Black hole in public finances deepens
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Current account deficit hits record high as credit crunch knocks tax receipts from the City
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WASHINGTON -- The federal budget deficit would have been 69 percent higher than the $162.8 billion reported two months ago if the government had used the same accounting methods as private companies, the Bush administration reported Monday.
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The burden of paying off household debts has reached record levels, says a leading firm of accountants.
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British government departments risk having to make spending cuts in the runup to elections expected next May as public borrowing hit its highest level in a decade, a newspaper reported.
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Even as lawmakers agreed yesterday on a tax rebate to stimulate consumer spending, a new threat to the economy is emerging because of the complex way the financial system has recently tried to cover its losses.
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Stricken mortgage lender reveals Â£100m black hole in employee pension funds
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The U.S. government agency that insures corporate pensions will run out of money in 2020 if current financial conditions persist, imperiling the checks of millions of retirees, a new independent study shows.
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With its $23 billion shortfall double any previous deficit, the government&#39;s Pension Benefit Guaranty Corp. needs fixing -- fast.
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The UK's public finances see record tax receipts, boosting the chancellor's hopes of meeting fiscal targets.
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British public finances suffered last month their worst September since comparable records began while borrowing in the fiscal year to date is running
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Government bodies have lost tens of millions of pounds in debts and fraud, a spending watchdog says.
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UK public finances worsened in August, with net borrowing widening to Â£7.6bn, according to the latest ONS figures.
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Millions must work longer or save harder to pay for the pensions blackhole detailed in an official study published tomorrow. At Â£57 billion the annual savings
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Private spending, supported handsomely by a growing number of very wealthy families, is gaining ground on traditional public investment.
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According to Alan Greenspan, the Federal Reserve chairman, the high amount of private debt being carried by Americans is not so scary because most people can &quot;calibrate their borrowing and spending to minimize financial difficulties.
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Their compensation has outpaced inflation for five years, prompting demands for oversight, disclosure.
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The long-term economic health of the United States is threatened by $53 trillion in government debts and liabilities that start to come due in four years when baby boomers begin to retire.