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.FULL STORY
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.FULL STORY
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.
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.
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.
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."
Only 36,695 troubled homeowners received long-term mortgage modifications in July under the Obama administration's Home Affordable Modification Program. (Photo Credit: Getty Images/File)
New York (CNNMoney.com) - The president's signature foreclosure rescue plan is losing its punch, according to a federal report released Friday.
Only 36,695 troubled homeowners received long-term mortgage modifications in July under the Obama administration's Home Affordable Modification Program, known as HAMP. This brings the total to 434,717 borrowers who have successfully made it out of the trial phase.
A month ago, 51,205 delinquent borrowers were given long-term assistance.
The number of people falling out of the program, however, is on the rise. Some 12,912 homeowners had their permanent modifications canceled in July, 272 of whom paid off their loans.
New York (CNNMoney.com) - The newly passed health care law will boost the financial strength of the nation's massive Medicare program, the government said Thursday.
The controversial Affordable Care Act extends the life of the Medicare Trust Fund by 12 years, to 2029, according to the annual report from the trustees who oversee Medicare.
The effects of the law - lowering health care costs, focusing on prevention and improving service quality - will help rein in the exploding costs of Medicare, the administration said.
New York (CNNMoney.com) - The Senate voted Thursday to send $26 billion more in federal aid to cash-strapped states.
The measure, which passed by a 61-39 vote, contains $16.1 billion in additional Medicaid money and $10 billion to prevent layoffs of teachers and first responders.
It now moves to the House, which will return Tuesday from its August recess to vote on the bill.