Minnesota government shutdown costly to state and businesses
NEW YORK (CNNMoney) - There won't be any happy hours at The Independent in Minneapolis during the government shutdown.
The restaurant's liquor license expired just as a budget impasse in Minnesota put most state operations on hold. So both the state licensing bureau and the eatery had to shut their doors Friday.
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Jerry Brown vetoes California budget
New York (CNNMoney) –– California Governor Jerry Brown vetoed Thursday the budget passed by state lawmakers that relied on spending cuts, fund transfers and one-time revenue boosts. But he allowed legislators to keep collecting their paychecks.
Brown, who has promised for months that he wanted to present Californians with a gimmick-free budget that would solve the state's $26 billion deficit with a combination of tax extensions and spending cuts, said this budget was not a balanced solution.
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California lawmakers pass a balanced budget
NEW YORK (CNNMoney) - California lawmakers passed a balanced budget Wednesday that relies on spending cuts, fund transfers and one-time revenue boosts, but allows them to keep collecting their paychecks.
The budget now goes to Governor Jerry Brown, who has said for months that he wanted to present Californians with a gimmick-free budget that would solve the state's $26 billion deficit with a combination of tax extensions and spending cuts.
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Florida and Texas in jobs pissing match
New York (CNNMoney) - Call it the Battle of the Ricks.
Florida Governor Rick Scott is determined to swipe the title of most business-friendly state from Rick Perry, his counterpart in Texas, which has held it for seven years.
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California's $10.8 billion budget battle
NEW YORK (CNNMoney) - California Governor Jerry Brown unveiled a revised budget Monday that calls for a $9.3 billion tax extension, coupled with a $2.6 billion cut in spending.
Despite steep opposition from Republican lawmakers and some of his own supporters, Brown is holding firm to his belief that the state's budget crisis should be addressed with a mix of tax hikes and spending cuts. The governor did not unveil the draconian spending cuts that some observers had thought he would. Instead, he continued to press for an extension of tax hikes currently set to expire. And he still wants voters to have a say on the extension of the levies.
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California Gov. Jerry Brown pushes tax hikes
NEW YORK (CNNMoney) - Californians should decide whether they want to pay $12 billion more in taxes to help plug the state's massive budget shortfall, Gov. Jerry Brown said on Monday.
In his State of the State address, Brown urged legislators to put his plan to extend income and sales tax hikes on the ballot in a special election in June. If they don't, the governor said the state will see even harsher spending cuts than the $12.5 billion he is proposing.
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Governors put state jobs on the chopping block
New York (CNNMoney) - There will be lots more state workers joining the unemployment line this year.
Public employees are getting hit hard in the latest round of spending cuts as state officials look to close billion-dollar deficits. Governors across the nation are promising to eliminate thousands of positions and freeze or reduce salaries.
Taxes, budget and jobless benefits – Congress at the wire
NEW YORK (CNN) - The lame-duck Congress returns on Monday to a daunting agenda of economic issues.
And lawmakers will try to accomplish in a few weeks what has eluded them all year.
Major anti-tax measures fail
New York (CNNMoney.com) - Voters in several states defeated major anti-tax measures on Tuesday, acknowledging that their financially-strapped governments need revenue to provide services.
A trio of controversial tax initiatives in Colorado failed, as did an effort to slash sales taxes in Massachusetts, according to the National Conference of State Legislatures. This comes amid a wave of anti-incumbent fervor that swept Republicans to victory in the U.S. House of Representatives.
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Obama administration sings new tune on foreclosures
New York (CNNMoney) - The Obama administration is singing a different tune about foreclosures.
A year ago, officials focused on stemming the foreclosure tide. Now they are touting the need for foreclosures to rebuild the housing market.
Last week Phyllis Caldwell, head of the Treasury Department's Homeownership Preservation Office, told a congressional panel that "an important part of ensuring longer-term stability in the market is to enable properties to be resold to families who can afford to purchase them."
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