United States fiscal cliff

In response to a question regarding Christmas supplements for pensioners in December, Finance Minister Asen Vassilev revealed that pensions would be increased by approximately 11% in the coming year. This represents a shift from the traditional practice of providing Christmas supplements, with the government now prioritizing ongoing pension increases.

In the year 2000, the US government debt was $3.5 trillion, equal to 35% of the country's gross domestic product (GDP). By 2022, the debt was $24 trillion, equal to 95% of GDP. The US debt is soaring, hence America's current debt crisis. Yet both Republicans and Democrats are missing the solution: stopping America's wars of choice and slashing military outlays.

US President Joe Biden and Speaker of the House of Representatives Kevin McCarthy have reached an agreement in principle on the thorny issue of the debt ceiling, world agencies reported, citing Kevin McCarthy. This is a key stage in avoiding a US default.

U.S. Treasury Secretary Janet Yellen has warned that unless Congress acts soon to raise the nation's debt ceiling, "financial and economic chaos would ensue."    

Republicans have been pressing President Joe Biden to strike a deal to provide spending cuts in exchange for lifting the national borrowing limit.    

Tax revenue significantly surpassed targets in the first quarter of 2023, the Finance Ministry said on Wednesday.

In a report on the budget execution on an amended cash basis for January-March, the ministry said that tax revenue totaled €13.68 billion in the three-month period, up 12.4% from budget targets, helping the state budget to record a primary surplus of around €3 billion.

Fitch Ratings upgraded Greece's credit rating to BB+ with a stable outlook on Friday, taking it to within one step of investment grade.

The upgrade reflects the country's improved fiscal outlook, reduced risks in the banking sector, structural momentum, macroeconomic outlook and the acquired speed of reforms, deceleration of inflation and stable funding costs.

Slovenia’s general government deficit in the third quarter of the year shrank to €60 million or 0.4% of GDP, the lowest since the start of the Covid pandemic in the first quarter of 2020.

The Treasury and Finance Ministry's cash balance posted a deficit of 79.3 billion Turkish Liras in September after producing a surplus of 28.6 billion liras in the previous month.

Cash revenues amounted to 217 billion liras last month, while expenditures stood at 296 billion liras.

Ljubljana – Finance Minister Andrej Šircelj highlighted a substantial increase in investments, in particular in healthcare, as he presented the budget documents for the coming two years after the government session on Wednesday.

Ljubljana – The government is meeting this evening to discuss the budgetary documents for 2022 and 2023 which must be sent to parliament by 1 October.