America Breaking News: Rising Tax Revenue Eases Pressure for Budget Cuts

Wochit 0:58 mins

Rising tax receipts are shrinking the federal deficit, and that will shape the budget debate when Congress returns from vacation next month. The big question for lawmakers: Should they renew, end or modify the tens of billions of dollars in "sequester" cuts in government spending that took effect earlier this year? The U.S. Justice Department said it had filed a civil lawsuit in U.S. District Court in Charlotte, North Carolina, against Bank of America for what government lawyers said was a fraud on investors involving $850 million of residential mortgage-backed securities. A suspected U.S. drone killed four alleged al-Qaida members in Yemen, as the U.S. and British embassies evacuated staff amid reports of a threatened attack by the terrorist group.

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