A new estimate puts the deficit for the just-completed 2012 budget year at $1.1 trillion, the fourth straight year of trillion dollar deficits on President Barack Obama's watch.

Here's the rap on the presidential candidates' plans for cutting federal deficits: Mitt Romney's is too bold and the numbers don't add up, while President Barack Obama's is too timid and his numbers don't add up, either.

A White House report issued Friday warns that $109 billion in across-the-board spending cuts at the start of the new year would be "deeply destructive" to the military and core government responsibilities like patrolling U.S. borders and air traffic control.

House Speaker John Boehner said Tuesday that he's not confident Congress can reach a budget deal and avoid a downgrading of the U.S. debt rating.

When lawmakers return to Washington on Monday, they face big issues, including taxes, spending cuts and the prospect of a debilitating "fiscal cliff" in January. Yet Congress is expected to do what it often does best: punt problems to the future.

A look at claims made during the Republican Convention and how they adhere to the facts.

From border guards to funding for schools, government cuts will have far-reaching effects; Social Security, Medicaid and federal pensions are exempt.

The Senate's tax-writing panel voted to renew dozens of tax breaks for businesses like biodiesel and wind energy producers, even as the GOP-controlled House passed symbolic legislation to erase them and create a new tax code with lower rates and fewer special interest tax breaks.