Latest Government budgets News
Committee cuts proposal to exempt overtime pay from income tax
MONTGOMERY, Ala. (AP) — A legislative committee on Wednesday gutted a proposal to exempt Alabama workers' overtime pay from state income taxes after concerns arose about the potential loss to the education budget. The state House of Representatives had unanimously approved the...
Here's what's in, what's out of the debt limit bill to avert US default
WASHINGTON (AP) — President Joe Biden and House Speaker Kevin McCarthy have been working the phones in an intense push to sell Congress on the 99-page bill that would suspend the nation's debt limit through 2025 to avoid a federal default while limiting government spending. The...
Debt limit deal is in place, but budget deficit is still a multi-decade challenge for US government
WASHINGTON (AP) — Even with the new spending restraints in the debt limit deal that cut borrowing by $1.5 trillion, the U.S. government's deficits are still on course to keep climbing to record levels over the next few decades. The projections are a sign that the two-year truce...
Illinois lawmakers approve $50.5 billion budget and await Gov. Pritzker's signature
SPRINGFIELD, Ill. (AP) — Illinois lawmakers finally approved a new state budget early Saturday, sending it to Democratic Gov. JB Pritzker for his signature with just over a month to spare before it takes effect with the new state fiscal year July 1. The Illinois House approved the...
Vermont's governor vetoes largest budget in state history
MONTPELIER, Vt. (AP) — Vermont's governor has vetoed a state budget that would have been the largest in the state history. Republican Gov. Phil Scott said the proposed budget, which is well over $8 billion, would unfairly raise taxes and fees on state residents. He said in his...
X marks the spot: Yellen tells Congress US could run out of money to pay all its bills by June 5
WASHINGTON (AP) — Treasury Secretary Janet Yellen told Congress on Friday that the U.S. could default on its debt obligations by June 5 — four days later than previously estimated — if lawmakers do not act in time to raise the federal debt ceiling. Yellen’s letter comes as...
Massachusetts Senate approves $55.9 billion budget proposal
BOSTON (AP) — The Massachusetts Senate approved a $55.9 billion state budget proposal for the new fiscal year on Thursday, setting up negotiations with the House on a final spending plan to ship to Democratic Gov. Maura Healey by July. One focus of the budget is higher education. ...
Partisan split over Nevada budget threatens sports stadium, film tax credit
CARSON CITY, Nev. (AP) — Nevada’s Republican governor and Democratic-majority Legislature drew battle lines Thursday for a fight over policy priorities with less than two weeks until the session ends. Gov. Joe Lombardo issued a terse five-point ultimatum and declared he “will...
Gov Pritzker, Illinois legislative leaders announce agreement on state budget
SPRINGFIELD, Ill. (AP) — Gov. JB Pritzker and fellow Democrats leading the state General Assembly announced Wednesday that they had reached an agreement on a budget for the Illinois fiscal year that begins July 1. Pritzker, Senate President Don Harmon and House Speaker Emanuel...
GOP-led Oklahoma Legislature agrees on largest-ever budget with little input from governor
OKLAHOMA CITY (AP) — Republican leaders in Oklahoma, who control every lever of political power in the state, unveiled their largest-ever budget proposal this week, the result of bruising negotiations that left the GOP governor fuming and even some Democrats happy with what it included. ...
