7:40AM U.S. goverment deficit seen headed to $490 billion next year by Mike Maynard
WASHINGTON (MarketWatch) -- The federal deficit will swell to nearly $490 billion during the government's 2009 fiscal year, according to a USA Today report citing a Bush admininstration budget update. The report also shows improvement in the deficit for fiscal 2008, now pegged at less than $400 billion, as tax revenue has held up better than anticipated in the face of the nation's economic downturn. The previous record for a budget deficit was $413 billion, in 2004. In current dollars, that would equate to $478 billion, USA Today reported. The wider deficit in the cards for fiscal 2009 in part reflects the impact of the $168 billion fiscal-stimulus package enacted earlier this year. As a proportion of the economy, the deficit for fiscal 2009 would be in a range of 3% to 4%, less than the post-World War II record of 6% set a quarter of a century ago under President Reagan.
7:39AM Verizon Communications net income rises 12% (VZ) by Steve Gelsi
NEW YORK (MarketWatch) -- Verizon Communications Inc. (VZ) on Monday said second-quarter net income for the three months ended June 30 rose 12% to $1.88 billion, or 66 cents a share, from $1.68 billion, or 58 cents a share in the year-ago period. Adjusted net income in the latest period was 67 cents a share. Revenue rose to $24.1 billion from $23.3 billion. Analysts surveyed by FactSet forecast earnings of 65 cents a share on revenue of $24.2 billion, on average. "Verizon continued to grow in all key strategic areas in the second quarter, despite the economic headwinds," said Verizon Chairman and CEO Ivan Seidenberg.
|
