Saying “We can’t just cut our way out of this hole,” President Barack Obama is calling for $1.5 trillion in new taxes as part of a 10-year deficit reduction package totaling more than $3 trillion.
According to credit rating agency Moody’s, school districts and municipalities in New York are already strained.
Christie goes to West Deptford after presenting a $29.4 billion budget that would require the Democratic-controlled Legislature to enact major changes to public employees’ pension and health benefits.
Chris Christie’s second annual state budget address will likely ruffle feathers and bolster his reputation among his supporters as a fiscal conservative.
The hardest hit lines include the B36 bus in Brooklyn and M22 bus in Manhattan, both of which would see fewer weekend buses.
The agency said it will save $300,000 a year with the cost-cutting plan.
The State Comptroller reported that New York City’s economy is recovering faster from the recession than the rest of the state and nation.
The Times Union of Albany reported that Paterson allocated the money for a youth chess program and to promote a New Jersey-New York Super Bowl, among other things.
Governor-elect Andrew Cuomo is already sharpening his budget ax and school aid is among his first targets. He said the billions New York has spent to educate children has not paid off in results.
ALBANY, N.Y. (AP) — New York’s hard times just got harder. The Paterson administration says closing the latest deficit may require cuts of perhaps 1 percent in every area including a midyear cut in school […]
According to the Daily News, transit riders are facing even bigger fare hikes and additional service cuts if the next governor of New York doesn’t increase funding.
The state had previously enacted a temporary exemption on clothing costing less than $110, but the discount ended.
The tax was reinstated to help close the state’s budget deficit.
Paterson has warned for months that deficits continue to mount in the state and layoffs would be likely by the end of the calendar year.
Seven New Jersey Assembly panels were scheduled to begin holding hearings Monday on the recently-enacted state budget.