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The EU Finance Ministers have decided to set Bulgaria under the excessive deficit procedure, a program to reduce its budget deficit below the 3% threshold required by the Stability and Growth Pact.
Especially if oil prices, now past $70 a barrel, continue to rise, the trade deficit will become even more insensitive to changes in the dollar's value.
In the month of January, the current account deficit increased to $1.
The overall budget deficit - gap between expenditures and incomes - has widened to 2.
Month-on-month basis, during November 2016, current account posted a vigorous deficit of $839 million compared to $381 million in October 2016.
Citing to economic experts, media reports said current account deficit during the current financial year can dip as compared to last fiscal year.
The January 2012 deficit was caused by a shortfall of $187 million in the net foreign assets of banks and financial institutions and a deficit of $103 million in those of the Central Bank.
The European Union's executive said on January 27 that four countries, including Bulgaria, have been stricken off its deficit watch list as they have taken adequate steps to correct it.
Lithuania was brought under the excessive deficit procedure last June and given until 2011 to correct a 2008 deficit measuring 3.
The Keynesian income-expenditure approach explains the mechanism behind this twin deficit relationship.
Bush's main talking point on the budget is that he "cut the federal budget deficit in half"--that would be from 2004, the year the White House inflated the projected deficit for 2006.