Budget Deficit, Obama Administration | featured news

Vice President Joe Biden said Saturday the Obama administration wouldn't let middle class Americans "carry the whole burden" to break a deadlock over the national debt limit, warning that the Republican approach would only benefit ...

Struggling to avert a government shutdown, Republicans and Democrats each said Wednesday the other would be to blame if compromise talks on the budget fail to produce an agreement.

Congress and the White House veered toward a fiscal collision on Tuesday as the Obama administration rejected a short-term House Republican demand to cut $12 billion now in exchange for keeping the government open for one more week. At the same time, the Republicans’ budget chairman set forth a longer-range blueprint defining a new era of profoundly smaller government and steep tax cuts for corporations and individuals.

Administration estimates record-setting amount will drop to $1.3 trillion in 2011; Obama's proposed $3.8 trillion budget focuses on economy.

The Obama administration next week will project a federal budget deficit for fiscal 2009 of about $1.58 trillion, slightly less than previously predicted, a senior administration official said.