Fiscal Emergency

Source: globaleconomicanalysis.blogspot.com --- 20 hours ago
Here are a few stories this past week that caught my eye that I have yet to mention. $3 Trillion Tax Increase Obama's $3,000,000,000,000 Tax Hike From the Heritage Foundation When he released his new budget proposal on February 1, President Barack Obama asserted that the government "simply cannot continue to spend as if deficits don't have consequences; as if waste doesn't matter; as if the hard-earned tax dollars of the American people can be treated like Monopoly money; as if we can ignore this challenge for another generation."[1] Yet the President's new budget does exactly that-- raising taxes by $3 trillion and federal spending by $1.6 trillion over the next ten years. If enacted, this budget would increase the 2010 deficit to more than $1.5 trillion, and leave a deficit of more than $1 trillion even after an assumed return to peace and prosperity. Overall, the President's budget would double the national debt over the next decade.[2] President Obama's Budget •Would permanently expand the federal government by 3 percent of gross domestic product (GDP) over 2007 pre-recession levels; •Would raise taxes on all Americans by nearly $3 trillion over the next decade; •Would raise taxes for 3.2 million small businesses and upper-income taxpayers by an average of $300,000 over the next decade; •Would borrow 42 cents for each dollar spent in 2010; •Would run a $1.6 trillion deficit in 2010--$143 billion higher than the recession-driven 2 ...

Source: www.blognetnews.com --- 7 days ago
If you take into consideration the recent letter sent by Councilman D. Michael Collins to Mayor Mike Bell, shared in full on the Toledo Free Press web site, you could wonder if there is a chance that Toledo could avoid Fiscal Emergency. At least for this year. I spoke to [...] ...

Source: www.sfgate.com --- 13 days ago
The San Francisco Municipal Transportation Agency governing board will be asked Tuesday to extend the agency's Fiscal Emergency. The declaration, which would be voted on March 30, would allow Muni to impose a new series of service cuts and fare and fee hikes... ...

Source: www.wtrf.com --- 18 days ago
The Martins Ferry Education Association is considering its options. ...

Source: www.vindy.com --- 21 days ago
The budget now has a surplus. CAMPBELL — The city has eliminated a $463,000 deficit in its ...

Source: www.lesjones.com --- 25 days ago
Chris Christie declares Fiscal ’state of Emergency,’ paving way for N.J. spending cuts . Along with eliminating programs “that sounded good in theory but failed in practice” across state departments, Christie is cutting $475 million in aid to school districts, $62 million in aid to colleges and $12 million to hospital charity care. He is pulling all funding from the department of Public Advocate, a longtime Republican target, and folding its functions into other parts of government. He is cutting state subsidies for NJ Transit, a move Christie said could lead to higher fares or reduced services but would force the agency to become “more efficient and effective.” ...

Source: patterico.com --- 26 days ago
[Guest post by DRJ] Last week, Governor Chris Christie declared a state of Fiscal Emergency in response to New Jersey’s looming $2.2B deficit: “Calling New Jersey on “the edge of bankruptcy,” Gov. Chris Christie today [2/11/2010] declared a Fiscal Emergency, seizing broad powers to freeze aid to more than 500 school districts and cut from higher education, hospitals and the Public Advocate. “New Jersey has been steaming toward financial disaster for years,” the Republican governor said in a speech to both houses of the Legislature. “The people elected us to end the talk and to act decisively. Today is the day for the complaining to end and for statesmanship to begin.” *** “I take no joy in having to make these decisions. I know these judgments will affect fellow New Jerseyans and will hurt,” Christie said. “This is not a happy moment. However, what choices do we have left?” Here is a breakdown of Christie’s proposed cuts . Democrats complained about the hardship caused by cuts to schools during a school year, but Christie responded that the time to act is now. He noted the State’s “Fiscal year ends in June, when it is required by law to have a balanced budget, unlike the federal government.” – DRJ ...