The final pages of the 2020-21 budget that Gov. Gavin Newsom proposed this month contain arguably its most important factor — an utter dependence on taxing a relative handful of high-income Californians. Personal income taxes, the budget projects, will generate $102.8 billion during the fiscal year that will begin on July 1,...
US Budget Deficit Running 11.8% Higher This Year
The U.S. budget deficit through the first three months of this budget year is up 11.8% from the same period a year ago, putting the country on track to record its first $1 trillion deficit in eight years. In its monthly budget report, the Treasury Department said Monday that the...
Walters: More Entitlements as Economy Slows?
Gov. Gavin Newsom is tiptoeing into a political region that predecessor Jerry Brown purposely skirted — expanding expensive services and benefits that are difficult, and perhaps impossible, to shrink if California’s economy turns sour. They are called “entitlements” and Newsom’s own proclivities and pressure from a very liberal Legislature are...
Gov. Newsom Targets Fresno Needs With Big Bucks in Budget
Gov. Gavin Newsom's proposed $222 billion budget for 2020-21 includes tens of millions of dollars to improve efforts to boost economic development and medical education efforts in Fresno and the Valley — investments that local officials said Friday are highly welcome and will be put to good use. Listen to...
California Feud With Trump Could Impact Budget Surplus
SACRAMENTO — California is bracing for a much smaller budget surplus next year because of its ongoing feud with the Trump administration about a tax involving Medicaid, the state's chief budget writer said Monday. California is projected to have a $7 billion surplus, with $3 billion of it available to...
Walters: Will Schools Get More State Aid?
To the denizens of the state Capitol, the onset of the holiday season also marks the beginning of the state budget cycle. Gov. Gavin Newsom and his budget staff will soon decide the hundreds of individual appropriations that will make up the 2020-21 budget he will propose in early January,...
Judiciary Committee Set to Take Over Trump Impeachment Probe
WASHINGTON — The House Judiciary Committee is set to take over the impeachment probe of President Donald Trump, scheduling a hearing for next week as they push closer to a possible vote on actual charges of “high crimes and misdemeanors.” The Judiciary panel scheduled the hearing as the Intelligence Committee on Tuesday...
US Budget Deficit Surges to $134.5 Billion in October
WASHINGTON — The federal government, which ended the 2019 budget year with its largest deficit in seven years, began the new budget year with a deficit in October that was 33.8% bigger than a year ago as spending hit a record. The Treasury Department said Wednesday that the deficit last...
Don't Let Try-Before-You-Buy Shopping Bust Your Budget
Services such as Stitch Fix and Amazon's Prime Wardrobe have put try-before-you-buy shopping on the map. The concept is simple: Shoppers get apparel, accessories or other goods delivered to try, which they can either send back or purchase. "For many customers who do not enjoy the hustle and bustle of...
Walters: Unions Win Big, to What Avail?
California’s labor unions scored big wins in the just-concluded legislative session — to the surprise of precisely no one. Democrats’ huge gains in last year’s legislative elections, coupled with the election of Gavin Newsom, who had strong union support, as governor, foretold what would happen. The biggest of union victories, Assembly...