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NEWS ABOUT: budget

Obama Readies $3.8T Budget With Record $1.6T Deficit

Record shortfall in current fiscal year would shrink to $1.3T in 2011

(AP) - President Obama's proposed budget predicts the national deficit will crest at a record-breaking $1.6 trillion in the current fiscal year, then start to recede in 2011 to $1.3 trillion, a congressional official said today. The new budget, out tomorrow, says deficits over the next decade will average 4.... More »

Straighten Out Your Finances in 2010

Some simple moves can net $1K or more

(Newser) - On the eve of the first serious workday of the New Year, take a hard look at your finances and see where you can cut back in 2010. A relatively small investment in time can result in some serious savings, Kathy Kristof writes for the Los Angeles Times :
  • Save automatically:
... More »

University of California Imposes 32% Tuition Hike

Students demonstrate as regents vote at UCLA

(Newser) - Student protesters chanted “Shame on you! Shame on you!” on the UCLA campus today as the University of California board of regents approved a whopping 32% tuition hike. A year at a UC school—not including room and board—will now cost $10,300, three times the price... More »

Sarko's $400K Shower Steams French

French president's turn as EU chief cost double the usual amount

(Newser) - The French Senate is perhaps understandably miffed at the outrageous price tag of Nicolas Sarkozy’s 6-month stint as president of the European Union. The half-year job of hosting meetings and events appears to have cost $262 million, which is borne mostly by the host nation, an official tells the... More »

Soda Tax Deserves to Fizzle

It won't help fat people, or poor people, but will line gov't coffers

(Newser) - Taxing soda is at best a stupid idea and at worst a cynical ploy by a money-grubbing government, writes Katherine Mangu-Ward for Reason. Here's why:
  • Sin taxes don't work: "None of the nickel-and-dime proposals on the table is large enough to discourage soda drinking," Mangu-Ward writes. "And
... More »

Congress Votes to Boost Own Budget

Capitol Hill scoffs at belt-tightening, jacks funding 5.8%

(Newser) - With local governments around the country tightening their belts, Congress is loosening theirs. The House last week approved a 5.8% bump in the legislative budget, and the Senate is poised to do so as well. That’ll bring Capitol Hill’s annual budget to $4.7 billion, Politico reports.... More »

Our Decrepit Democracy Can't Fix Health Care: Klein

(Newser) - Powerful special interests are killing health-care reform, which is par for the course in Congress, writes Joe Klein of Time. “We’ve gotten rusty at legislating,” says one Tennessee Democrat. That’s overly kind, Klein retorts. The only bills that pass these days are essentials like budgets and... More »

Forget Space, Fix Earth Instead

Pareene asks why bother 'getting Americans boldly from one place to another place?'

(Newser) - On today’s 40th anniversary of the moon landing, President Obama should again show bravery and determination by not indulging in more space exploration, Alex Pareene urges for Gawker. NASA has $100 billion earmarked to replace the shuttles, in order to do what? Go “back to the damn moon,... More »

Arnold: Budget Crisis Is Not a Game of Chicken

Gov defends stance amid standoff

(Newser) - Tensions are soaring in California as Gov. Arnold Schwarzenegger faces off against Democratic lawmakers in the state’s budget crisis. But the governator is keeping calm as he defends his position, the Financial Times reports. He’s calling for welfare reform before he’ll sign off on a budget, but... More »

Arnold: Make Budget Talks Reality TV

Says he'd like office to be 'glass house'

(Newser) - California Gov. Arnold Schwarzenegger wants another starring role onscreen—and he's looking to bring California’s legislators with him. The governator wants budget meetings televised or streamed online to show the public what gives, reports the Los Angeles Times. “A debate in front of the people” would “expose... More »

Feds Reject Plea for Calif. Bailout

Aid ruled out for now as state warns of fiscal meltdown

(Newser) - The federal government has rejected pleas for emergency aid from top California officials, reports the Washington Post. State officials warn that its budget crisis is approaching the point of a "fiscal meltdown" that will cause massive cuts and deepen the state's recession. But the Obama administration fears bailing out... More »

Republicans See Rising Debt as Obama's Soft Spot

(Newser) - Republicans think they’ve found one chink in President Obama’s armor: public fear over rising national debt. Some 51% of Americans disapprove of Obama’s efforts to control federal spending, according to a recent poll. In every other area, Obama enjoys positive ratings. “The president is still popular,... More »

Calif. Voters Torpedo Budget Crisis Measures

Defeat leaves Governator facing massive service cuts

(Newser) - Californian voters soundly rejected five ballot measures that would keep the hard-hit state economically solvent until the end of the year, on a turnout of little more than 10%. The vote against extended tax increases and capped spending is a sharp rebuke to Gov. Arnold Schwarzenegger and state legislators who... More »

To Cut Deficit, Rein in Health Costs: Orszag

Budget director makes White House's case for cutting expenses

(Newser) - With the future of Medicare and Social Security in the headlines, the Obama administration is jumping at the chance to push its health care reform agenda. Up today: budget director Peter Orszag. "Slower growth rate in overall health-care spending would help to promote and sustain a slowdown in... More »

Proposed Tax No Fair, Brown U. Students Say

Providence mayor wants to charge them $300 a year

(Newser) - Students at Brown University say they contribute to their community in countless ways, and a proposed $150-per-semester tax shouldn’t be one of them, the AP reports. “We’re more able to provide labor, we’re more able to apply the things that we're learning in the classroom, than... More »

US Deficit to Quadruple to $1.8T, Top 2008 Record

pls. try to get into head/deck that this figure is 4x the record, set in 2008

(AP) - With the economy performing worse than hoped, revised White House figures point to deepening budget deficits, with the government borrowing almost 50 cents for every dollar it spends this year. The deficit for the current budget year will rise by $89 billion to above $1.8 trillion—about four times... More »

Budget Cuts Trim 'Pennies, Not Dollars'

(Newser) - President Obama’s vow to scour the federal budget for savings hasn’t amounted to as much as many hoped, the Washington Post reports. The administration will today announce $17 billion in proposed cuts to 121 programs, a sliver of the $3.4 trillion budget. “Even if you got... More »

Ballot Measures a Final Test for Schwarzenegger

Outgoing gov must convince Calif. voters to endorse budget fixes

(Newser) - Deep into Arnold Schwarzenegger's second term, the novelty of holding political office has given way to the hard realities of governing, the New York Times reports. In the eyes of his constituents, too, the Governator’s celebrity sheen has faded, enough that Schwarzenegger is worried about the passage of several... More »

Oakland Proposes Nation's First Pot Tax

City council approves pot levy; voters to decide in July

(Newser) - Oakland’s city council has approved a provision to apply a 1.8% tax to marijuana sold at medical dispensaries. If voters endorse the measure in July, Oakland would be the first city in the US to tax pot, reports the Wall Street Journal. Backers say it would bring in... More »

Congress OKs Budget Plan, Advances Health Reform

(Newser) - President Obama's plan to overhaul the nation's health care system got a big boost today as the Senate followed the lead of the House and approved a $3.4 trillion budget plan, the Washington Post reports. The approval sets the stage for lawmakers to hammer out legislation over the summer... More »

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