Over £1bn was invested in our generation fleet, new generation capacity, gas storage and our customer supply business; and the remaining £600m went to pay our income tax, interest on our debt, the deficit repair payment on our pension schemes and other similar commitments".
Greece has wiped out its deficit, except for interest on its debt, and is forecast to exit six years of recession this year.
Of the Fed's profit, $79.3 billion were remitted to the U.S. Treasury for "interest on Federal Reserve notes," reducing the federal deficit by about 5%.
And Mr. Bush has shown little interest in deficit reduction.
Stocks Near Unchanged On Deficit, Intel.
In the long run, virtually all of the deficit is accounted for by interest on the debt.
They point to mistakes I've made in the past — mainly my bad call on deficits and interest rates in 2003 — and say, "You derp too!" But I've admitted that this was a bad call, and adapted my analysis accordingly.
The central bank attributed the deficit to local banks' repaying large amounts of interest on loans that matured last month.
Either way, the budget deficit would be enlarged by the payment of interest on $1 trillion of borrowing.
Each year, we will pay more interest on more debt, regardless of what we do to reduce the deficit.
