Report shows deficit to exceed 1 trillion next year

WASHINGTON — The Congressional Budget Office is upping its projections for this year’s federal deficit by $63 billion and increasing its forecast for deficits over the next decade by $809 billion.The nonpartisan office projects the deficit will exceed $1 trillion beginning next year.The office says its projections on both fronts stem mostly from recently enacted legislation that lifted the nation’s debt limit and reversed scheduled 10% cuts to defence and nondefense programs.The Associated Press read more

UK car output slows in July as production pauses for annual summer

Production down 11.2% in July as seasonal upgrades and retooling recess kick in.Year-to-date output remains strong at 911,307 units, with domestic demand up 8.0%.Following its best half-year since 2008, the UK car manufacturing industry experienced a slower July, according to new figures from the Society of Motor Manufacturers and Traders (SMMT). Production in the month fell 11.8% against July 2014, as changes to holiday patterns meant the traditional annual shutdown started earlier at some plants.July’s performance reflects the normal cyclical falls in output during the summer months, when seasonal shutdown programmes occur across the majority of manufacturers, providing an essential period for plant maintenance, upgrades and retooling.Mike Hawes, SMMT Chief Executive, said, “Car production is traditionally subject to a degree of fluctuation during the quieter summer months with some manufacturers pausing production to invest in upgrades and prepare for new model launches, as well as to manage holiday leave. The industry remains in a strong position, with more than 910,000 cars produced so far this year and some significant new model introductions due in the autumn.” Click through to download the UK car manufacturing news release for July 2015.Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window) read more