BUSINESS BRIEFS
U.S. budget deficit nears $1 trillion, rising quickly
Advertiser News Services
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WASHINGTON — The Treasury Department said yesterday that the budget deficit soared to $192.3 billion in March, and is near $1 trillion just halfway through the budget year, as costs of the financial bailout and recession mount.
Last month's deficit, a record for March, was significantly higher than the $150 billion economists expected.
The deficit already totals $956.8 billion for the first six months of the budget year, also a record for that period. The Obama administration projects the deficit for the entire year will hit $1.75 trillion.
ADVENT COUGH, COLD MEDICINES BARRED
WASHINGTON — Federal regulators have secured a court order barring a New Jersey pharmaceutical company from distributing more than 50 unapproved cough and cold medicines.The Food and Drug Administration said yesterday that East Windsor, N.J.-based Advent Pharmaceuticals continued to market the medications despite prior warnings from regulators. For a description of the recalled Advent medications, go to fda.gov and look for recalls.
COURT SIDES WITH MADOFF INVESTORS
NEW YORK — A federal judge says investors can force Bernard Madoff into personal bankruptcy proceedings.Federal prosecutors and the Securities and Exchange Commission argued that it would be unnecessary and costly for the convicted financier to file for personal bankruptcy.
But U.S. District Judge Louis Stanton disagreed in an opinion released yesterday.
JAPAN MAY SPEND $150B ON STIMULUS
TOKYO — Japan's Prime Minister Taro Aso unveiled a new stimulus package yesterday, calling for $150 billion in government spending to try to lift the world's second-largest economy from a painful recession.The proposed package, equivalent to about 3 percent of Japan's gross domestic product, is intended to ward off further economic deterioration, protect people's livelihoods and foster future growth, Aso said in a nationally televised speech.
