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WASHINGTON (AP) — The U.S. federal government’s budget deficit widened in November compared to October, a sign that the nation is on a path to its fifth straight $1 trillion-plus deficit. The budget gap rose to $172 billion in November, up from $120 billion in October, the Treasury Department said Wednesday. The November deficit was also 25 percent higher than the same month last year. Last month’s deficit was pushed higher [...] Oct. 4 (Bloomberg) — The Cypriot government will seek an 11 billion-euro ($14.2 billion) bailout, 62 percent of gross domestic product, to recapitalize its banks and pay its bills, according to three people with direct knowledge of the matter. The country’s banks, which lost more than 4 billion euros in Greece’s debt restructuring earlier this year, need 5 billion euros of fresh capital, according to Finance Minister Vassos Shiarly, the people said. The [...] America’s 50 states are collectively over $4 trillion in debt according to a new study by an independent, non-partisan think tank. State Budget Solutions‘ third annualState Debt Report shows that aggregate state debt fell from $.24 trillion last year to $4.19 trillion this year. State Budget Solutions’ debt calculations include a state’s regular debt, the fiscal year 2013 budget gap, outstanding unemployment trust fund loans, unfunded other post employment benefit liabilities, and [...] Britain’s fiscal outlook over the next 50 years remains “clearly unsustainable”, despite the government making some progress in reducing current borrowing and public-sector pension commitments, an official watchdog said on Thursday. Deep spending cuts by the Conservative-led coalition to plug a record budget gap are a political hot potato in recession-hit Britain, with the opposition Labour Party saying they delay growth and some economists calling for more fiscal stimulus. The Office for [...] The infamous city of Scanton, PA has had financial troubles for a couple of decades – losing population since the end of WWII – but as NPR reported this weekend, the $16.8 million budget gap that Mayor Chris Doherty is trying to fill (and the disagreements between his taxation proposal and the city council’s borrow-more-money view) has driven the mayor to an incredible action. Doherty has reduced everyone’s pay – [...] As Colorado Springs battles a rash of burglaries after a wildfire that still licks at its boundaries, it does so with fewer police and firefighters. The city where the Waldo Canyon fire destroyed 346 homesand forced more than 34,000 residents to evacuate turned off one-third of its streetlights two years ago, halted park maintenance and cut services to close a $28 million budget gap after sales-tax revenue plummeted and voters rejected a property-tax increase. The municipality, at [...] Source: NYT As European leaders grapple with how to preserve their monetary union, Greece is rapidly running out of money. Government coffers could be empty as soon as July, shortly after this month’s pivotal elections. In the worst case, Athens might have to temporarily stop paying for salaries and pensions, along with imports of fuel, food and pharmaceuticals. Officials, scrambling for solutions, have considered dipping into funds that are supposed to be for Greece’s [...] ATHENS: As European leaders grapple with how to preserve their monetary union, Greece is rapidly running out of money. Government coffers could be empty as soon as July, shortly after this month’s pivotal elections. In the worst case, Athens might have to temporarily stop paying for salaries and pensions, along with imports of fuel, food and pharmaceuticals. Officials, scrambling for solutions, have considered dipping into funds that are supposed to be for Greece’s troubled [...] The extra return demanded by investors on Spanish bonds over safer German debt hit 507 basis points — the highest since the euro’s launch in 1999 on a wave of optimism about the riches it could deliver. The yield on Spain’s benchmark 10-year government bonds soared to a peak of 6.51 percent, a danger level widely considered too high for the state to afford over the longer term. Prime Minister Mariano Rajoy [...] The debt of the euro region rose last year to the highest since the start of the single currency as governments increased borrowing to plug budget deficits and fund bailouts of fellow nations crippled by the fiscal crisis. The debt of the 17 euro nations climbed to 87.2 percent of gross domestic product in 2011 from 85.3 percent the previous year, official European Union figures showed today. That’s the highest since [...] From Bloomberg: Providence (1055MF), Rhode Island’s capital and biggest city, probably will seek bankruptcy court protection to deal with a budget deficit, Robert Flanders, the state- appointed receiver for nearby Central Falls, said yesterday. “I don’t see how they can get out of it without going there,” said Flanders, a former stateSupreme Court justice and a partner at Hinckley, Allen & Snyder LLP in Providence. He put Central Falls into bankruptcy in August and has since [...] Tax Breaks Add Up To $1.1 Trillion, As Much As Federal Budget Deficit The Huffington Post | By Alexander Eichler Take all the tax breaks in the U.S. tax code and put them together. You’ll find that they add up — and up and up. That’s the conclusion of a recent report from the Congressional Research Service, an arm of the Library of Congress that provides research and analysis for federal lawmakers. In a report issued [...] (02-14) 15:08 PST Los Angeles, CA (AP) – Grammy Award-winning drummer Matt Sorum says he wants to meet with the Los Angeles Unified School District superintendent to discuss ways to keep arts programs in elementary schools. Matt Sorum of the band Velvet Revolver and formerly with Guns N’ Roses, told the board Tuesday that music helped keep him in school because he was not good at academics. The board is considering a proposal [...] Mayor Dave Bing to lay off 1,000 Detroit city employees “Delivering on his pledge to avoid an emergency manager, Mayor Dave Bing said today he will lay off 1,000 employees, implement a hiring freeze and increase his demands on unions to accept 10% pay cuts and deep concessions in health care and pension benefits.” NYC Cuts Shrink 2013 Budget Gap to $2 Billion From $4.6 Billion “New York City’s projected 2013 budget deficit [...] Just headlines: Italy 10-year bond yields rise back above 7% (For 11/15) Just headlines: Italy 10-year bond yields rise back above 7% Jillian Berman In one southern California county, prisoners will soon have to pay for the privilege of staying in jail. Riverside County, California will start charging prisoners $142.42 per day of their prison stay, CNN Money reports. The county’s board of supervisors approved the measure on Tuesday as a way to save an estimated $3 to $5 million per year. Not every prisoner will be forced to pay up, however. [...] California deficit may reach $8 billion: Assembly memo “California’s government could face a budget gap of up to $8 billion in its next fiscal year, substantially more than the $3.1 billion shortfall projected by Governor Jerry Brown’s office, The Sacramento Bee said on Thursday, citing a memo from Assembly budget officials.”
Analysis: California school districts to take down reserves “When California lawmakers reached a deal to close a $10 billion budget gap in June, critics warned the agreement relied too heavily on $4 billion in additional tax revenue projected to materialize with a rapidly rebounding economy. Now, with the state’s recovery stalling, the new revenue is not coming in — setting the stage for automatic budget cuts that could threaten the solvency of [...] Mayor Bloomberg imposed a hiring freeze today. With the stock market tanking and the city grappling with a $4.6 billion project deficit next year, city Budget Director Mark Page fired off a memo to agency heads limiting hiring to positions needed to protect public health and safety. “The mayor has directed that all hiring be frozen for the foreseeable future,” the memo stated. “Only hiring for [...] 1) Italy Sells $10.77 Billion in Bonds as Borrowing Costs Rise “Italy sold 7.9 billion euros ($10.77 billion) in bonds, less than the maximum target, as borrowing costs rose amid contagion from Europe’s debt crisis. The Rome-based Treasury sold 3.14 billion euros of bonds due in 2014 to yield 4.68 percent, compared with a yield of 3.87 percent at the last auction on Aug. 30. Demand was 1.36 [...] |
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What Sarkozy Loss Really Means for America
The mainstream media will attempt to spin French President Nicholas Sarkozy’s loss today to Socialist challenger François Hollande as a rejection of “austerity” policies–and to urge American voters to reject the deficit-cutting politics of the Tea Party when we go to the polls in November. In fact, there are important lessons from France–and they are the precise opposite of what the media is telling us.
First, to call Sarkozy’s policies “austerity” [...]