Economy
OECD: 'Slow and fragile' economic recovery in sight
The global economy is nearing the bottom of its worst financial crisis in 60 years, according to the latest assessment from the Organization for Economic Cooperation and Development (OECD).
L.A. mayor and council weighing retirement option for reducing city's workforce
Looking to avoid the need for layoffs and furloughs, Los Angeles Mayor Antonio Villaraigosa and the City Council are weighing a plan to offer early retirement to thousands of city workers, some of whom would receive an incentive of at least $15,00...
California’s Solution to $24 Billion Budget Gap Is Going to Bring Some Pain
LOS ANGELES — There are not a multitude of ways to close a $24 billion state budget gap, but in California, the answer is probably going to come down to who gets hurt the most.
RSM McGladrey 2009 Manufacturing and Wholesale Distribution Survey Finds Companies Optimistic About Economic Recovery
RSM McGladrey, the nation's fifth largest accounting, tax and business consulting firm, today released the results of its fourth annual Manufacturing and Wholesale Distribution (MWD) National Survey. Respondents to the survey say they expect their...
During testimony to the Senate Banking Committee, Treasury Secretary Timothy Geithner defended the administration’s proposal to give the Federal Reserve increased powers in his first public tussle with lawmakers skeptical whether the central bank ...
U.S. mayors say cities need direct economic help
Without more direct aid to U.S. local governments, Washington may make matters worse for cities facing falling tax revenues and increased spending needs, the nation's mayors said at their annual meeting this weekend.
Senate Democrats unveiled a budget plan Tuesday that would stave off the deepest proposed cuts to California's health, welfare and student-aid programs by dipping heavily into the rainy-day fund that Gov. Arnold Schwarzenegger wants set aside in c...
President Obama called on Congress Tuesday to enact pay-as-you-go budget rules to help tame a deficit forecast to top $1.8 trillion this year. The so-called PAYGO proposal requires Congress to balance any increased spending by equal savings elsewh...
President Barack Obama said on Monday accelerated stimulus spending would create or save 600,000 jobs over the next 100 days, pledging action to slow the growth of unemployment that has reached a 25-year high.
California faces an unprecedented drop in tax revenue and a widening budget deficit amid the deepest recession in decades, prompting Gov. Arnold Schwarzenegger to propose cost-cutting steps that once seemed unthinkable.
Joe Biden Promotes Stimulus in New York
U.S. Vice President Joe Biden acknowledged on Tuesday that some waste is inevitable in the spending of a $787 billion economic stimulus package, in a characteristically blunt assessment.
Gov. Arnold Schwarzenegger will plead with lawmakers Tuesday not to repeat last summer's record-length budget impasse, urging them to deal quickly with California's ballooning deficit.
Schwarzenegger proposes 5% cut in California employee salaries
Sacramento -- Gov. Arnold Schwarzenegger on Thursday readied a proposal to cut state worker salaries by an additional 5% as local government officials lambasted his bid to take $2 billion from cities and counties to help curb the state's growing b...
California braces for brutal budget cuts
Sacramento -- Gov. Arnold Schwarzenegger and lawmakers scrambled Wednesday to avert a financial meltdown, and public officials across California braced for annihilating cuts on the day after voters trounced their leaders' rescue plan for the state.
Schwarzenegger's budget proposals cut services, school year, California state workers
Gov. Arnold Schwarzenegger proposed dire budget plans Thursday that slash core public services and push California's financial problems into future years as the state struggles to survive a historic economic downturn.
Australia Budget Deficit Grows to Record on Recession
Australia faces record budget deficits until 2016 as it embarks on the biggest building program in its history, spending on roads, rail lines and high-speed Internet to blunt fallout from the global recession.
California shortfall $21.3 billion if measures fail
SACRAMENTO, California (Reuters) - California faces a state budget shortfall of $21.3 billion if voters reject budget-related ballot measures during the state's May 19 election, Gov. Arnold Schwarzenegger said on Monday.
U,S. Budget Gap Is Revised to Surpass $1.8 Trillion
WASHINGTON — President Obama has lately begun pointing to optimistic signs for the economy, but the continuing crisis still bedevils his budget projections and his domestic agenda.
Alaska may feel sting of U.S. budget cuts
Alaska's Denali Commission, one of the untouchable programs championed in former Sen. Ted Stevens' era, took a hit in the federal budget cuts suggested Thursday by President Barack Obama.
Geithner: Stress tests clear bank 'uncertainty'
NEW YORK (CNNMoney.com) -- Treasury Secretary Tim Geithner said Thursday the stress tests of the nation's biggest financial services companies will help bring capital into the financial system by lifting the "fog of uncertainty" over the banking s...