fiscal imbalance

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Calif. Budget Deal Pays '08 Debt With '09 Taxes

Plan would borrow against next year's taxes to pay state debts

(Newser) - California lawmakers have finally come to an agreement on the new state budget, ending a stalemate in which Republicans refused to add new taxes and Democrats fought against cutting funding for education and health care. The compromise sees the state using next year's money to pay off its current debts,... More »

Social Security Fund Faces $13.6 Trillion Shortfall

Only taxes or slashed benefits can save program

(Newser) - Slashing benefits or hiking taxes—or both—is the only way to make the Social Security system solvent, reports a Treasury Department briefing paper. Treasury Secretary Henry Paulson warned that faster economic growth alone won't solve the money problems of  Social Security, which faces a $13.6 trillion shortfall in... More »

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