France aims to trim budget deficit to 3% of GDP in 2013

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Source: RTTNews
French President Francois Hollande announced his first budget which cut spending and increased tax on the rich to 75%. The government plans to trim its budget shortfall to 3% of GDP in 2013 from 4.5% this year. GDP is estimated to add 0.8%. The spending cut is expected to save 10 billion Euro. Meanwhile, Agence France Tresor reported a reduction of bond auctions to 170 billion Euro in 2013 from 178 billion in 2012.
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Fri, 28 Sep 2012 15:13:58 GMT

U.S. consumer spending stagnates in line with expectations

Commerce Department reported on Friday that spending of U.S. consumers rose just a bit in August, which showed that the U.S. economy still struggled to recover. Purchases of households increased by 0.5%, in line with analysts' expectations. However, after adjustment for a 0.4% increase in prices, the data shows that real spending added only 0.1%.

Fri, 28 Sep 2012 15:38:31 GMT

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