BOSTON, MA — Well, it may not have been Bob DeLeo's greatest budget, but it was his latest. As for Harriette Chandler? Well, she's basically a glass-half-full type, so if you asked her, she'd probably point out it's her earliest! This will be her only budget as Senate president. It's always head-scratching when a Legislature rolling in dough, with Democrat super-majorities in both chambers, and with months and months to write the same spending bill it's had to prepare annually for basically the past century can't get it together to meet its own fiscal year deadline. True enough, this year featured a rookie House Ways and Means chairman and a Senate budget chief contending for the title of World's
With the clock ticking down to the last day of the formal session on Beacon Hill, state lawmakers are scrambling to complete work on dozens of bills they hope to ship to Republican Gov. Charlie Baker's desk before they adjourn on July 31. In some cases, conference committees are trying to reconcile different versions of the same bill passed by the House and the Senate. The Legislature did remove one major item from its to-do list on Wednesday by finally approving a $41.9 billion state budget after negotiations that dragged on for weeks into the new fiscal year. The House and the Senate have approved bills to further address the opioid addiction crisis, minus proposals calling for supervised injection sites and involuntary treatment for drug users.
OTTAWA -- "Justin Trudeau inherited a booming economy, but he's squandering it. His uncontrolled spending and tax hikes is making life harder for Canadians. It's time for a Prime Minister who puts taxpayers' interests first." -- Conservative Leader Andrew Scheer, Twitter, July 15, 2018 In a tweet this week, Scheer took aim at Just Trudeau's record since 2015, arguing the prime minister "inherited a booming economy," but is "squandering it" through "uncontrolled spending and tax hikes." His tweet added a graphic noting a net loss of 17,000 jobs in Canada so far this year, compared to almost 1.3 million created in the United States. So has Trudeau turned a roaring economy into slow simmer? Spoiler
NAIROBI (Reuters) - Kenya's High Court has temporarily blocked tax hikes designed to fund a range of government development goals, including the provision of affordable housing. The court suspended a 0.05 percent tax on bank transfers above 500,000 shillings ($4,967.71) and a two percentage point increase in excise duty on mobile money transfers. It also suspended a range of other new tax measures in a separate ruling late on Thursday. The suspensions will remain in force until the cases are heard in September. The moves followed a complaint brought by the Kenya Bankers Association, an umbrella lobby for lenders, which says the transfers tax is hard for banks to enforce. A separate suit filed
Chancellor Philip Hammond could have billions more to play with in the Autumn Budget after figures revealed the public finances in their best shape for over a decade, experts said today. Growing tax receipts and a tight rein on spending saw a surprise £800 million fall in the UK deficit in June to £5.4 billion, confounding expectations for a small rise. In the three months of the financial year so far, UK borrowing is running £5.4 billion below last year at £16.8 billion, the lowest since 2007, and on target to dramatically undershoot the Office for Budget Responsibility’s (OBR) £37.1 billion full-year target.
By Drazen Jorgic ISLAMABAD (Reuters) - Whoever wins next week's election in Pakistan will have to urgently resolve a currency crisis that threatens to put the brakes on the fast-growing economy, with the most likely solution being another bailout from the International Monetary Fund (IMF). Pakistan's economy expanded at 5.8 percent in the last fiscal year, its quickest pace in 13 years, but the rupee currency has been devalued four times since December. Interest rates have been raised three times. A sharp increase in oil prices - Pakistan imports about 80 percent of oil needs - has contributed to a current account deficit that widened 43 percent to $18 billion in the fiscal year that ended June
The U.S. economy is about a year away from breaking the 1990s record for the longest expansion in U.S. history — and yet the recovery from the Great Recession has also been among the weakest growth periods since the end of World War II.
Food is a basic need that an estimated 42 million Americans struggle to afford. Americans on fixed incomes, those with disabilities, and low-income households with children are among the most likely to struggle to put food on the table. However, because of the Supplemental Nutrition Assistance Program — or SNAP — many of these Americans do not go hungry . SNAP began as a temporary relief program during the Great Depression and became a permanent fixture in 1964 under President Lyndon Johnson. In its first year, the Food Stamp Program, as it was then known, had a budget of $75 million. As of fiscal 2017, the federal government spent about $70 billion on SNAP, in addition to modest administrative
Montana's seasonally adjusted unemployment rate dipped one-tenth of a percentage point to 3.8 percent in June, the lowest rate in nearly 11 years. The state's unemployment rate was 3.7 percent in July 2007, before the mortgage and banking crisis. The Department of Labor says there was an increase of 400 payroll jobs in June despite the loss of nearly 800 jobs in federal government employment. The U.S. unemployment rate rose 0.2 percentage points to 4 percent in June.
U.S. President Donald Trump on Thursday criticized Federal Reserve policy even though most economists believe the highest inflation in seven years and lowest unemployment in 40 years justify recent interest rate rises and a strong U.S. dollar. Trump said he was concerned about the potential impact on the U.S. economy and American corporate competitiveness from rising rates and a stronger dollar. U.S. Treasury debt yields ended the day lower and the U.S. dollar slipped from the session highs to end little changed after Trump's comments.
When most of us think of federal defense spending we envision fighter planes, tanks, battleships, and aircraft carriers. While some of the budget certainly goes to buy military armaments, in reality the majority is spent on salaries and benefits of military personnel, the Veterans Administration, and many other, more mundane, expenditures. The House Appropriations Committee has already approved a $674.6 billion Department of Defense spending bill for fiscal year 2019. But as it remains under discussion in the Senate, it could change. The approved budget is lower than the fiscal 2018 (October 2017 through September 2018) budget of $700 billion, which was approved last December and was $94 billion