Even as they await billions in federal stimulus funds, states are racing to close a combined $95 billion budget hole in the coming weeks, according to a report released Thursday.
Every weekday, Eva Gomez walks down the block to the Fox Point Senior Center to eat her one hot daily meal, exercise and chat with friends. Otherwise, she's cooped up in her Providence, R.I., apartment with little more than crackers and a cup of coffee or tea.
For Uncle Sam, Wednesday is a big payday. But what the government rakes in on April 15 - and throughout the year - won't be enough to cover its expenses.
The government said Friday the federal budget deficit for the first half of fiscal 2009 jumped to $956.8 billion, more than $500 billion above the gap for all of the prior fiscal year.
Hours before President Obama was to hold a prime time news conference -- in part to boost his $3.6 trillion budget plan -- a key Democratic senator Tuesday unveiled a scaled-down budget proposal.
The White House has rejected South Carolina Gov. Mark Sanford's request to use a portion of the state's allotted federal stimulus funds to pay off state debt instead of spending it on government services or programs.
New York has scrapped a proposal that would have raised taxes on items such as sugary soft drinks, iTunes downloads and haircuts, Gov. David Paterson said Wednesday.
As unemployment soared in January, four states' jobless rates climbed higher than 10%, according to federal data released Wednesday.
President Obama last week -- his sixth in office -- showed his hand on how he hopes to shape the government's federal budget and the U.S. economy along the way.
The Obama administration announced plans Thursday to boost the U.S. Securities and Exchange Commission's budget by 13% to help the investor protection agency better police markets and detect fraud.
If you're looking for Peter Orszag, you might check between a rock and a hard place.
The past year has been tough for Centro Latino de Chelsea and Concilio Hispano, two Boston-area charities serving the Hispanic community. Centro says it doesn't have the money to expand; Concilio is without a permanent leader or much staff for administration. Both face significant reductions in funding.
CNN's Richard Quest talks with Noreen Evans of the Californian budgetary committee about the new budget deal.
California lawmakers in Sacramento passed the state's budget -- closing a $42 billion deficit -- early Thursday, and it now awaits the signature of Gov. Arnold Schwarzenegger, who hailed the lawmakers.
California Gov. Arnold Schwarzenegger issued 10,000 layoff notices Tuesday, affecting a wide spectrum of state employees and aimed at dealing with the state's budget crisis, a spokesman said.
The California State Senate fails to pass a budget, forcing work stoppages and layoffs. KOVR's Elyce Kirchner reports.
California lawmakers were told to bring their toothbrushes and prepare for a long day Tuesday, with the goal of passing a budget as the state faces a $42 billion deficit and 20,000 layoff notices were set to go out to state workers Tuesday.
Faced with a projected $42 billion deficit, California Gov. Arnold Schwarzenegger says his office will send out 20,000 layoff notices Tuesday if lawmakers fail to reach a budget deal before then, according to a spokesman.
Though not quite as generous as first envisioned, the federal stimulus package funnels a nice chuck of change to states to help them deal with their yawning budget gaps.
Running short of cash, California has started delaying $3.5 billion in payments to taxpayers, contractors, counties and social service agencies.
Layoffs for sea lions? Furloughs for frogs? Is there no job security, anywhere?
Struggling with gaping budget deficits, states are eagerly awaiting the hundreds of billions of dollars coming their way from Capitol Hill.
The check isn't in the mail, and it's not going to be for at least 30 days, California will start telling some of its creditors in February.
The U.S. budget deficit in 2009 is projected to spike to a record $1.2 trillion, or 8.3% of gross domestic product, the Congressional Budget Office said Wednesday.
An 18% sales tax on non-diet soda. A 14% hike in public college tuition. The elimination of a tax rebate for homeowners.
The Big Three automakers' troubles are wreaking havoc on state and local budgets far beyond the Rust Belt. And a collapse of even one of Detroit's car manufacturers would hit governments while they are down.
It was already ominous enough that the U.S. budget deficit nearly tripled to $455 billion in the fiscal year that ended in September. Now, even conservative projections show that it is on course to explode into the stratosphere, exceeding the $1 trillion mark in the current fiscal year - and most likely, by a wide margin.
Democratic Gov. Rod Blagojevich and his chief of staff, John Harris, face corruption charges in a scandal that encompassed the Chicago Cubs, President-elect Barack Obama's vacated Senate seat and a children's hospital, according to an affidavit.
Plagued by rising unemployment, falling tax revenue and increased demand for state services, governors from across the country will meet with President-elect Barack Obama on Tuesday to press for federal money to ease their fiscal strain.
Despite the best efforts of our politicians to convince us otherwise, there is no easy way out of the financial crisis we've created.
A steep drop in the price of oil may force Iraq to scale back its $79 billion budget for 2009, the Finance Ministry said Wednesday
States and municipalities are facing their worst budget crunches in decades - and it's only going to get worse.
While Democrats have questioned her budget priorities, some Alaskans see Gov. Sarah Palin as a modern-day Robin Hood who has slashed government spending and given money to the people.
Iraq is raking in more money from oil exports than it is spending, amassing a projected four-year budget surplus of up to $80 billion, U.S. auditors reported Tuesday.
President Bush's budget chief blamed the faltering economy and the bipartisan stimulus package for the record $482 billion deficit the White House predicted for the 2009 budget year.
Sen. Kent Conrad called President Bush's fiscal record the worst in history and said the increased federal debt undermined the U.S. economy.
Sens. Barack Obama and John McCain used news that the United States' budget deficit will hit a record high as an opportunity to criticize each other's fiscal plans.
Watch Time Magazine's Mark Halperin as he sizes up the McCain-Obama race.
When the Massachusetts passed its much-delayed state budget last week, it included an obscure tax-law change that could be crucial for small-business owners concerned about unfair competition. By becoming the 22nd state to adopt "combined reporting" legislation, Massachusetts lawmakers are hoping to put a stop to a longstanding practice that, they say, gives large corporate chains an unfair advantage over their smaller competitors at tax time.
Gov. Arnold Schwarzenegger is considering the early release of more than 20,000 low-risk prison inmates from the nation's largest prison system as a way to save money amid a worsening budget crisis
Democratic lawmakers and staffers privately say they're closing in on a broad budget deal that would give President Bush as much as $70 billion in new war funding.
President Bush predicted Wednesday that strong tax receipts would cause the U.S. budget deficit to shrink to $205 billion this year, marking the third straight annual decline.
Gov. Ed Rendell late Sunday ordered a range of state government services shut down and placed about a third of the state work force on indefinite unpaid furlough
He has recently made stops in Iowa, New Hampshire and South Carolina, giving speeches and holding town hall meetings. But he's not seeking the presidency.
My wife and I are 40 and we put about 13 percent of our yearly income into our 401(k) and Roth IRAs. We worry, however, when we read about the huge national debt, the trade deficit and the high level of borrowing most Americans have taken on. What effect will the spending habits of others have on my retirement -- and is there anything I can do about it?
NEW YORK (CNNMoney.com) - Who's afraid of the big bad federal budget deficit? Not the bond or currency markets.
With President Bush promising a big push to rebuild New Orleans and the Gulf Coast in the wake of Hurricane Katrina, many are wondering how the government's going to pay for all this.
Hurray!! The 30-year bond is coming back!!
Raising the stakes in his feud with state Democrats, California Gov. Arnold Schwarzenegger has turned to the ballot process that brought him to power, calling for a November special election.
The Bush administration is planning to expand the reach of its Arabic-language satellite channel, Alhurra, into Europe, an official overseeing the network said Sunday.
The dollar rallied to a two-month high against the yen as hopes for a Chinese revaluation of the yuan faded. The greenback also built on gains verses the euro in light of a U.S. budget proposal that is seen by some as a serious effort to tackle the deficit problem.
Wall Street analysts gave President Bush high marks for tackling domestic spending in his budget proposal Monday, but even they said it was unlikely the blueprint would survive Congress intact.
The White House has eliminated funding for a mission to service the Hubble Space Telescope from its 2006 budget request and directed NASA to focus solely on de-orbiting the popular spacecraft at the end of its life, according to government and industry sources.
As goes January, so goes the year, according to an old Wall Street saying. In fact, market forecasters carefully watch market action during the first few days of January to get a sense of investors' expectations for the coming year.
Federal Reserve Chairman Alan Greenspan warned the U.S. must deal with the causes of the weak dollar -- the U.S. trade deficit and the federal budget deficit -- or the country could run into economic problems down the line.
Federal Reserve Chairman Alan Greenspan told Congress Wednesday the economic recovery has regained some momentum after hitting a "soft patch" amid soaring oil prices.
A CNN/USA Today/Gallup telephone survey released Sunday indicates that voters in Wisconsin, Pennsylvania, and Iowa are pretty evenly split on who they want in the White House, the economy, and the war in Iraq.
A large federal budget deficit threatens the strength of the U.S. economy, Treasury Secretary John Snow said Tuesday, as he repeated the Bush administration's previous pledge to cut the deficit in half in five years.
The tax cuts promoted by President Bush have created jobs and should be made permanent, Vice President Dick Cheney said Monday evening.
Gov. Bill Owens signed Colorado's first-in-the-nation college voucher plan into law Monday, calling it a landmark step that will empower thousands of students.
The Bush administration has failed to provide a realistic assessment of how much the war in Iraq will cost taxpayers, lawmakers charged Wednesday.
The Oracle of Omaha is becoming the Prophet of Financial Doom, but I'm not complaining because somebody has to get us all focused on the challenges ahead.
In 2004, the U.S. federal budget deficit will likely be the biggest in history, with more big deficits in store for years to come. But should we care?
Like a cowboy-boot wearing David Blaine, President Bush has promised to perform an amazing feat of prestidigitation: he's going to saw the whopping federal budget deficit in half in just five short years.
Army Chief of Staff Gen. Peter Schoomaker is suggesting a reorganization of the Army, replacing its structure of 10 active-duty divisions with 46 smaller, but more capable, brigades, Pentagon sources told CNN on Friday.
In his annual State of the Union speech Tuesday night, President Bush trumpeted the recent strength of the U.S. economy and promised to cut the federal budget deficit in half in five years, even as he announced several government programs and called for making recent tax cuts permanent.
Since leaving his post as Treasury Secretary--perhaps the greatest since Alexander Hamilton--and becoming a director of Citigroup, Bob Rubin has kept a relatively low public profile. But in late Oc...
There will probably come a time in the next few weeks when you'll look at your paycheck, notice that the take-home dollar amount is a little bit higher and the "federal withholding" amount is a lit...
To pick a 529 college savings plan, first check your state's options. If you're in one of the 24 states (or Washington, D.C.) that let residents deduct 529 contributions, a local plan may be your b...
Oh, for the heady days of the late 1990s, when many states managed to raise spending (a lot), cut taxes (a lot less), and even put away money for a rainy day. "It was an amazingly wonderful time fo...
After four fat years in which the U.S. government took in more than it spent, the big, bad budget deficit is back: The U.S. is likely to spend at least $100 billion more than it takes in in fiscal ...
In recent years, fiscal restraint and balanced budgets were perceived to be the ultimate measures of good government. The government ran a budget surplus from 1998 to 2000. Overnight, all that has ...
Before George W. Bush became the Paul Bunyan of tax cutters, there was Ronald Reagan. And if we're looking for possible clues about what may be in store for us this time around, Reagan's $750 billi...
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Q. If I buy an advertised list of foreclosure properties for $49.99, will I get valid information on real homes? CHERYL DACEY ADDRESS WITHHELD
The U.S. budget surplus is one of the great unanticipated economic phenomena of the 1990s. Just a few years ago, the idea that the federal government could balance the budget--much less run a surpl...
Each year at the end of summer, a hundred or so select economists, central bankers, and government officials from around the world convene at Jackson Hole, Wyoming, for a two-day talkfest on the ec...
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The American economy is striding into its 49th month of expansion, coming off a year in which it grew 4.1%, unemployment fell to 5.4%, and profits, investment, and exports all boomed. Americans nev...
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Reduce central government. cut income taxes. and shove more of the responsibilities of governing back to the local level to give the people more control over their destinies. So goes the new Battle...
LIKE RECESSIONS, recoveries can be contagious. America's economic momentum is finally spreading to the rest of the developed world, with factories from Ottawa to Osaka beginning to buzz. These econ...
You may be left with the post-election impression that the U.S. is the only nation with a crushing budget deficit. Far from it. When the deficit is expressed as a percentage of GDP, the U.S. has co...
TODAY Mexico's economy is vibrant, largely because of the free-trade policies of its dynamic, Harvard-educated President, Carlos Salinas. Since his election four years ago, Salinas, 44, has balance...
America's public colleges and universities still offer some of the best bargains in higher education, despite being caught in a painful squeeze. Demand has never been greater -- the nearly 600 stat...
If you know in your bones that America's spendthrift fiscal policy is wrong, wrong, wrong, yet feel bewildered by a decade of contradictory and abstruse blather about the budget deficit, check out ...
Mario Cuomo, the quintessential tax-and-spend Democrat, has just signed off on a New York State budget calling for yet another increase in outlays. But what an increase -- a distinctly unwhopping 3...
Last April, a new job enabled Leland and Kathy Rhodes to flee the gathering gloom of tax hell in California for the pristine uplands of tax heaven in Wyoming. Today, as the $60,000-a-year chief fin...
So far this year, 35 revenue-hungry states have added new taxes designed to raise $18 billion. The biggest chunk, about $7.5 billion, is expected to come from higher personal income taxes. Since Co...
It is no longer any secret that public universities can provide a solid education -- in some cases rivaling what students can get at elite private institutions -- at a bargain price. During the 198...
Life in the executive suite may get a bit easier when the economy finally picks up, but not for many state and local budget planners -- nor for most taxpayers. Governors and mayors, facing growing ...
IT IS 1995. The federal budget deficit is gone -- replaced by a budget surplus. The government has just paid off $101 billion of the national debt. Inflation, at 1.5%, is so insignificant that peop...
By now, most investors know that last year's tax reform made tax-advantaged investing a tougher game. But it didn't dampen the fundamental appeal of one special kind of tax-favored investment: muni...
If you expect ultimately to save money under tax reform, don't start making plans to spend it just yet. The reason: 33 states plus the District of Columbia link their tax systems to the federal tax...
WITH THE much ballyhooed tax bill about to pass, many people are focusing on how much they will save on federal taxes. If you are one of them, watch out: You may be about to get blindsided. Tax ref...
Taxpayers in 35 states may get more than they expected from the revised U.S. tax code. The unbidden surprise: higher state income taxes. The biggest losers, says the National Association of State B...
Between now and April 15, millions of Americans will sit down to wage their annual battles with the Internal Revenue Service and their consciences. They will marshal their W-2 forms, bank statement...
The American economy is shifting from a high-speed hustle to a sedate waltz, and the effects will be felt worldwide. Last year's roaring growth produced something for everyone. The recovery remaine...