The mathematician of the Complutense University of Madrid, José-Vidal Ruiz Varela, argues that Europe must raise its borrowing limit, leaving its deflationary policy.
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U.S. 2012 budget deficit crosses $1 trillion

WASHINGTON (MarketWatch)
The U.S. government’s budget deficit for fiscal 2012 crossed the $1 trillion mark in August, the Treasury Department said Thursday, to stand at $1.16 trillion                                 
The government ran a monthly deficit of $191 billion, Treasury said, spending $369 billion and taking in $179 billion
The federal government’s fiscal year runs from October to September                                
For the fiscal year through August, the deficit is $70 billion lower than for the prior fiscal year to date While the year-to-date deficit is 6% lower than a year ago, it almost certainly won’t deter Republican attacks on the White House
GOP presidential candidate Mitt Romney and congressional Republicans have made the deficit a key issue in the 2012 campaign                      
Romney and Obama are taking vastly differing approaches to cutting the deficit
Obama proposes a mix of spending cuts and allowing tax cuts on wealthy earners to expire
Romney wants to bring spending below 20% of gross domestic product by the end of his first term, but unlike Obama, he would cut taxes for all earners                                    
The $179 billion in receipts in August included $5 billion in corporate taxes, a 46% increase from the same month a year ago
Federal Reserve earnings of $9 billion are also included in the August receipt tally, up 64% from August 2011                                
On the spending side, total budget outlays rose 22% in August compared with a year ago Defense programs, veterans affairs, Social Security and Medicare saw the biggest increases in spending for the month                               
The Fed announces a third, large purchase of bonds in an effort to bring down long-term interest rates and spur growth
For the fiscal year through August, the government has taken in $2.19 trillion, up 6% from the same period a year ago
Spending is up 2% for the fiscal year to date, totaling $3.35 trillion.
The latest monthly budget figure arrives as lawmakers on Capitol Hill are preparing to vote on a six-month stopgap budge
The measure is expected to clear the House of Representatives on Thursday, and the Senate next week                                
Dispatching with the six-month budget will allow lawmakers more time to focus on the so-called fiscal cliff of tax hikes and spending cuts slated to kick in early next year without a deal
Moody’s Investors Service warned earlier this week that the United States could lose its AAA credit rating, depending on the outcome of negotiations

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