With a call for a two-year extension of a domestic spending freeze, the president sought to respond to critics demanding cuts to reduce budget deficits.

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Obama Counters G.O.P. With Plan to Extend Spending Freeze

As Sacramento prepares to inaugurate governor-elect Jerry Brown next month, the main focus has been on the state’s looming budget deficit and how the legislature and Brown plan to bridge that gap. For years now, Californians have been told that we must choose between cutting public services and public service employees, or budget Armageddon. read more

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California Shows Corporate Subsidies Impoverish Us All

California Governor Jerry Brown unveils the first spending plan of his administration, hoping to resolve a projected $25bn (£16bn) budget deficit.

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California spending plan unveiled

The top rate of VAT rises from 17.5% to 20% as the government looks to boost tax revenue to cut the budget deficit.

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VAT rate rises from 17.5% to 20%

A presidential panel set up to help trim the US budget deficit calls for steep spending cuts and tax hikes to save $4 trillion by 2020.

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US deficit panel urges steep cuts

President Obama announces a plan to freeze federal government workers’ pay as part of efforts to reduce the budget deficit.

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Pay freeze planned for US workers

The Irish government is to hold a cabinet meeting this weekend to finalise its four-year-plan to cut its budget deficit, the BBC learns.

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Irish cabinet to meet on deficit

Washington is inundated with deficit commissions. The country has piled up a huge debt because we cut taxes for the wealthy and borrowed to make up the difference. But everyone says we can’t fix the problem by raising taxes on the rich in a recession because taxes “take money out of the economy.” Is there a factual basis for this idea, or is it just one more corporate/conservative-generated piece of “conventional wisdom” bamboozlement? A brief budget history since the 80′s: We cut taxes, increased military spending and cut investment in our infrastructure, and the result was huge budget deficits and slower economic growth. read more

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Did The Rich Cause The Deficit?

Greece’s 2009 budget deficit was worse than previously calculated, new figures from the European statistics office show.

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Greece’s budget deficit worsens

A panel set up to generate plans for trimming the US budget deficit proposes a series of tough measures including cutting Social Security rises.

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Plan urges US Social Security cut

The US budget deficit hit $1.3 trillion in the year to 30 September, US Congress estimates say.

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US budget deficit falls to $1.3tr

Young voters think the government should cut benefits to help plug the UK’s budget deficit, a survey for BBC Radio 1 Newsbeat suggests.

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Young voters ‘back benefit cuts’

You know the budget deficit is serious when even the military is tightening its belt. To prove that it’s doing so, Defense Secretary Robert Gates announced today that the Defense Department will be cutting 10 major military commands. It’s part of an…

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Military Shutters Va. Command Center