Deficit

Amendment Based on Recommendations of a Government Study is Latest Addition to Feingold's Control Spending Now Act to Slash the Deficit

November 17, 2009 -- Washington, D.C. – Today, U.S. Senator Russ Feingold is hailing Senate passage of his amendment to the military construction appropriations bill to enhance the security of our nuclear arsenal and more effectively use taxpayer dollars.    » read more »

Testifying as former Indiana governor who had to balance books, Bayh leads “institutional insurrection” before Senate Budget Committee

November 10, 2009 -- Washington – In testimony before the Senate Budget Committee today, Senator Evan Bayh (D-IN) said he would not vote to raise the federal debt limit unless Congress commits to a strict new process to rein in America’s record $12 trillion national debt.

“Who would have thought that the Budget Committee would be the site for the beginning of an institutional insurrection, but here we are,” Bayh testified before the committee. “Many of us count ourselves as pragmatists not idealists, moderates not extremists. Yet here we are, asking for a change in the way business is done in Washington.”    » read more »

November 3, 2009 -- NEW YORK, N.Y.—Today, Office of Management and Budget Director Peter R. Orszag delivered a speech at New York University entitled "Rescue, Recovery, and Reining in the Deficit." Director Orszag’s appearance is sponsored by New York University and the Robert F. Wagner Graduate School of Public Service at NYU. His prepared remarks are below.

Thank you for that kind introduction; thank you, President Sexton, for the invitation to come speak here today, and thank you all for your warm welcome.    » read more »

Report Fails to Indicate Chinese Currency Manipulation

October 15, 2009 -- WASHINGTON, D.C. – U.S. Senator Sherrod Brown (D-OH) issued the following statement in response to today’s release of the U.S. Department of Treasury’s semiannual Report to Congress on International Economic and Exchange Rate Policies:

“China’s unfair currency manipulation hurts Ohio manufacturers and workers. For the better part of this decade, the federal government has ignored this unfair advantage while our trade deficit with China has grown from $85 billion in 1999 to $268 billion in 2008. As a result, we have lost more than four million manufacturing jobs. Best estimates show that currency manipulation amounts to a 40 percent subsidy for Chinese products.    » read more »

Continues fiscal state spending restraints

July 1, 2009 -- AUGUSTA – Maine Governor John E. Baldacci today signed a Special Budget and Expenditure Order at the beginning of the State’s Fiscal 2010-2011 cycle. The Governor has signed similar orders since 2003. This directive places a hiring freeze on vacant positions and limits overtime, travel and other expenses. The order allows for emergency exceptions.

“My Administration has been committed to restructuring government and reducing administration at all levels and in all areas,” said Governor Baldacci. “This order is just one tool to keep in place critical measures to ensure Maine State Government operates efficiently and effectively.”

A copy of the order follows:

01 FY 10/11

July 1, 2009    » read more »

Responsibly closes historic shortfall; lauds passage of administration’s education and energy reforms

July 01, 2009 -- DOVER – Delaware Governor Jack Markell on Wednesday morning made the following remarks after he signed the fiscal 2010 operating budget into law at the close of the 2009 General Assembly session. The operating budget, for the first time in years, is significantly smaller than the 2009 spending plan. Markell also signed the FY 2010 Bond Bill and Grant-in-Aid budget.

In addition to addressing the historic $800 million shortfall, Markell and the General Assembly worked to pass historic equal-rights and open-government legislation, as well as significant education and energy reforms as well other legislation that will move Delaware forward.    » read more »

Revenue Picture Continues to Darken; Sharp Declines in Income, Sales, Other Taxes Highlight Pitfalls of Additional Tax Increases

June 22, 2009 -- Connecticut Governor M. Jodi Rell today announced that the most recent estimate by her budget office of the deficit for the current fiscal year – which ends June 30 – remains essentially unchanged from May, and said she is deeply troubled by the effect that the continuing erosion of state revenues from income taxes, sales taxes and other sources will have on the budget for the next two fiscal years.    » read more »

June 22, 2009 -- Colorado Governor Bill Ritter issued the following statement today regarding the June revenue forecast:

"A couple hours ago, we received new revenue figures, and while they weren't unexpected, they do mean we have more work to do. Available funds will come in below budget for the current fiscal year and for the next fiscal year. Fortunately, we took steps in the 2009 legislative session that will help us deal with this for the remainder of 2008-09 without impacting services.

"For 2009-10, we will be taking immediate steps to determine the exact amount of the shortfall, and then crafting a plan to close that shortfall. I will be meeting with the JBC, legislative leaders and my budget staff in the coming days to put together that balancing plan.    » read more »

June 18, 2009 -- HONOLULU – Hawaii Governor Linda Lingle today announced details of the Administration’s plan to furlough all state employees in the Executive Branch to help close the unprecedented $2.7 billion revenue shortfall projected between now and June 30, 2011. The furlough plan represents the first time labor costs are being impacted to address the state’s budget gap.

Starting July 1, 2009 and continuing through June 30, 2011, full-time employees in the Executive Branch will be placed on furlough for three days (24 hours) per month. Part-time employees will be placed on furlough on a pro-rated equivalent basis.    » read more »

Cutting Billions In State Spending To Balance $3.2 Billion Budget Deficit

June 16, 2009 -- HARRISBURG – Facing a national recession and a growing state budget deficit that imperils Pennsylvania’s long-range economic well-being, Pennsylvania Governor Edward G. Rendell today proposed a mix of remedies, including a temporary increase of one-half percent in the state’s personal income tax to 3.57 percent. The law would require the tax to return to 3.07 percent after three years.

The temporary increase proposed by the Governor would raise approximately $1.5 billion per year in new revenue. A temporary tax has been implemented successfully to address a fiscal crisis in Pennsylvania on three prior occasions.    » read more »

Brings Total Proposed Budget Cuts To $2 Billion

June 17, 2009 -- HARRISBURG – Responding to a deepening budget crisis and a constitutional requirement to balance a $3.2 billion revenue shortfall, Pennsylvania Governor Edward G. Rendell today convened a rare emergency cabinet meeting and gave each cabinet member specific targets for cutting an additional $500 million from next year’s state budget.    » read more »

Proposed measures resolve $2.7 billion shortfall for Fiscal Years 2010-11; military & veterans, public safety, K-12 education among programs shielded from cuts

June 16, 2009 -- Saint Paul – Minnesota Governor Tim Pawlenty and Management and Budget Commissioner Tom Hanson today announced recommendations to resolve a projected $2.676 billion budget gap through use of executive actions.

Today’s recommendations from Commissioner Hanson to Governor Pawlenty follow Hanson’s determination last week that “probable receipts for the general fund will be less than anticipated, and that the amount available for the remainder of the [2010-2011] biennium will be less than needed.”    » read more »

June 9, 2009 -- AUGUSTA – Maine Governor John E. Baldacci today released the details of his plans to close a projected revenue decline for the remaining two months of fiscal year 2009.

“Last month, I signed into a law a State budget that reduced spending by $500 million and that made important structural changes to Maine’s government,” Governor Baldacci said. “The budget also left us in a position to deal with the further erosion of State revenue for the current year. When we passed the budget, we knew that our work wasn’t done. We will continue to meet the challenges before us and take responsible actions to ensure that State has a balanced budget.”    » read more »

New budget closes total FY10 gap of $5.1 billion, maintains commitment to education & core services while reducing reliance on reserves

BOSTON– Thursday, June 04, 2009 – Massachusetts Governor Deval Patrick today released a new Fiscal Year 2010 budget proposal following a dramatic and unanticipated revenue decline between January and April.

The revised version of an already austere budget proposal reflects a revenue loss of $1.5 billion in the three months since the Governor filed his original recommendations, and is intended to serve as a blueprint for lawmakers currently negotiating the differences in their own budgets.    » read more »

May 29, 2009 -- FRANKFORT, Ky.—“The Consensus Forecasting Group has made clear today the significant budgetary challenge before us. We now face a $996 million shortfall for the General Fund and a $239.1 million shortfall for the Road Fund next budget year, beginning July 1, 2009.    » read more »