Congress, Trillion | featured news

As automated federal spending cuts take effect, projected red ink for the next decade has been reduced by about $4 trillion. But this wasn't how Democrats or Republicans wanted to do it.

Republicans are ready to ram through the House an election-year, $3.5 trillion budget that showcases their deficit-cutting plan for revamping Medicare and slicing everything from food stamps to transportation while rejecting President Barack Obama's call to raise taxes on the rich....

The Senate gave final approval Tuesday to legislation to raise the nation's debt limit by $2.4 trillion while cutting federal deficits, sending President Obama a hard-fought bipartisan package he was expected to swiftly sign into law.

President Barack Obama is sending Congress a $3.73 trillion spending blueprint that pledges $1.1 trillion in deficit savings over the next decade through spending cuts and tax increases.

The US budget deficit more than tripled to a record $1.4 trillion in the year to 30 September, the US Congress estimates.