Agencies debate merit of $11 billion water bond Nov 20, 2009
Friday, November 20, 2009 Edition. just what fire prone Malibu doesn't need. (Malibu Times, CA)
Romanian Vote Signals Leu to Stay Low as Investors Flee Prolonged Deadlock Nov 20, 2009
Basescu and Geoana have said they favor a premier who would meet IMF conditions of a narrower budget deficit, though they differ on tax policy and other areas. The winner must have a wide enough margin to ensure he has the influence to help create a stable majority government. (Bloomberg -- Europe)
Tax offers Pakistanescape from poverty Nov 20, 2009
In 1996, an economist estimated that black money in Pakistan grew as large as to form 40% of GDP. If left alone, tax evasion in the above-ground economy or underground economy increases the budget deficit and forces governments to shift the tax burden to consumers or to increase money supply. In either case, it is a whammy for the poor. (Asia Times Online)
Senate Health-Care Bill Estimated to Cost $849 B Nov 20, 2009
WASHINGTON -(Dow Jones)- Senate Democrats' health-care legislation has been estimated to cost $849 billion and to reduce the federal budget deficit by $127 billion over ten years, according to senators and aides. The estimates, from the non-partisan Congressional Budget Office, also showed that the bill would reduce the number of uninsured people in the U.S. by 31 million people. (SmartMoney)
Letters for Thursday, November 19, 2009 Nov 20, 2009
The Friday furloughs were originally seen as the solution to the growing budget deficit caused by the size of the demand placed on our dwindling supply of funds. Now the furloughs are seen as the problem. (Lihue Garden Island, HA)
Recession to end this year - OECD Nov 20, 2009
The OECD noted that the downturn and the large budget deficit had also made it "more urgent" to increase the efficiency of public expenditure. It predicted the economy would contract 2. (Business Report, South Africa)
South Africa: OECD Predicts Economy to Grow 2,7 Percent Next Year Nov 20, 2009
The OECD also sees SA's large budget deficit shrinking dramatically over the next couple of years, as tax revenues rise. It predicts the shortfall will subside from 7,3% of gross domestic product (GDP) this year to 5,3% next year and 3,5% in 2011. (allAfrica.com)
They were wrong about Medicare, too Nov 20, 2009
The budget deficit will add trillions more over the next few years. In 3 yrs. (Atlanta Journal-Constitution -- Opinion)
Gem state schools face cuts, agencies may be eliminated Nov 20, 2009
The original budget deficit was $151 million, before Otter ordered agencies to trim 4 percent from spending in September. To make up the rest, Wayne Hammon, Otters budget chief, told tax conference attendees that everything is on the table, including privatizing services, selling state-owned real estate, even eliminating entire agencies. (Ontario Argus Observer, OR)
Rahm Emanuel: Obama Will Cut Deficit Nov 20, 2009
White House Chief of Staff Rahm Emanuel says a long-term budget deficit reduction plan will be a major focus of President Obamas January State of the Union address. It is foremost on his mind and the mind of the economic team, Emanuel said of deficit reduction at a Washington, D.C. conference. (Newsmax)
France to take Big Loan to boost economy Nov 20, 2009
France's budget deficit will hit a record 8. 2 percent this year, up from 3. (Sydney Morning Herald -- Business)
Lawmakers grapple with state’s budget deficit Nov 20, 2009
Lawmakers grapple with state s budget deficit , Assistant Editor11/19/2009. Budget negotiations at the capitol have reached an impasse over health and education cuts. (Queens Chronicle, NY)
State budget drowning in red ink for next year Nov 20, 2009
California again is facing a mammoth budget deficit and the prospect of more severe cuts to state services, the nonpartisan Legislative Analyst's Office warned in a report released Wednesday ... The budget deficit - $6. (San Francisco Chronicle)
CEO picked for UCSD Medical Center Nov 20, 2009
In the immediate term, UCSD will have to deal with more cuts from the state as the governor and lawmakers in Sacramento grapple with the latest budget deficit. But any reductions will likely affect the medical school more because it has greater reliance on state funding. (San Diego Union-Tribune)
Schwarzenegger after-school program ties up ... Nov 20, 2009
SACRAMENTO With California facing another mammoth budget deficit, the state's nonpartisan legislative analyst says voters should reconsider some of the billions of dollars tied up in ballot measures they have approved in recent years. Among the suggestions from Legislative Analyst Mac Taylor is an after-school measure that costs $550 million a year and helped launch Gov. Arnold Schwarzenegger's political career. (San Diego Union-Tribune)
Despite Protests, UC Board Approves 32% Fee Hike Nov 20, 2009
UC officials said the university is facing a $535 million budget deficit, and the increases are necessary to close the gap. "... This is our one best shot at preventing this recession from pulling down a great system toward mediocrity," said UC President Mark Yudof. (TheSanDiegoChannel.com, CA)
Governor: 'There is no deal' Nov 20, 2009
2 billion budget deficit. "We have them on call," Gov. David Paterson said following an afternoon leaders meeting. (Albany Times Union)
DWI? Check. But what else? Nov 20, 2009
2 billion budget deficit. It's now a felony, even for a first-time offender, to drive drunk or impaired by drugs while accompanied by a passenger younger than 16. (Albany Times Union)
NY revives retirement buyout program Nov 20, 2009
2 billion budget deficit, and shrinking its work force is a key way to help save money, said state budget director Robert Megna ... Last month, Paterson ordered state agencies to cut $500 million of expenses to help erase the budget deficit. (Albany Business Review, NY)
Queen outlines UK election themes Nov 20, 2009
"As the economic recovery is established, my government will reduce the budget deficit and ensure that national debt is on a sustainable path," the queen said in the speech. "Legislation will be brought forward to halve the deficit.". (CNN -- World)
Circling Sharks Smell American Blood Nov 20, 2009
The budget deficit has never been worse and the president wants to float even more debt for health care and energy initiatives. By the end of this presidential term, we may add another $9 trillion to our already astronomical $11 trillion debt. (Investors Business Daily)
House panel votes to audit Federal Reserve Nov 20, 2009
Earlier in the day, Geithner said the government's $700 billion bailout program will end "as soon as we can," and that part of it will be used to lower the record U.S. budget deficit. During a Joint Economic Committee hearing, Geithner was pressed to disclose the administration's plan for dealing with the unpopular financial rescue program. (MSNBC -- Politics)
Plastic surgery levy to help US health care plan Nov 20, 2009
President Barack Obama campaigned on a promise of offering affordable health care to all Americans, but the recession and a deepening budget deficit have made it difficult to win support for costly new programs. Vanity was an easy target as lawmakers scraped for cash for the nearly $1 trillion plan. (KGW Northwest NewsChannel 8, OR -- Business)
Lower Pound No Cure-All for U.K. Economy Nov 19, 2009
With a general election to be held by June next year, and the Conservatives leading the polls, market players lack details on how the next Parliament will tighten the budget deficit. However, it is widely expected the Conservatives would cut government spending and tighten the budget gap more quickly and more sharply than the current Labour government set out in its April budget. (BusinessWeek)
Wall Street Plays Hardball Nov 19, 2009
The 66-year-old Bing, a former NBA all-star with the Detroit Pistons who took office 10 months ago, faces a $300million budget deficit and few ways to make up the difference. Against that bleak backdrop, Wall Street is squeezing one of America's weakest cities for every penny it can. (BusinessWeek)
Needham Schools predict rising budget deficit through 2015 Nov 19, 2009
The report, which based its predictions on current school funding needs and demographic projections, projected a budget deficit that could increase from $3 ... Anne Gulati, finance director, said the economic downturn is responsible for the present and projected budget deficits. (Needham Tab, MA)
The Fed is foolishly weakening the dollar Nov 19, 2009
The other half of the tale involves the willingness of the Bernanke Fed to help accommodate the rapidly rising, and historically unprecedented, US budget deficits. Such accommodation involves the Fed's willingness to print new money to purchase many of the government bonds being issued by the Treasury Department to finance the budget deficit ... To avoid this destructive cycle, it is critical that the Fed and the Obama administration find the courage to end easy money and the accommodation of... (Christian Science Monitor)
Deals show they're talking Nov 19, 2009
2 billion budget deficit -- remained out of sight. Even so, Wednesday saw the passage of Leandra's Law, which stiffens penalties for drunken drivers who operate their vehicle with children on board and expands the use of interlock devices for anyone convicted of a DWI.. (Albany Times Union)
France to unveil 'big loan' spending plan Nov 19, 2009
France's budget deficit will hit a record 8 ... Germany, on the other hand, is keen to limit debt even as it also breaks the EU limit designed to support the euro with a budget deficit over 3 percent. (Business Report, South Africa)
Lodi board votes to cancel summer school for 2010 Nov 19, 2009
The district is currently facing a budget deficit between 20 million and 30 million. The reason for the spread is because the state budget for 2010-11 has not been approved, according to Chief Business Officlal Doug Barge. (Lodi News Sentinel, CA)
Canestrari: Budget deal unlikely this week Nov 19, 2009
2 billion budget deficit ... That doesn t solve the budget deficit problem we face right now, Canestrari said. (Albany Business Review, NY)
At-a-glance: Bill-by-bill Nov 19, 2009
Provides a "firm and binding statutory basis" for the government's promise to halve its budget deficit within four years. Gives Parliament power to approve medium-term fiscal plans. (BBC News -- UK)
Time's expired for parking perks Nov 19, 2009
7 million a year in parking ticket receipts and is running a budget deficit of about $6 million. One more thought. (Albany Times Union)
Senate tosses foreclosure-liability bill Nov 19, 2009
Democrats say they want to be part of talks on an overarching solution to the state's $2 billion budget deficit. And, they said, the Legislature has to consider tax increases as well as spending cuts. (AZCentral -- News)
- Our Opinion: Forget TVs, work on the budget 0 Nov 19, 2009
With California facing a projected 21 billion budget deficit over the next 18 months, you would think that the state would be poised to deal with only the most costly and intractable of issues, such as the unchecked growth in categorical spending that is choking off competitiveness. What is the bold initiative that regulators are preparing to train their steely eyes on in these tumultuous economic times. (El Centro Imperial Valley Press, CA)
69% of voters think NY goes broke by Dec. Nov 19, 2009
Most voters, 88 percent, believe the budget deficit is a major problem, according to the. The poll was released a day after lawmakers met for a special session. (Albany Business Review, NY)
Williams, Beshear debate gambling, tax reform in KY Nov 19, 2009
LOUISVILLE, KY. (AP) - Kentucky's Democratic governor and Republican Senate president have offered their views for helping make up the $1 billion projected budget deficit during the next two years. Sen. (FOX19.com, OH)
Gold Will Outperform U.S. Stocks on Government Stimulus, Marc Faber Says Nov 19, 2009
The U.S. budget deficit under President administration reached a record $1. 4 trillion in the fiscal year that ended Sept. 30. (Bloomberg -- Canada)
Obama dancing with the dragon Nov 19, 2009
China questions the cost of U.S. health care reform and is cautioning the United States as never before about the soaring budget deficit and weak dollar, not only because it is sowing its economic oats but because it fears for the value of its U.S. investments. When China protests U.S. protectionism, that is because its own growth depends on exports to the West and, therefore, so does its social peace. (Juneau Empire)
Govt initiates policies to maintain macro-economic stability for growth Nov 19, 2009
"Over the medium term, non-oil real GDP growth has been projected at eight per cent, while the overall budget deficit is to reduce to three per cent of GDP, which is driven by reduction in low-priority public spending and re-allocation of resources to priority areas," he said. Dr Duffuor said structural reforms that were initiated in 2009 would continue in 2010 and were expected to strengthen fiscal management and support the public sector transformation. (Ghana Web, Ghana)
- El Centro city budget down more than $750,000, expenditures to be cut 0 Nov 19, 2009
If you think this year s budget deficit was tough, you haven t seen anything yet, he said. Staff Writer Elizabeth Varin can be reached at or 760-337-3441. (El Centro Imperial Valley Press, CA)
Queen opens British parliament Nov 19, 2009
Key measures in the Queen's Speech include a crackdown on excesses in the City and a legal obligation to halve the budget deficit within four years. Nick Robinson reports. (BBC News -- Europe)
Why Yudhoyono needs FDI Nov 19, 2009
Jakarta has been running a budget deficit of around 1% of GDP over the past three to four years, well below the legally mandated limit of 3. In 2008, the deficit was a mere 0. (Asia Times Online)
New hotels reserving space in Palo Alto Nov 19, 2009
The new hotels could spell rare financial good news for the cash-strapped city, which is facing a projected "structural budget deficit" of $10 million meaning basic long-term budget cuts, not one-year reductions. Taxes from hotel stays, known as "transient occupancy taxes," are one of the few consistent revenue streams for the city. (Palo Alto Online, CA)
Govt targets 6.5% GDP growth for 2010 Nov 19, 2009
2 per cent of GDP. - The overall budget deficit of GH1,376 ... 5 per cent; - an overall budget deficit equivalent to 9. (Ghana Web, Ghana)
Senate health bill comes in at $849B Nov 19, 2009
would spend $849 billion over 10 years to cover 31 million of the uninsured and reduce the federal budget deficit by $127 billion over 10 years. According to information about the Congressional Budget Office (CBO) cost estimate of the bill provided by a leadership aide, the bill also would reduce the deficit by as much as $650 billion over the second 10 years, though the CBO has consistently emphasized that projections outside the first 10 years are highly uncertain. (TheHill.com)
Senate Democrats' Health Care Bill Will Cost $849 BillionCongressional Budget Office estimates bill will cut budget deficit by $127B. Nov 19, 2009
Congressional Budget Office Estimates Bill Will Cut Budget Deficit by $127 Billion in First 10 Years. By Z. BYRON WOLF and HUMA KHANWASHINGTON, Nov. 18, 2009. (ABC News)
Brown's crackdown pledge signals start of UK election campaign Nov 19, 2009
"Through active employment and training programs, restructuring the financial sector, strengthening the national infrastructure and providing responsible investment, my government will foster growth and employment. "As the economic recovery is established, my government will reduce the budget deficit and ensure that national debt is on a sustainable path. " The financial services industry's regulator will be handed new powers to tear up bankers' contracts and order banks to fund consumer... (Sydney Morning Herald -- Business)
Agencies debate merit of $11 billion water bond Nov 19, 2009
Wednesday, November 18, 2009 Edition. just what fire prone Malibu doesn't need. (Malibu Times, CA)
Labour denies expenses 'omission' Nov 19, 2009
Among the 13 bills announced were measures to penalise excessive risk taking in the City, to provide new pupil entitlements, to give free personal care to about 400,000 pensioners and to require the government to halve the budget deficit in the next Parliament. The Queen's Speech did not include a Bill on expenses. (BBC News -- UK)
Vikes reject proposal to extend Metrodome lease Nov 19, 2009
The lagging economy and a state budget deficit have clouded the political prospects of allocating public money for a rebuilt facility. The team's lease expires after the 2011 season, and the MSFC's proposal would keep the Vikings in the dome at least two more seasons with year-to-year renewal options after that. (SportsIllustrated.CNN -- NFL)
Analysis: An election package? Nov 19, 2009
It aims to commit a future government to reducing the burgeoning budget deficit by half in four years. This fuels their suspicion that the government is more interested in playing politics in an election year than governing. (BBC News -- UK)
Senate, Help Your President -- Deep-Six ObamaCare! Nov 19, 2009
Location: PA Reply # 1 Date: Nov 19, 2009 - 5:56 AM EST Offset and budget deficit reductions In this article- "Costs would explode beyond government estimates -- which conveniently limit the estimated price tag to only the first decade.". Mr. Elder doesn't mention the offsets and that the deficit is estimated to be reduced by this proposed bill. (Townhall.com)
JPS renews contract for strings program Nov 18, 2009
1 million budget deficit. On Tuesday, Stamps said the burden of finding additional funding should not be on JPS alone. (The Clarion-Ledger)
Get more: Local Nov 18, 2009
Flint Township has erased a potential million-dollar budget deficit, saving jobs in police and fire. Tags. (WJRT, MI)
Lingle unveils plan to end school furloughs (1178) Nov 18, 2009
The governor is faced with a projected budget deficit of roughly $1 billion through June 2011. The state s deal with the teachers union, which represents some 13,000 employees, amounts to a nearly 8 percent pay cut for teachers. (Lihue Garden Island, HA)
Barclay focuses on closing NY's budget gap Nov 18, 2009
Published: Tuesday, November 17, 2009 8:41 PM EST Assemblyman Will Barclay, R-Pulaski, held a press conference in Albany, Monday, to outline methods that would close New York state s multi-billion dollar budget deficit by cutting approximately $1. 14 billion from the state s budget. (Oswego Palladium-Times, NY)
Get more: East Bay News Nov 18, 2009
The City of Oakland considers selling its two convention centers to help cover a $19 million budget deficit. Tags. (KGO, CA)
Careful words but no leaps forward Nov 18, 2009
The United States is committed to returning the federal budget deficit to a sustainable path and pursuing measures to encourage private saving. The United States reiterated that it welcomes a strong, prosperous and successful China that plays a greater role in world affairs. (Sydney Morning Herald -- World)
Obama's China Visit Yields Little Progress Nov 18, 2009
A newly assertive Beijing is also expressing deep concern about the vast U.S. budget deficit and the sliding value of the U.S. dollar. China went public with its concerns earlier this year, when in March that he was "worried" about China's vast U.S. dollar holdings, which make up the majority of its more than $2 trillion in foreign exchange. (BusinessWeek)
U.S. Budget Deficit $176.4B in October Nov 18, 2009
U.S. Budget Deficit $176 ... U.S. Budget Deficit $176. (CBS News -- US)
Mexico, Colombia Plan Samurai Bond Sale to Tap Funds From Japan Investors Nov 18, 2009
Nov. 18 (Bloomberg) -- Mexico and Colombia plan to sell Samurai bonds, joining Poland and the Philippines in turning to Japanese investors for funding as governments grapple with budget deficits ... Colombias central government posted a budget deficit of 0. (Bloomberg -- Asia)
VAT Would Be One Big Tub Of Trouble Nov 18, 2009
4 trillion federal budget deficit, the VAT has occasionally popped up. In May a spokesman for President Barack Obama's budget director, Peter Orszag, expressed openness to the idea. (Investors Business Daily)
Should U.S. jobs trump deficit woes? Nov 18, 2009
Princeton, New Jersey (CNN) -- Regardless of the outcome of the health care reform effort, the difficult issue of cutting the federal budget deficit is likely to move front and center in 2010. The size of the deficit is causing great concern in Washington. (CNN -- International)
Dollar Woes Are Good News for Europe's Markets Nov 18, 2009
The U.S. economy is in bad shape, the Federal Reserve is printing money like crazy, and the budget deficit is out of control. It is hard to believe that in five years time, the dollar will enjoy the same pre-eminent role it has had in the global capital markets since the end of World War II.. (Bloomberg -- Columnists)
