Deficit, Budget | featured news

Egypt will not borrow from the World Bank and International Monetary Fund after revising its budget and cutting the forecast deficit, even though a loan had been agreed, Finance Minister Samir Radwan said Saturday.

The federal deficit through the first four months of the budget year is running at a record-breaking pace even though the deficit in January was slightly smaller than expected.

Many Americans applauded the spending plans and tax breaks set out in President Barack Obama's record budget, while others questioned the yawning deficit it would entail.