Latest Government budget deficits News

NJ's high court weighs law authorizing $10B in debt

Aug. 5, 2020 2:35 PM EDT

TRENTON, N.J. (AP) — New Jersey's Supreme Court on Wednesday wrestled with whether a new state law letting the governor borrow nearly $10 billion to close budget gaps brought on by the coronavirus pandemic passes constitutional muster. The seven-justice court heard oral arguments over more than two hours...

Lee: Federal funding won't be used to help budget shortfall

Aug. 4, 2020 5:03 AM EDT

NASHVILLE, Tenn. (AP) — Gov. Bill Lee says he no longer believe the state will get permission to use federal funding to help address anticipated revenue shortfalls caused by the pandemic. Lee said Monday that he is still instructing his administration to remain flexible in the event Congress reverses...

DOC to close 2 Minnesota prisons to address budget deficit

Aug. 3, 2020 2:17 PM EDT

ST. PAUL, Minn. (AP) — The Minnesota Department of Corrections said Monday it plans to close two state prisons to address a budget deficit. The department said it has notified its staff and legislative leaders of its plans to close the state’s two smallest correctional facilities, in Togo and...

Fitch lowers its outlook on US credit rating to 'negative'

Jul. 31, 2020 7:19 PM EDT

WASHINGTON (AP) — Fitch has lowered the outlook for its U.S. government credit rating to “negative” from “stable” due to soaring budget deficits, but the agency is keeping its overall rating at the highest AAA level. Fitch said Friday that the downgraded outlook reflects the...

Lawmakers return Aug. 10 for session to deal with deficit

Jul. 31, 2020 6:46 PM EDT

SALEM, Ore. (AP) — Gov. Kate Brown will call lawmakers back to the Capitol beginning Aug. 10 to try to fill a billion-dollar budget hole due to the ongoing COVID-19 pandemic. “This crisis has impacted all of us—Oregon families, businesses, non-profits, and local governments have all had to...

Whitmer signs bills to resolve $2.2 billion budget shortfall

Jul. 31, 2020 6:41 PM EDT

LANSING, Mich. (AP) — Gov. Gretchen Whitmer on Friday signed spending bills as part of an agreement to resolve a $2.2 billion deficit in the current budget by using federal coronavirus relief aid, tapping savings, shifting funds and banking cost cuts from employee furloughs that are complete. The laws...

Vermont State Colleges facing 'significant fiscal crisis'

Jul. 29, 2020 5:41 PM EDT

The Vermont State Colleges system is still facing a significant fiscal crisis — a budget deficit of about $30 million in this coming fiscal year — in part because of the coronavirus pandemic, despite millions of dollars in emergency funding, Chancellor Sophie Zdatny told legislators Wednesday. ...

FILE - In this April 16, 2020, file photo, a customer puts gold bars on basket for sell to a gold shop in Bangkok, Thailand. The price of gold surged more than $30 on Monday, July 27, 2020 to over $1,926 per ounce as investors step up buying of the precious metal often sought in times of uncertainty. Gold was trading at $1,926.20 by early afternoon in Asia, up 1.5%, after surging over the weekend. (AP Photo/Sakchai Lalit, File)

Gold's luster grows as investors hedge in uncertain times

Jul. 27, 2020 5:17 PM EDT

Wall Street is in the throes of a gold rush, as investors drive the price of the precious metal to new heights. Gold has been the best investment of the year so far. The price of the precious metal has climbed nearly 27% this year, more than triple the return of the largest U.S. bond funds and towering over the...

Plans to fix $2B budget hole ready for governor's signature

Jul. 23, 2020 5:23 PM EDT

LANSING, Mich (AP) — Plans to help address a $2.2 billion state budget gap caused by the coronavirus pandemic were ready for Gov. Gretchen Whitmer's signature after lawmakers approved budget cuts, dipping into state cash reserves and increasing financial support for schools. Two bills, which cleared the...

Beshear offers good budget news but outlooks remains dire

Jul. 22, 2020 7:52 PM EDT

FRANKFORT, Ky. (AP) — Kentucky appears to have avoided one budget shortfall, but the outlook remains dire for the coming year without another infusion of federal assistance, Gov. Andy Beshear said Wednesday. The state faced a projected budget shortfall exceeding $450 million for the fiscal year that ended...