Topics

BREAKING NEWS
USC Now
George W. Bush
Deficit dips, but long-term federal budget outlook remains dim
Deficit dips, but long-term federal budget outlook remains dim

The federal deficit continues to decline thanks to budget cuts and slower growth in Medicare costs, but lower than expected corporate tax revenues dimmed some of the improved outlook, according to a report Wednesday from the Congressional Budget Office. The ability of corporations to dodge taxes, particularly by shifting their headquarters overseas, has become a heated political issue that President Obama has vowed to address this fall. This week, American fast-food giant Burger King announced its move to Canada, among the most high profile of the recent so-called corporate inversions. Declining corporate tax revenues are largely to blame for a $26 billion dip in overall revenue...

Loading