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NEWS ABOUT: budget

Obama Unveils Budget, Slams 'Dishonest Accounting'

(Newser) - Barack Obama rolled out his ambitious 2010 budget proposal today, promising a break from the “dishonest accounting” of the past. “For too long, our budget has not told the whole truth,” the president said. “Large sums have been left off the books, including the true cost... More »

Obama Budget Taxes Wealthy to Expand Health Care

Projects deficit will soar to $1.75T

(Newser) - President Obama's budget plan, which he delivers to Congress today, attempts to balance a broad spending program with a commitment to slash the deficit in half by the end of his first term. It calls for tax increases on the wealthy and spending cuts to fund a "down payment"... More »

Crisis Cripples Obama Vows on Taxes, Trade

Businesses gird for battle; hike on wealthy may have to wait

(Newser) - Some of President Obama’s best campaign applause lines will likely be silenced by economic reality, the Wall Street Journal reports. With the recession raging, Obama probably won't roll back the Bush tax cuts as promised, and his pledge to eliminate tax loopholes for corporations that shift jobs overseas is... More »

Obama to Mayors: Use Stimulus Cash Wisely

Officials can't betray the public's trust, president says

(AP) - President Obama says the $787 billion economic package will help struggling cities, but both Washington and the mayors have a responsibility to spend the money wisely. "We have asked for the unprecedented trust of the American people to deal boldly with the greatest economic crisis we have seen in... More »

Blago Crisis Grinds Illinois Gov't to a Halt

Scandal pushes 'dysfunctional state' into 'total paralysis'

(Newser) - The Rod Blagojevich crisis hasn’t just tarnished the Illinois governor’s reputation—it’s frozen the whole state government, the Chicago Tribune reports. Social programs aren’t getting funding, health care and education changes are on the shelf, and Blagojevich himself is isolated and mistrusted. "Absolutely, we're in... More »

All New York Will Feel Wall Street's Pain

Mayor rolls out plans to hike taxes, cut services and ax 20,000 city jobs

(Newser) - All American cities are facing budget shortfalls because of the recession, but Wall Street's meltdown has decimated New York City's tax base, Michael Bloomberg said yesterday in announcing plans to slash 20,000 city jobs, cut services and raise taxes.  The aim is to reduce an expected $4 billion... More »

War on Terror Nears $1 Trillion

And that doesn't count long-term costs

(Newser) - Washington's war on terror is about to cost $1 trillion, and even that is just the beginning, Mark Thompson writes in Time. Three recent government reports racked up the bills, showing that long-term costs like veterans health care and interest on loans are yet to come in. The trillion-dollar figure... More »

California Workers Sue Governator

Unions challenge furloughs as state runs out of cash

(Newser) - Unions representing California state employees are suing Arnold Schwarzenegger over his attempt to force them to take unpaid time off, the Los Angeles Times reports. Schwarzenegger issued an executive order last week ordering all employees to take two unpaid days off each month, in an effort to corral the state... More »

Bush's EPA Gutted Toxic Chemical Protections

Military-use substances were deemed less toxic, key reviews stalled

(Newser) - The Environmental Protection Agency program that rates the toxicity of chemicals used in the US, and around the world, has been manipulated in favor of industry and the military under the Bush administration, Rebecca Claren reports in Salon. Budget-cutting directives from the White House have allowed outside organizations, including the... More »

Marines Try to Wean Iraq From US Pocketbook

Saddam-era budget network can't provide to expanded security forces

(Newser) - As Iraq becomes safer, the Marines have focused on the next challenge: weaning the country’s security forces off US financial and logistical support, USA Today reports. To spur the independence of the nascent Iraqi police, the Marines now refuse to refuel their vehicles, and it's gotten the Iraqis' attention.... More »

The Costco Effect: Buy Cheap, Spend (and Eat) More

Having more of a good thing around the house can mean less in your wallet

(Newser) - Sure, warehouse stores are cheap: one exec says Costco marks up product at around 10%, compared to 20% at normal supermarkets. But, Neal Templin wonders in the Wall Street Journal, do bulk purchases actually save you money? “When there are more bagels in my refrigerator, I consume more of... More »

Schwarzenegger Signs Calif. Budget, Finally

$103B plan delayed a record 85 days by political wrangling

(Newser) - Arnold Schwarzenegger signed California’s budget into law today, ending a record 85-day delay, the Sacramento Bee reports. The state has been waiting for the governor’s signature on the $103.4 billion plan to restart payments to nursing homes, community colleges and other service providers. California is expanding the... More »

Weary Calif. Lawmakers Finally OK Budget

But Governator calls it 'nothing to celebrate'

(Newser) - California lawmakers finally approved a state budget today that Gov. Arnold Schwarzenegger called "nothing to celebrate," the Sacramento Bee reports. Eighty-one days late, the $104.3 billion plan boosts social services and education but cuts back on schools and health care, the Los Angeles Times reports. It also... More »

Deal Ends Budget Impasse

Schwarzenegger, lawmakers dodge veto showdown

(Newser) - Gov. Arnold Schwarzenegger and the California state legislature have ended a nasty budget showdown with a compromise expected to be approved today, reports the San Francisco Chronicle. The agreement eliminates extra withholding from workers' paychecks, and bridges a $17 billion budget gap largely  by adding penalties on corporations that underpay... More »

Governator Vows Veto Volley in Budget Battle

Showdown ahead with state lawmakers over funding sleight-of-hand

(Newser) - California Gov. Arnold Schwarzenegger is heading for a dramatic and potentially humiliating showdown with the state legislature over the budget, reports the San Jose Mercury News. Schwarzenegger plans to veto the budget which largely relies on accounting sleight-of-hand to close a $15.2 billion shortfall. Legislators say they have enough... More »

Campaign Costly for Secret Service

Department nees $9.5 million more than budgeted, leaders say

(Newser) - The Secret Service has asked for an additional $9.5 million to cover the costs of protecting candidates during this year's campaign—already the longest and costliest in agency history, AP reports. The department had budgeted $107 million, up from $73 million in 2004, but between the marathon primary season,... More »

Sans Budget, Arnold to Slash Calif. Workers' Pay

Gov threatens cut to minimum wage until state passes budget

(Newser) - Arnold Schwarzenegger is threatening to ease California's cash-flow crisis by slashing the pay of 200,000 state workers to the federal minimum wage of $6.55 an hour, the San Francisco Chronicle reports. A draft executive order obtained by the Chronicle also ends overtime pay for all but emergency employees... More »

Rat's Nest of Urban Politics Behind Philly's 'Big Stall'

Many demolitions, huge budget, no benefits

(Newser) - Lamenting the lack of progress in another urban redevelopment project, Karen Heller takes aim at the Pennsylvania Convention Center expansion in the Philadelphia Inquirer. The Center expansion has been in the works since 1993, spurring numerous building demolitions, but few new constructions: in short, North Broad Street, advertised as a... More »

McCain Vows to Balance the Budget

Social Security reform one scenario; Dems call plan unrealistic

(Newser) - John McCain will pledge to balance the budget by the end of his first term, Politico reports, promising spending and entitlement programs, including Social Security, in a policy paper released today. McCain is renewing a promise he’d backed off from in April—a vow likely to excite his fellow... More »

Some Calif. Workers Rake In 6-Figure OT

Paper reveals $1.1B in overtime pay as state debates shortfall

(Newser) - As California kicks off the fiscal year with a $17.2 billion deficit and no budget, the San Francisco Chronicle reports that state workers are raking in big overtime bucks—some as high as six figures. Including a nurse who collected $198,000 and an official who banked $403,000... More »

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