Thursday, December 19

Tag: Budget Figures

California Faces Record $68 Billion Budget Deficit
7Dec By adminNo Comments
World

California Faces Record $68 Billion Budget Deficit

California is facing a $68 billion budget deficit next fiscal year—its largest ever—because of plunging revenues including a steep drop in personal income tax collections.According to estimates released by the nonpartisan Legislative Analyst’s Office Thursday, projected state revenues through the 2024-2025 fiscal year are $58 billion lower than assumed in the $310 billion state budget passed by the Democratic-controlled legislature and signed by Gov. Gavin Newsom, also a Democrat, in June. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Georgia’s Flat Tax Advances – WSJ
7Dec By adminNo Comments
Health

Georgia’s Flat Tax Advances – WSJ

State governments aren’t known to run ahead of schedule, but Georgia lawmakers plan to deliver early on a promised tax cut. The acceleration is made possible by another state budget surplus. As Gov. Brian Kemp put it, “this is what happens when you budget conservatively.”The Governor announced the updated tax cuts Monday to set the agenda for the coming legislative session. The new proposal would enact a flat income-tax rate of 5.39% beginning next year, a leap forward from the state’s current six brackets and 5.75% top rate. Legislative leaders endorsed the reform and plan to vote next month to postdate the new rate to Jan. 1.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Germany Gets Honest About What Net Zero Will Cost
3Dec By adminNo Comments
Health

Germany Gets Honest About What Net Zero Will Cost

If you had “net zero causing Germany’s government to collapse” on your 2023 bingo card, congratulations—you may end up a winner. Chancellor Olaf Scholz’s administration is falling apart because it turns out someone will have to pay for decarbonizing the eurozone’s largest economy.This shocking and horrifying revelation is brought to you by Germany’s highest constitutional court, which ruled in mid-November that Berlin’s favorite budget gimmick violates the balanced-budget amendment. The amendment, known as the debt brake, limits the federal general-budget deficit to 0.35% of gross domestic product in any year unless Parliament declares an emergency.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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The British Tories’ Desperation Budget
22Nov By adminNo Comments
Business

The British Tories’ Desperation Budget

United Kingdom Chancellor Jeremy Hunt on Wednesday unveiled a new budget, and what do you know. He and Prime Minister Rishi Sunak have finally realized they need faster economic growth. But it’s probably far too little and way too late.This week’s Autumn Statement marks the last opportunity Messrs. Sunak and Hunt are likely to have to impress voters before an election expected next year. The Tories are down by double digits in the polls against the Labour Party in large part because voters are sour on the economy. Inflation peaked at 11.1% in October 2022 and only recently fell below 5%. Wage growth is far from catching up to the new price level, and growth remains soft.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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U.K. Budget Deficit Will Be Smaller Than Previously Expected, Treasury Chief Says
22Nov By adminNo Comments
World

U.K. Budget Deficit Will Be Smaller Than Previously Expected, Treasury Chief Says

Updated Nov. 22, 2023 9:06 am ETThe U.K. economy will grow much more slowly over the coming two years than previously forecast, although the government’s budget deficits will be slightly smaller than anticipated, Treasury Chief Jeremy Hunt told lawmakers Wednesday.The independent Office for Budget Responsibility expects the U.K. economy to grow by 0.6% this year, having previously forecast a contraction of 0.2%. But it lowered its growth estimate for next year to 0.7% from 1.8% previously, and its forecast for 2025 to 1.4% from 2.5%.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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UK Public-Sector Borrowing Climbs on Year, Narrowing Room for Tax Breaks
21Nov By adminNo Comments
World

UK Public-Sector Borrowing Climbs on Year, Narrowing Room for Tax Breaks

U.K. public-sector borrowing grew on year in October, an indication that finance chief Jeremy Hunt will find little fiscal headroom to pass tax cuts in Wednesday’s autumn budget statement.Public-sector net borrowing, excluding banks, was 14.9 billion pounds ($16.30 billion) in October, a jump of GBP4.5 billion from the GBP10.5 billion in the same month of last year, according to data from the Office of National Statistics published Tuesday.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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House Passes GOP Plan to Avert Government Shutdown
15Nov By adminNo Comments
World

House Passes GOP Plan to Avert Government Shutdown

Updated Nov. 14, 2023 9:48 pm ETWASHINGTON—House lawmakers approved a Republican plan Tuesday that would continue funding federal agencies until early next year, a critical step in averting a partial government shutdown, with House Speaker Mike Johnson (R., La.) relying heavily on Democratic votes to get his bill across the finish line. The 336-95 vote exceeded a two-thirds threshold required under a special procedure employed by Johnson to sidestep internal GOP disagreements. The measure still requires approval from the Democratic-controlled Senate, where the leaders of both parties have signaled support but timing was uncertain.  Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Speaker Mike Johnson Faces Big Test in Averting Government Shutdown
14Nov By adminNo Comments
World

Speaker Mike Johnson Faces Big Test in Averting Government Shutdown

Updated Nov. 14, 2023 8:14 am ETWASHINGTON—House Speaker Mike Johnson (R., La.) is headed into a major test on Tuesday with a possible vote on his proposal temporarily extending government funding through early next year, as lawmakers of both parties moved to get legislation to President Biden’s desk ahead of a looming government shutdown this weekend. Johnson’s two-step plan would extend government funding at current levels for some federal agencies until mid-January and others, including the Defense Department, until early February, while lawmakers continue to work on fiscal full-year funding plans. Lawmakers missed their initial annual deadline of Sept. 30 to finish that work, prompting the need for an initial extension to Nov. 17 and now another one. Copyright ©2023 Dow Jones & Co...
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Why Democrats Should Care About the National Debt
7Nov By adminNo Comments
Health

Why Democrats Should Care About the National Debt

After his election as House speaker, Mike Johnson said one of his top priorities was the creation of a bipartisan commission to tackle the national debt. It’s a good idea that nearly 70% of voters in both parties support. In September, Reps. Scott Peters (D., Calif.) and Bill Huizenga (R., Mich.) introduced the Fiscal Commission Act of 2023, and 198 House Republicans voted for it as part of a government funding bill. Here’s why Democratic congressional leaders and the Biden administration should join the push:• Deficits are undermining the Biden economy. In the past year, the real federal budget deficit more than doubled, from $933 billion to $2 trillion. Democrats rightly argued that spending borrowed money was a critical economic support during the Covid pandemic. But the unemployment r...
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