its peak in 2004, according to new White House estimates.
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The U.S. trade deficit in October  narrowed by the biggest amount in nearly five years, as oil  import prices plunged for a second consecutive month and  exports edged up to a new record, a Commerce Department report  showed on Tuesday.
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The White House will estimate on Wednesday that the U.S. budget deficit for fiscal year 2007 will come in at $205 billion, a drop from last year, U.S. administration officials said.
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The U.S. trade deficit declined during the third quarter to the lowest level in two years, raising hopes that the country's trade troubles could be easing.
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The economy struggled under an increasing trade deficit and a slowdown in consumer spending, the Commerce Department said today.
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A breakthrough soon in world trade  talks would give the global economy a much-needed boost at a  time when many are worried about a possible downturn, top U.S.  and Australian trade officials said on Friday.
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The deficit in the current account represents the amount the U.S. must borrow from foreigners to cover the shortfall between exports and imports.
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A German finance official urged the United States to tackle its twin deficits during President Bush's second term to counter concerns weighing on financial markets, a magazine reported Saturday.
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U.S. President George W. Bush's fiscal 2009 budget proposal released on Monday takes into account that the U.S. economy is facing a slowdown, the White House said.
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The United States hit a record deficit of $166.2 billion last quarter in trade and capital flows with the rest of the world.
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The U.S. current account deficit  shrank more than expected in the fourth quarter of 2006 to  $195.8 billion, as lower oil prices took a bite out of imports  and U.S. exports continued to rise, a Commerce Department  report showed on Wednesday.