WASHINGTON–The government ran a $587 billion budget deficit for the just-completed fiscal year, a 34 percent spike over last year after significant improvement from the record deficits of President Barack Obama’s first years in office.
British Chancellor George Osborne has announced £3 billion of spending cuts and £1.5 billion of asset sales as the new Conservative government works to balance the budget. All this comes despite five years of coalition ‘austerity’ which still sees government spending
From Josh Zumbrun at the Wall Street Journal: The U.S. has come a long way since the days of trillion-dollar deficits, just a few years ago. The White House projects 2016 will have the smallest budget deficit in eight years.
