United States Federal Budget

Obama's budget targets tax loopholes of rich

President Obama with acting budget director Jeffrey Zients. Photo: AP

Obama said his blueprint for fiscal year 2014 would shield the middle class by closing tax loopholes that help the rich, would grow the economy, cut the deficit, train future American workers and protect senior citizens.

Thursday, 11 April, 2013, 4:08am

Socialism, US-style

Near the end of his term in office US president George W. Bush said: 'I'm abandoning free-market principles to save the free-market system.' But he had already significantly increased the size and scope of the federal government. His last act was to bail out General Motors and Chrysler. That trend is continuing in spades under President Barack Obama and the democratic majority in Congress.

1 Jun 2009 - 12:00am

A 4 trillion yuan splash, but a lot less 'real water'

You have to hand it to the mainland's leaders; they certainly made a splash with the announcement on Sunday of their 4trillion yuan (HK$4.54 trillion) economic stimulus package.

11 Nov 2008 - 12:00am

Beijing spending forecast to rise 17pc to 3.4 trillion yuan this year

Central government can spend up despite deficit, say economists

Central government spending is forecast to rise 17.8 per cent to 3.48 trillion yuan (HK$3.82 trillion) this year, with more going towards infrastructure, education, social security and scientific research.

6 Mar 2008 - 12:00am

Fiscal revenue surges in first six months

Finance Ministry says growth in receipts from taxes and duties up 30.6pc to June

The mainland's fiscal revenue grew 30.6 per cent year on year to 2.6 trillion yuan in the first half of the year, more than double the budget target, raising questions about the government's fiscal policy.

24 Jul 2007 - 12:00am

Pressure mounts for tax reductions

Pressure for tax cuts is growing, with the government yesterday reporting a budget surplus of HK$47.6 billion for last year after including other funds and assets.

The new figure, under the so-called accrual-based accounting system, compares with the HK$14 billion announced by the financial secretary in his budget using a cash-based method.

28 Dec 2006 - 12:00am

Budget passed as opposition fades

Pledge of more concessions for needy secures approval for Tang's blueprint

Huffing and puffing by lawmakers threatening to vote down the budget evaporated yesterday as Henry Tang Ying-yen's blueprint for 2006-07 passed with the highest support of any of his three budgets.

30 Mar 2006 - 12:00am

Sitting on a pile of money

Financial Secretary Henry Tang Ying-yen must be taken to task for setting himself very loose goals in the budget he released last week. He said his 'first targets are to keep our accounts in balance and the share of public expenditure in [the] gross domestic product at 20 per cent or below'.

2 Mar 2006 - 12:00am

Embarrassment of unexpected riches points to deficit of ideas

'There has been a suggestion that the full-year figure may turn positive but ... it is too early to draw any conclusion.'

Government spokesman

'There has been a suggestion that water is wet but ... it is too early to draw any conclusion.'

Jake's response

4 Jan 2005 - 12:00am

The fear of God

This conjunction of an immense military establishment and a large arms industry is new in the American experience ...Yet we must not fail to comprehend its grave implications ... In the councils of government, we must guard against the acquisition of unwarranted influence, whether sought or unsought, by the military-industrial complex.

8 Nov 2004 - 12:00am

Deficit put at $26.3b

A deficit of $26.3 billion was recorded for the first three months of the financial year, compared with $22.9 billion for last year. Expenditure from April to June reached $56.4 billion and revenue was $30.1 billion. Financial Secretary Antony Leung Kam-chung has estimated the deficit would reach $45.2 billion for 2002-03.

1 Aug 2002 - 12:00am

Golden age for politicians bringing home bacon

POWER, POLITICS AND prestige - the three Ps are important to understanding life in Washington. But don't forgot pork-barrelling, the most important.

The good old bacon represents the cash, moving from congressional districts and special interest groups to that classic Washington creature - the lobbyist - and back out in the form of federal hand-outs in one form or another.

24 Mar 2002 - 12:00am

Turmoil may shrink exports

The mainland could report negative export growth this year as the impact of the Asian financial crisis becomes more serious, according to Vice-Finance Minister Gao Qiang.

19 Nov 1998 - 12:00am

Small surplus forecast

Nikko Research Centre yesterday predicted next week's Budget would contain 'no frills and no surprises'.

Nikko believes the Government will maintain its non-interventionist approach and deliver either a balanced or small surplus Budget.

14 Feb 1998 - 12:00am

Budget surplus set to top $55b

The Government surplus for this financial year could top $55 billion, much higher than the $31.7 billion official estimate.

The windfall is largely due to the active property and shares markets boosting land revenue and stamp duty.

The value of property transactions for 1997-98 will reach $730 billion, generating about $17.85 billion in stamp duty.

7 Feb 1998 - 12:00am