The term federal budget deficit refers to a shortfall in the US federal budget. The federal debt is the total amount owed to creditors; the federal deficit is the shortfall of revenue receipts below spending outlays during any period (such as a year), and thus the amount by which the debt increases during that period.
In common usage a recession is a moderate decline, and a depression a severe and lengthy decline, in total economic activity. There is no simple or commonly accepted definition of the difference, however, and both the causes and appropriate cures of recessions and depressions remain hotly disputed.
Exploring the “station churches” of Rome — and meditating on the daily liturgical texts — make for an unforgettable Lent.
President Obama’s last budget plan demonstrates again that he isn’t serious about confronting the nation’s budgetary challenges.
If Gov. Bush were to drop out of the race now and endorse Marco Rubio, or at the very least, call off the attack dogs, he would be advancing everything he says he believes in except himself. It would be a gracious and inspiring gesture.
The announcement that Pope Francis will meet with Kirill, Russian Orthodox patriarch of Moscow, in Cuba on February 12 is, paradoxically, both a Big Deal and something that ought to have become routine by now.
The EU needs a swift rebuke. The British people should give it to them.
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