Its current account is expected to stay in deficit through 2020.
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Other Republicans, however, are not interested in deficit-neutral tax reform.
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The House bill provides $1.5 trillion in deficit financed tax cuts.
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Is there any value in deficit spending just to stimulate growth?
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For a graphic on Most Industrial Metals in Deficit, see - tmsnrt.
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A total of $321 billion in deficit reduction, according to the CBO.
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GCC central governments will remain in deficit until 2021, S&P forecasts.
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And its government budget, which Germany balances, has been in deficit since 000.
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Instead, it mandates some $85033 billion in deficit reduction from various mandatory programs.
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But critics say they are expensive, particularly for those schemes which are in deficit.
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Nearly nine out of ten hospital trusts ended the last financial year in deficit.
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But conservatives in Congress may not go along with an increase in deficit spending.
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The retirement fund is estimated to be in deficit by around half a billion pounds.
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Many of these schemes are in deficit and companies may look to offload that risk.
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It would lead to an estimated $321 billion in deficit reduction from 2017 to 2026.
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That will be tricky: €23bn ($25bn) in deficit cuts are needed to meet EU limits.
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Despite a rise in the oil price to above $50, the budget remains deeply in deficit.
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However, with most advanced economies firmly in deficit-reduction mode, that may be a forlorn hope.
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By the same token, low rates explain why lots of companies' pension funds are in deficit.
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Indeed, since taking office, Mr. Trump has made no sustained effort to rein in deficit spending.
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All this additional growth results in deficit reduction assumptions that analysts say don't square with reality.
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The resolution allocated $1.5 trillion in deficit spending over the next decade for the GOP tax effort.
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So if the government is in deficit the flipside is that the private sector is in surplus.
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Because of demographic trends specific to each plan, some are running surpluses, while others are in deficit.
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The current account, which measures, among other things, trade-in-goods, has been in deficit since 2017.
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When independents were thrown into the mix, the majority of voters agreed to $211 billion in deficit reduction.
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Meanwhile, 21.5% of the nearly 20.8,3003 British pension funds covered by the Pension Protection Fund are in deficit.
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On net, individuals (without estates) get about 40 percent of the $1.4 trillion in deficit-financed tax cuts.
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When independents were thrown into the mix, the majority of voters agreed to $2628 billion in deficit reduction.
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The White House budget calls for $3 trillion in deficit reduction, including $20193 trillion in mandatory spending cuts.
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Senate Republicans are allowing themselves up to $1.5 trillion in deficit-financed tax cuts to pass tax reform.
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Many schemes are in deficit and companies are looking to offload them to clean up their balance sheets.
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This is seen as an expanding market as many schemes are in deficit and companies want to offload them.
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Nearly two-thirds are in deficit, putting a burden on companies looking to strike merger deals or restructure debt.
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Schemes which are heavily in deficit find it hard to pay the insurance premium required for a bulk annuity.
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The market has been in deficit in six out of the last seven years for which data is available.
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Democrats blame Republicans for passing $1.9 trillion in deficit-financed tax cuts and demanding huge increases to defense spending.
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On Thursday, the GOP adopted a budget that would allow up to $85033 trillion in deficit-financed tax cuts.
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The copper concentrate market remains in deficit and has pushed down treatment and refining charges (TC/RCs), He said.
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UK companies are looking at ways to cut the risks of these schemes, many of which are in deficit.
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The copper market is in deficit this year and may be again in 2020, said WisdonTree analyst Nitesh Shah.
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The meeting also occurred before President Trump signed a new budget that contained a significant increase in deficit spending.
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"The oil market has gone from nearing storage saturation to being in deficit much earlier than we expected," Goldman said.
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The House GOP budget is expected to direct several committees to come up with roughly $200 billion in deficit savings.
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Its additional revenues of some 23 billion euros ($25.6 billion) are already taken into account in deficit projections for next year.
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Tin can also be used in lithium-ion batteries, which could have a major impact on a market already in deficit.
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But the longer that funds stay in deficit, the more likely it is that some will go bust with a shortfall.
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China's first-quarter 85033 current account was in deficit, which has not happened since before China joined the World Trade Organization.
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The Senate plan would lead to an estimated $321 billion in deficit reduction from 2017 to 2026, according to the office.
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He was bemoaning a surge in deficit spending after enthusiastically voting in December for a deficit-ballooning $1.5 trillion tax cut.
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Li Zhou Well, what do you make of the increase in deficit in 2018 that was attributed to the tax plan?
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In deficit countries, investors tend to own shorter-term bonds, which are more liquid and less risky than longer-term debt.
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The trade balance stayed in deficit in the December quarter, narrowing to $34.0 billion from $37.4 billion in the previous three months.
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The budget is deeper in deficit than expected, said the sources, who requested anonymity because they were not authorized to speak publicly.
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The French currently spend more time in retirement than anybody else in the OECD, and the state pension system is in deficit.
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But remember, the bill has to include *at least* $2 billion in deficit savings in a order to comply with reconciliation instructions.
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"The increase in deficit spending this year should be for structural tax reform, upgrading manufacturing, and improving people's well being," Liu said.
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British companies are looking for ways to reduce their exposure to the risks of such schemes, many of which are in deficit.
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That's because the conservative Freedom Caucus publicly declared their opposition to the budget deal last night, citing the increase in deficit spending.
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Around Europe's close, the White House budget called for $3 trillion in deficit reduction, which involved $1.7 trillion in mandatory spending cuts.
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The House Budget Committee assumes passage of the chamber's repeal bill, which would have created $119 billion in deficit reductions over a decade.
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"Imports will continue, especially in those segments which are in deficit of supply," Rusal said in a reply to a request by Reuters.
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"The market for aluminium is tightening, and we expect the 2018 global primary market in deficit," CEO Svein Richard Brandtzaeg said in a statement.
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In 2018 the budget is expected to be 50 billion crowns ($2.35 billion) in deficit, or 1 percent of the country's gross domestic product.
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Spendthrift consumers in deficit countries suddenly found themselves squeezed by joblessness and the evaporation of easy credit: that led to a collapse in imports.
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He backed legislation, sponsored by Senators Phil Gramm of Texas and Warren B. Rudman of New Hampshire, for automatic spending cuts in deficit budgets.
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Unlike the federal government, states cannot engage in deficit spending, so there is little flexibility in how to raise funds to support this program.
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But Italy is only expected to present its steps to comply with EU fiscal rules, that require reductions in deficit and public debt, later.
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The US government could, instead of issuing $22025 in Treasury bonds for every $22029 in deficit spending, just create the money directly without issuing bonds.
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"On the whole, I still have most of these base metals markets in deficit this year, but deficits don't matter without better demand," Hamilton said.
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In 2015, Kirov's current balance returned to positive territory after three years of being in deficit, due to stronger operating performance and reduced interest payments.
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"For 2019, we expect the global primary aluminum market to be in deficit, although increasing macro uncertainty could lead to softening demand growth," Brandtzaeg said.
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Field has also written to Arcadia's board and the trustees of its pension fund, which is also in deficit, seeking information about its recovery plan.
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"Ultimately the nickel market has been in deficit for three years running and we are expecting another deficit this year," said Roskill senior analyst Olivier Masson.
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Even if you add Chinese (semi manufactured) aluminium exports to the mix, we're still in deficit of 3.3 mln tonnes ex-China if you eliminate Rusal.
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The budget instructs the energy and natural resources committee to find $1 billion in deficit savings using the same reconciliation rules as the attempted tax overhaul.
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"Many countries are already in deficit, so they have a choice," said Monica de Bolle, senior fellow at the Peterson Institute for International Economics in Washington.
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On Friday, the Socialists proposed raising the 2019 spending limit by 4.4 percent to 125.1 billion euros ($145.8 billion) while ratifying an increase in deficit targets.
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When the tax cuts for the rich and the spending cuts to Medicaid are combined, they would result in deficit reduction of $337 billion by 2026.
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The proposal assumes $204 billion in deficit reduction over a decade from the passage of the House bill to repeal and replace the Affordable Care Act.
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A condition of any deal is that Tata finds a solution for its 15 billion-pound ($19 billion) UK pension scheme, which is heavily in deficit.
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Instead, it demanded $203 billion in deficit reduction from various committees, expected in the form of cuts to programs such as nutritional assistance, education and welfare.
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Since the global financial crisis, the budget has been in deficit with net debt seen expanding to 19.2 percent of gross domestic product by 2017/18.
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Analysts at Morgan Stanley predict that China could be in deficit in 2019—which would be the first annual gap since 1993—and for years to come.
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Although global inventories rose in January, the agency said the oil market could be in deficit by 500,000 barrels per day in the first half of 2017.
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Now, they are there to dispense the free-trade bromides and, as the IMF's managing director said recently, to make money on financial distress in deficit countries.
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Fortunately, the CBO estimate did reveal that they have some fiscal wiggle room (over $100 billion in deficit reductions over 10 years) to help address this challenge.
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While the Senate version carves out up to $1.5 trillion in deficit spending for the tax plan over a decade, the House bill does not allow any.
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Despite these measures, Goldman Sachs said in a July 4 note to clients that "the market will remain in deficit" in the second half of the year.
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The global nickel market estimated at 14 million tonnes has been in deficit for some years now and expectations were for a more balanced market next year.
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The Senate resolution allowed for $1.5 trillion in deficit-financed tax cuts, and did not include $6900 billion in mandatory spending cuts the House labored to include.
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Democrats are also eyeing the installation of pay-as-you-go rules, designed to rein in deficit spending, which were also in place when they last held power.
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The resolution approved Thursday lays out a path to balance the budget over a decade and calls for $8.1 trillion in deficit reduction measures to reach that goal.
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The resolution approved Thursday lays out a path to balance the budget over a decade and calls for $2628 trillion in deficit reduction measures to reach that goal.
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But 43's slowdown in GDP growth has shown that even hundreds of billions in deficit spending combined with trillions in tax cuts and bond buying aren't enough.
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By doing that, they are expected to boost import demand, reduce their external surpluses and offset restrictive economic policies in deficit countries to keep the world economy growing.
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Placing arbitrary limitations on the federal commitment to our aging population will only shift responsibility to state governments that, unlike the federal government, cannot engage in deficit-spending.
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With Iraq's economy deeply in deficit, thanks to low oil prices and the costs of the war, no one yet knows where funding will come from to begin reconstruction.
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The budget forecasts $222 trillion in deficit reduction over 9663 years and assumes economic growth at an annual rate of roughly 2966 percent for years to come, officials said.
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Net government borrowing, which in the March budget was expected to move into surplus in 2019, was projected to stay in deficit for at least the next five years.
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"I believe the worst is now behind us with multiple leading indicators showing that supply-demand balances are in deficit and the market is moving towards rebalancing," he said.
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Any increase in deficit spending that does not help boost structural economic growth could put Italy's debt on an unsustainable course, the head of the Bank of Italy said.
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Nearly two-thirds of Britain's 5,000 defined benefit, or final salary, pension schemes are in deficit, putting a burden on companies looking to strike merger deals or restructure debt.
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"If growth is pushed further with a rate cut while our basic balance is still in deficit and liquidity tight, the rupiah will go back under pressure," Wardana said.
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Right now the economy is growing, the budget is in deficit, and perhaps most important of all, rising inequality is 16 years further along than it was back then.
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The budget forecasts $4.6 trillion in deficit reduction over 10 years and assumes economic growth will continue at annual rate of roughly 3 percent for years to come, officials said.
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A rise in deficit-covering bonds would further strain Japan's public finances and mark a setback for Prime Minister Shinzo Abe's efforts to curb the developed world's heaviest debt burden.
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Bulk annuities, which involve the transfer to an insurer of company defined benefit, or final salary, pension schemes, have become more popular in Britain as many schemes are in deficit.
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Low oil prices have slashed Oman's oil revenues, leaving the state budget deep in deficit and forcing the government to increase its borrowing, which has pushed up market interest rates.
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Sir Philip did, however, promise that he would sort out BHS's pension fund, which was in surplus when he bought the business in 2000 but is now £571m in deficit.
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But while weaker demand both for vehicles and jewellery will keep platinum oversupplied, palladium – in deficit for most of the last decade – will remain in shortfall, the Citi analysts said.
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Though the plan comes with a built-in deficit of more than $22 trillion, Trump administration officials described it as a "return to fiscal sanity" that won't hinder economic growth.
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The budget office predicted an increase of 24 million people without health insurance by 2026 under the Republican plan, while forecasting $337 billion in deficit reduction over the same period.
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"The oil market has gone from nearing storage saturation to being in deficit much earlier than we expected," said Goldman, which added that supply likely shifted into a deficit in May.
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"The oil market has gone from nearing storage saturation to being in deficit much earlier than we expected," Goldman Sachs said in a research note, reversing its views on the commodity.
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This would come on top of recent policies that achieved more than $120 billion in deficit reduction on federal employees' backs through pay freezes and increased retirement contributions for new hires.
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"I find it ironic that some of my Republican colleagues, in their internal budget negotiations, claim that $30 billion in deficit-reduction is required for the coming fiscal year," Sanders said.
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The $2202 billion in deficit-financed new spending next year will further stimulate an economy that already has low unemployment, providing momentum as effects from the GOP tax cuts fade away.
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Iran remains mired in deficit, and while the country's economy grew more than 7 percent in the year following the JCPOA's enactment, foreign investment flows are far from reaching government targets.
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OUTLOOK: A dearth of copper mine projects means the market will remain in deficit until 2027 and prices could rise to $10,000 a tonne by 2025, Capital Economics said in a note.
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Distillate and gasoline prices and margins have been under pressure since the middle of November, amid signs that fuel markets are no longer in deficit, which has effectively capped crude oil prices.
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The Rosneft sale is expected to bring around 650 billion roubles ($10 billion) to the Russian budget, which has been in deficit as the economy has slumped because of weak oil prices.
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And that 1 percentage point increase from the 2 percent baseline would yield, according to the Congressional Budget Office (CBO) – more than $3 trillion in deficit reduction over the next ten years.
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While the palladium market is likely to remain in deficit this year and next, "liquidity has returned and is shaking off froth," INTL FCStone analyst Rhona O'Connell said in a research note.
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Ryan has long pushed for reforming Medicare to keep that system solvent, but he also argues strongly changing the big ticket entitlement is the only way to really rein in deficit spending.
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The midnight deadline was missed because of a nine-hour, on-again, off-again Senate floor speech by Senator Rand Paul, who objected to $300 billion in deficit spending in the bill.
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Or, should they be victorious in 2018 and 2020, Democrats can pursue broader ambitions, relying on this tax reform's overreach for funding rather than simply engaging in deficit-busting of their own.
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The government agreed to the proposed reforms, including big cuts in deficit spending, but it was not able to act for much of last year because of political wrangling after May's election.
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Taxpayers owe the Social Security Trust Fund $3 trillion; Medicare has been in deficit since the very beginning since premiums and payroll taxes were never meant to fully bear the program's cost.
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And in 2008, the splashy first edition of Prospect, the New Orleans triennial (formerly, not coincidentally, a biennial), closed with nearly $1 million in deficit, delaying its sophomore edition by a year.
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PRICE OUTLOOK: A dearth of copper mine projects means the market will remain in deficit until 2027 and prices could rise to $10,000 a tonne by 2025, Capital Economics said in a note.
|
|
The House budget includes instructions for $200 billion in deficit reduction — so somehow that has to be merged with a Senate budget that would allow $1.5 trillion to be added to the deficit.
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Even if one were to introduce the 70 percent income tax rate being proposed by leaders on the left, this would still involve a huge increase in deficit financing and thus the debt.
|
|
Part of the instructions for tax reform included directions to the Senate Energy and Natural Resources Committee, which Murkowski chairs (as did her father), to come up with $1 billion in deficit reduction.
|
|
Analyses of the House version of the bill found that even with economic growth, it would still add between $1 trillion to $2 trillion in deficit spending over the course of a decade.
|
|
ROME (Reuters) - Italy's populist government brushed off protests from its own economy minister to back a significant rise in deficit spending next year, spooking financial markets and setting up a battle with Brussels.
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Beyond the number of Americans without insurance, the Senate bill's $321 billion in deficit reduction is larger than the $119 billion that the budget office found for the bill that passed the House.
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The Commission said Lisbon should apply EU rules and balance its structural budget, which strips out one-off revenues and spending, and is expected to be in deficit in 2019 and in 2020.
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The cuts in the president's budget would, the CBO finds, dramatically reduce the deficit, by about $23.7 trillion over 23 years (more than the $21.8 trillion in deficit reduction in Obama's final budget).
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PRAGUE, May 14 (Reuters) - The Czech central state budget might be in deficit in 2019, Finance Minister Alena Schillerova was quoted as saying in an interview published by the E15 daily paper on Monday.
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"I believe the worst is now behind us with multiple leading indicators showing that supply-demand balances are in deficit and the market is moving towards rebalancing," Falih told an audience in Kuala Lumpur.
|
|
But with the market already in deficit in six out of the last seven years, even a small increase in interest in the funds, which issue securities backed by physical metal, could be significant.
|
|
The global zinc market was in deficit by 27,000 tonnes in January and the lead market deficit more than doubled to 15,000 tonnes, data from the International Lead and Zinc Study Group (ILZSG) showed.
|
|
The autocatalyst metal has slid nearly 14 percent since hitting a record $1,138 in mid-January but remains at elevated levels on expectations that the market will remain in deficit for a while yet.
|
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External prospects are better for 2017 and 2018 due to an expected oil price recovery, but high FDI-related imports and income outflows will keep the current account in deficit over the forecast horizon.
|
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The Commission forecasts underline the view in Brussels, backed last Monday by all euro zone finance ministers, that Italy's 2019 budget breaks European Union fiscal rules, which call for annual reductions in deficit and debt.
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|
The market has been in deficit for the last decade, and GFMS analysts at Thomson Reuters expect that to persist at least through next year, to the tune of more than 1.5 million ounces annually.
|
|
"Second, on the budget front, we are going to post data up to July in the budget and we see contained public expenditure, a big reduction in deficit vis-a-vis last year," he added.
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The forecasts underline the Commission's view, backed last Monday by all euro zone finance ministers, that Italy's 2019 draft budget blatantly breaks European Union fiscal rules, which call for annual reductions in deficit and debt.
|
|
Italy's government is not getting "hung up" over decimal places as it prepares the 2019 budget, Prime Minister Giuseppe Conte said on Wednesday, amid market fears the cabinet might sanction a surge in deficit spending.
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They fail to recognize that persistent global trade imbalances, whereby trade surplus countries overproduce and excessively rely upon consumers in deficit countries for growth, pose the most serious risk to global growth and economic stability.
|
|
But finance committee Republicans, along with leaders, came the conclusion the siren song of $2000 billion in deficit savings (which the Congressional Budget Office projects repealing the mandate would create) was too difficult to resist.
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|
"Our updated fundamental oil balance shows… that the oil market remains in deficit with resilient demand growth and rising disruptions requiring higher core OPEC and Russia production to avoid a stock-out by year-end."
|
|
"This is good, it helps a lot in deficit reduction ... but for it to be solid and not to be seen as a negative move, it should not be a stand-alone move," Hasbani said.
|
|
But the fiscally minded Democrats are quickly racing away from the GOP proposal, largely over projections the bill will hike taxes on millions of middle-class families and lead to a spike in deficit spending.
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|
In oil, the market would likely remain in deficit in the second half of 2018 despite higher production by core OPEC producers, with rising supply shocks potentially threatening both further price rises and global economic growth.
|
|
"We expect the oil market next year to be somewhere between balanced and up to as much as 1 million barrels per day (bpd) in deficit," Bjarne Schieldrop, chief commodity analyst at Nordic bank SEB, said.
|
|
About half of hospital trusts are forecast to be in deficit at the end of this financial year, to the tune of a total of around £21bn ($5.7bn), once one-off extra funding is accounted for.
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VARENNA, Italy, Sept 22 (Reuters) - Any increase in deficit spending that does not help boost structural economic growth could put Italy's debt on an unsustainable course, the head of the Bank of Italy said on Saturday.
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|
Charlie Dent of Pennsylvania told reporters that setting $5113 billion as a goal in deficit savings was aggressive but attempting to go beyond that number hurt the chances for the party to get tax reform done.
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|
However, the refined market will remain in deficit to the tune of 100,000-200,000 tonnes this year, split between surplus outside China and a large 600,000-700,000-tonne shortfall in China itself, according to the bank.
|
|
Harumi Taguchi, principal economist at IHS Global Insight, said in a note that Japan's seasonally adjusted trade balance remained in a surplus, while official data showed non-seasonally adjusted trade balance for January was in deficit.
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|
With oil consumption growing rapidly, the oil market in deficit and inventories falling, a 12-month extension risks causing the market to tighten too much, sparking a spike in prices and a resurgence of shale drilling.
|
|
Bulk annuities, which involve the transfer to an insurer of UK company defined benefit, or final salary, pension schemes, have become more popular as many schemes are in deficit and companies are looking to offload risk.
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|
The fund is already in deficit, a problem the finance ministry itself says needs to be addressed, and the drop in social security contributions will mean that less money is going into the fund, she said.
|
|
The fiscal plan produced last year by the then Republican-controlled House Budget Committee called for $8.1 trillion in deficit reduction, including $5.4 trillion worth of changes to entitlement programs, to reach balance within nine years.
|
|
A recent surge in the price of iron ore - Australia's top export - and solid demand from China have filled government coffers, letting Prime Minister Scott Morrison promise a budget surplus this year after a decade in deficit.
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|
That would put the industry in deficit for a sixth consecutive year and cut above-ground stocks to 22018 million ounces by the end of next year, said the WPIC, which is funded by platinum mining companies.
|
|
Important side story The budget, which serves as the vehicle for the tax overhaul, also included reconciliation instructions for the Senate energy and natural resources committee to come up with $203 billion in deficit savings or revenue.
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|
The House GOP's new budget resolution includes instructions for $203 billion in deficit reduction over a decade, a figure conservatives have said is too low and Republican moderates think should be dealt with outside the budget process.
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|
A shift in mining activity in South Africa to shafts less rich in rhodium also means production there will gradually decrease in the coming years, helping keep the market in deficit, said David Davis, an independent analyst.
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|
The White House is apparently not on the same page as Senate GOP leaders, who chose to focus on positive numbers for them in the analysis, such as the $321 billion in deficit reduction over a decade.
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|
Similarly, if the government is in surplus it must mean that the private folks are in deficit — using debt or their savings to get by, because total payments to the government are more than the government's spending.
|
|
FUNDAMENTALS * COPPER: Copper headline stocks in London Metal Exchange-approved warehouses on Monday fell 2.5% from the previous session to 198,650 tonnes, latest data showed, while the global copper market is seen in deficit throughout 2019 and 2020.
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"We could continue to cut healthcare and services ... or we could do a little bit of investment in deficit and, by investing, spur growth and repay our debt," Di Maio said during the recording of a TV interview.
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|
"We estimate that the physical oil market is now in deficit, and that oil inventory levels should be falling," Investec Asset Management portfolio manager Tom Nelson, who helps manage a part of the company's $114 billion in assets.
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|
Lawmakers could face pressure to give Trump the resources he needs to make good on his deportation promises, but they will also hear from fiscal hawks who want to rein in deficit spending under a unified GOP government.
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SALZBURG, Austria (Reuters) - Italy's government is not getting "hung up" over decimal places as it prepares the 2019 budget, Prime Minister Giuseppe Conte said on Wednesday, amid market fears the cabinet might sanction a surge in deficit spending.
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The upside of the government's strategy is that a budget surplus "is within sight after a record 11 years in deficit and the household sector will receive a boost just at the time it needs it," Oliver added.
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|
The federal government came into 2018 with a base level of $515 billion in deficit spending: As a result, the money the government has to borrow to cover its budget deficit — the national debt — is also projected to rise.
|
|
Official forecasts assume that the public sector to remain in deficit over at least the next five financial years, and that borrowing will be around GBP120bn higher over the five financial years to FY20/21compared to pre-referendum forecasts.
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Higher oil production and prices will lead to a further narrowing of the deficit to 2019, though high imports related to foreign direct investments (FDI) and income outflows will keep the current account in deficit over the forecast horizon.
|
|
Although Russian output of the metal has not been affected directly, the sanctions have caused enough concern over supply in a market that has been in deficit for a decade to bring some speculative money back in, analysts said.
|
|
Bulk annuities, which involve the transfer to an insurer of company defined benefit, or final salary, pension schemes, have become more popular in Britain as many schemes are in deficit and companies are seeking ways to offload the risk.
|
|
Some administration officials said the nearly $3 trillion in tax increases over 10 years would achieve rough parity in deficit reduction efforts after five years in which Mr. Obama and congressional Republicans have cut $4 trillion in spending to reduce deficits.
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"The market likely shifted into deficit in May ... driven by both sustained strong demand as well as sharply declining production," it said, adding that it expected production declines to keep the market in deficit in the second half of 2016.
|
|
But while demand from the diesel car sector for platinum, which is used in catalytic converters, is under pressure because of air pollution concerns, palladium used in hybrid petrol cars could see higher consumption and the market is in deficit.
|
|
Senate Majority Leader Mitch McConnell said a planned long summer recess would not begin at week's end without the approval of a budget deal suspending the U.S. debt limit through July 2021 and adding billions of dollars in deficit-spending.
|
|
Republicans have argued that the $22019 trillion in deficit-financed tax cuts, measured by a "static" score that does not include the effects of economic growth, would largely pay for itself once the growth factors were considered in a "dynamic" analysis.
|
|
WASHINGTON (Reuters) - The U.S. Senate on Thursday aims to pass legislation backed by President Donald Trump that would suspend the limit on federal borrowing for two years while adding billions of dollars in deficit-spending, Republican senators said on Wednesday.
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WASHINGTON (Reuters) - President Barack Obama on Tuesday unveiled a budget that proposed $2.9 trillion in deficit reduction over 10 years, largely by curbing tax breaks for the wealthy and proposing new savings in the Medicare and Medicaid health care programs.
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The Republicans rose to power on vows to rein in deficit spending, and fiscal hawks on and off Capitol Hill are already bristling at the idea of moving a Harvey relief bill without paying for it elsewhere in the budget.
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The U.S. goods and services deficit with China is closer to $150 billion and not the $410 billion quoted by U.S. officials, he said, adding that China's processing trade with the United States should not be included in deficit calculations.
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But ratings agencies have raised some concerns over further reduction in deficit: In February, Moody's said further fiscal consolidation "is likely to be very slow absent any meaningful revenue-raising measures," which it said the past two budgets did not have.
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Republicans have argued that the $2023 trillion in deficit-financed tax cuts, measured by a "static" score that does not include the effects of economic growth, would largely pay for itself once the growth factors were considered in a "dynamic" analysis.
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"In contrast to our September forecast that the global oil market will be in surplus of 0.6 million barrels per day (mbpd) on average for 2020, we now estimate the market will be in deficit of 0.2 mbpd," the bank said.
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Republicans have argued that the $1.5 trillion in deficit-financed tax cuts, measured by a "static" score that does not include the effects of economic growth, would largely pay for itself once the growth factors were considered in a "dynamic" analysis.
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"This is the eighth consecutive year where palladium is going to be in deficit and there are no signs that it is going to go away," said Dominic Schnider, head of commodities and APAC forex at UBS Wealth Management in Hong Kong.
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"For countries like Brazil and India — which have seen sharp declines in their current account deficits and a big improvement in deficit financing …the impact of any Trump trade policies that are directed toward Mexico and China will have minimal impact," he added.
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"We have to figure out why we're always in debt and always in deficit, and the right time to have that is over the debt ceiling," he said in October, shortly before Congress passed a funding bill that the Freedom Caucus opposed.
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The pension fund of China's northeastern province of Heilongjiang is 23.2 billion yuan ($3.51 billion) in deficit, with almost 20 percent of the 13 billion yuan worth of funds transferred from the central government to Heilongjiang in 2016 spent on social security expenditures.
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In the past 5½ years, congressional Republicans blocked, among other things: an additional $850 billion in deficit spending; income tax increases on 99% of the American people; the closing of the Guantanamo Bay terrorist detention center; and a job-killing carbon tax.
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The Congressional Budget Office projected that the revised GOP bill would realize $150 billion in reduced federal spending through 2026, which is less than half of the $2028 billion in deficit reductions that the CBO had estimated for the bill's first version.
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He raised another issue to watch, though, which is that the measure also needs to achieve $1 billion in deficit reduction in the jurisdiction of the Senate Health Committee, which he said could be a close call, depending on a number of factors.
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President Donald Trump unveiled the country's latest budget Monday, with the White House calling for $3 trillion in deficit reduction, which would include $1.7 trillion in mandatory spending cuts, while proposing to cut discretionary spending by 2 percent a year after 2019.
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On Monday, President Donald Trump unveiled the U.S.' latest budget, with the White House calling for $3 trillion in deficit reduction, which would include $1.7 trillion in mandatory spending cuts, while proposing to cut discretionary spending by 2 percent a year after 2019.
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Alcoa, understandably, takes an optimistic view that the global market will be in deficit this year to the tune of 1.2 million tonnes, comprising an 816,000-tonne surplus in China and a 2.0-million tonne deficit in the rest of the world.
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As companies turn a profit and pay back their loans with interest, it is a tool that also makes money for the U.S. taxpayer and has returned nearly $22019 billion back to the Treasury in deficit reduction over the last 10 years.
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"Our indicators suggest that palladium remains the tightest it has been in about 20 years -- and is expected to remain in deficit," Citi analysts said, adding they expect a palladium market deficit of 458,000 ounces this year and a 608,000 shortfall next year.
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Zhu Guangyao, a vice minister of finance, said Thursday morning that Prime Minister Li Keqiang would unveil a government budget early next month that would include economic stimulus through an increase in deficit spending, which was only 2.3 percent of economic output last year.
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"We are managing the 2019 state budget because pressure on the revenue side is huge in the current economic situation," Indrawati told reporters after attending President Joko Widodo's first cabinet meeting, adding that she had issued a decree to allow an increase in deficit financing.
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And they're doing all of that while being required to have *at least* $133 billion in deficit savings over a 10-year period (which is actually more than is in the House bill, according to CBO.) So they need to find that money somehow.
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It includes $1.75 trillion in new spending and tax cuts, $3.7 trillion in deficit reduction that's overwhelmingly the result of spending cuts, $800 billion in reduced spending on wars and disaster recovery, and $300 billion in savings due to lower interest payments on less debt.
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"Even with rosy economic assumptions and proposed spending discipline that flies in the face of recent experience, the president's budget would still be in deficit over the next 28503 years," said Robert L. Bixby, executive director of The Concord Coalition, which advocates for lowering the debt.
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Almost 2900 Democrats had supported that tax bill, but Pelosi and other Democratic leaders did not, and they're now warning that the $220006 billion package will lead to $2202 billion in deficit spending over a decade — a figure that swells to $2628 trillion over 28500 years.
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Money is often a lubricant for legislation, and because the Senate health bill includes about $200 billion more in deficit reduction over 10 years than the House version, Mr. McConnell has billions of dollars that he could use to address concerns expressed by members of his caucus.
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While other regions' problems may not be so deep, more than 20193 percent of them were in deficit last year and their debt burden will grow to an average 22019 percent of revenues by the end of next year, up from 21 percent in 268.3742, according to S&P.
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Phoenix, Europe's largest owner of life assurance funds closed to new customers, bought a bulk of Standard Life Aberdeen Plc's insurance business this year and has been looking for more bulk annuity purchases as many schemes are in deficit and companies are seeking ways to offload the risk.
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This plan would be in addition to measures already carried out by the local government during the previous decade, including reductions in government consumption by 12 percent, a decrease in public-sector employment by 24 percent, and increasing taxes by $1.4 billion annually, Puerto Rico still suffers billions in deficit.
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Mick Mulvaney, the acting White House chief of staff who railed against spending during his years as a South Carolina congressman, acknowledged in a recent private question-and-answer session that Republicans are less interested in deficit reduction now that a member of their party is in the White House.
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What's particularly odd about this is that the old version of the bill already contained $321 billion in deficit reduction, so if McConnell happened to believe strongly in either the substantive or political merits of those opioid and state-based reform programs, he already had the cash available to pay for them.
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"Fiscal policy is coming back into focus in the U.S., driven by campaign proposals that signal a possible post-election fiscal boost, reduced political interest in deficit reduction, and potential economic gains from increased public investment and/or tax reform," Goldman Sachs economist Alec Phillips wrote in a note to clients Friday.
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That's per the Joint Committee on Taxation, which in a private analysis requested by House Speaker Paul Ryan and obtained by CNN, found that a significant corporate rate cut (in this case, from the current level of 35% to 20%, which House Republicans have proposed) for just three years would result in deficit increase after 10 years.
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Repealing the individual mandate creates more than $330 billion in deficit reduction -- an irresistible sum for a party desperate not to blow a massive hole in the deficit with their tax plan -- and it also offers the possibility of (sort of) making good on an eight-year long campaign pledge to their base to get rid of Obamacare.
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McCarthy, along with Speaker Paul RyanPaul Davis RyanPaul Ryan moving family to Washington Embattled Juul seeks allies in Washington Ex-Parkland students criticize Kellyanne Conway MORE (R-Wis.), climbed the ranks of GOP leadership largely on promises to rein in deficit spending, which would increase if Congress passes yet another emergency relief bill without offsets in response to the ongoing disaster.
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But as the Senate deals with Byrd Rule issues, and as the House continues to look for ways to plus-up provisions targeted at easing the tax burden on various middle-class income groups that analyses show will see tax increases in the latter part of the decade, the $338 billion in deficit savings a repeal would create over 10 years is very attractive.
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By imposing spending caps and across the board spending cuts, the BCA took the deficit from nearly 10 percent of the gross domestic product (GDP) to just 3 percent — the most sizable cut in deficit spending since the end of World War II. Likewise, federal spending fell for three years in a row, the first consecutive stretch of declining outlays since President Eisenhower's first term in office.
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"The oil market has gone from nearing storage saturation to being in deficit much earlier than we expected and we are pulling forward our price forecast … However, we expect that the return of some of these outages as well as higher Iran and Iraq production will more than offset lingering issues in Nigeria and our higher demand forecast," Goldman said in a report sent to CNBC on Monday.
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Here's what it says about the House Republican Obamacare replacement plan: Coverage: 153 million fewer than Obamacare in 10 years (14 million in 2018) Savings: $337 billion in deficit reduction over 10 years Premiums: 15 to 20 percent higher in 2018-19; 10 percent lower in 10 years What it means: It's not a surprise that CBO predicted people would lose coverage — most health care experts predicted it, and Republicans have been prepared for it.
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House Budget Committee Chairman Diane BlackDiane Lynn BlackBottom line Overnight Health Care: Anti-abortion Democrats take heat from party | More states sue Purdue over opioid epidemic | 1 in 4 in poll say high costs led them to skip medical care Lamar Alexander's exit marks end of an era in evolving Tennessee MORE (R-Tenn.) has pushed for $203 billion in deficit reductions from mandatory spending to be included in the final product.
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House Budget Committee Chairwoman Diane BlackDiane Lynn BlackBottom line Overnight Health Care: Anti-abortion Democrats take heat from party | More states sue Purdue over opioid epidemic | 2628 in 28503 in poll say high costs led them to skip medical care Lamar Alexander's exit marks end of an era in evolving Tennessee MORE (R-Tenn.) had pushed for $22019 billion in deficit reductions from mandatory spending, which was included in the lower chamber's budget adopted earlier this month.
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The budget also makes several other policy assumptions: $2628 billion in deficit reduction from the House-passed American Health Care Act (AHCA) — a more recent figure than the one previously released by the CBO, because it begins in 28503 instead of 22019; $487 billion in additional savings from Medicare; $114 billion in savings from Medicaid above and beyond those included in the AHCA; $150 billion in reductions from the Supplemental Nutritional Assistance Program, which would only kick in halfway through the decade; $20 billion from earned-income tax credit and child tax credit cuts; and $700 billion in savings that would come from reducing improper government payments by 50 percent.
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