Deficit

Gov. Gavin Newsom on Wednesday asked California lawmakers to dip into the state’s rainy-day reserves and signaled his desire to potentially delay a minimum wage increase for healthcare workers as part of his plan to offset an expected $37.9-billion deficit. A confluence of weaker-than-expected state revenues, delayed tax deadlines and overspending based on inaccurate budget projections created the budget shortfall. From a high of a $100-billion budget surplus during the COVID-19 pandemic, the state has experienced…

The Queen Mary has for years been a landmark for the city of Long Beach, an iconic ocean liner that acted as a majestic sentry at the port and a popular attraction for both tourists and locals.But the aging ship has in recent years become more of a white elephant in need of millions of dollars in repairs just to stay afloat.Years of mounting financial woes, a pandemic shutdown and much-needed repairs made for an uncertain future for the Queen Mary. Financial audits showed the ship was running a deficit, and at least one…

With California facing an expected $68-billion budget deficit, Gov. Gavin Newsom is seeking “major reforms” to pull funding from a costly plan next year to begin raising the statewide minimum wage for healthcare workers to $25 an hour.Newsom told The Times last week that his staff has “been working behind the scenes” with Democratic leaders in the Legislature on how to move forward with the minimum wage law in light of state budget concerns. The changes, which would have to be approved by lawmakers next year, were “all…

California Gov. Gavin Newsom detailed plans to begin to bridle his progressive policy agenda to offset an estimated $31.5-billion budget deficit for the state during a presentation Friday explaining his revised spending proposal. The state expects tax collection to fall short of the money allocated for programs essential to millions of Californians in the upcoming budget year, forcing the governor to take a more conservative spending approach while trying to protect much of his marquee programs. The governor’s proposal…

Piyush Goyal, Union commerce and industries minister said that Korean automobile giants Hyundai and Kia cost India billions of dollars in a trade deficit. He was speaking at the valedictory function of the three-day Asia Economic Dialogue. The minister said that Hyundai and Kia have used the free-trade agreement (FTA) to import indiscriminately. What does it mean? Goyal blamed the nationalist spirit for the trade deficit. He said Korean businesses only buy from the local markets even at a higher cost due to the…

DALLAS —  It was all going wrong.Dallas couldn’t miss, the Lakers couldn’t make in the first half.At least there was still time.Slowly, the Lakers began to chip away as the Dallas offense slowed, climbing a 27-point hill one methodical step at a time.And then Jarred Vanderbilt started to sprint.One of the newest Lakers changed the game with his defensive energy and slashing ability, scoring 15 points to go with 17 rebounds and four steals in pushing the Lakers to a 111-108 win in Dallas.The 27-point comeback is the…

The presidential candidate of the All Progressives Congress (APC), Bola Tinubu, says deficit budget in itself is not bad, if well deployed. He also said the petrol subsidy regime in Nigeria must go, as it has overstayed. Mr Tinubu stated these while making a presentation to the Nigerian Economic Summit Group (NESG) on Friday in Lagos. He said a deficit budget is not inherently bad, adding that all modern economies run it. The former Lagos State governor has consistently maintained opposition to austerity policy,…

WASHINGTON—The federal government ran an $85 billion deficit in December, a wider shortfall than in the same month a year earlier, as the government’s debt burden nears its legal limit.   Compared with December 2021, the government brought in $32 billion less in revenue last month, for a total of $455 billion, and spent $32 billion more, for a total of $540 billion. Without adjusting for calendar differences, the overall gap between spending and revenue in December was $64 billion more…

The U.S. trade deficit shrank in November at the steepest monthly rate in nearly 14 years, adding to signs of a global economic slowdown through the holiday season amid high inflation and climbing interest rates.America’s imports fell more than exports, causing the country’s deficit in trade of goods and services to narrow in November by 21% to a seasonally adjusted $61.51 billion, the Commerce Department said Thursday, compared with a $77.85 billion gap in October.…

WASHINGTON—The monthly federal deficit was a record-setting $249 billion in November, $57 billion wider than the same month last year, as Republican control of the House puts the government’s finances back in the political spotlight.  The federal government spent $501 billion last month, a $28 billion increase to a record high, while tax revenue dropped by $29 billion compared with last November, with the government collecting $252 billion. Adjusting for calendar differences in last…