#fiscal-policy

#fiscal-policy

New York's state lawmakers are exacerbating budget issues with plans for increased spending and taxes despite a looming $18.2 billion deficit.

Social Security benefits for middle- and upper-income taxpayers face taxation, sparking debate on President Trump's proposal to eliminate this tax.

Chancellor Rachel Reeves may need to raise income taxes due to exhausted fiscal headroom and economic pressures.

Los Angeles faces a $1 billion budget deficit exacerbated by overspending and external challenges like wildfires.

L.A.'s bond ratings drop reflects significant fiscal challenges amidst a nearly $1 billion budget shortfall.

Republicans are looking to make Trump's tax cuts permanent without needing support from Democrats.

Failure to pass the tax bill could lead to the largest tax increase in American history, jeopardizing Republican control of Congress.

HMRC's January 2025 tax receipts reached a record £112bn, primarily driven by a surge in income tax collections.

Over 8 million people in the UK will face higher income tax rates by 2030 due to frozen tax thresholds.

UK taxpayers face higher income tax burdens due to frozen tax thresholds not aligned with inflation.

HMRC's tax receipts are up £11bn compared to last year, suggesting optimistic financial outlook for upcoming fiscal decisions.

UK government borrowing rose to £151.9 billion, exceeding forecasts, largely due to increased spending driven by inflation.

The UK's labour market decline raises recession fears, prompting concerns over business hiring and fiscal strategies.

The Spring Statement focuses on balancing fiscal responsibilities amid economic challenges, with a particular emphasis on benefit reforms.

UK borrowing has significantly overshot forecasts, indicating possible future tax hikes or public spending cuts.

Major cuts to public spending are planned ahead of the Spring Statement, amidst economic challenges and rising costs.

Chancellor Reeves faces a challenging fiscal landscape, balancing growth and discipline amidst investor caution and rising debt.

Labour faces a conflict between tax pledges and the need for welfare cuts due to economic challenges.

The British economy under Labour faces significant challenges, necessitating careful fiscal strategies to restore stability and confidence.

Rachel Reeves defends public spending cuts by citing the fallout from Liz Truss's mini-budget, urging Labour to prioritize fiscal responsibility.

Labour's stance on the Office for Budget Responsibility has shifted from support to skepticism amidst fiscal challenges and frustration over its forecasts.

NYC must prepare for economic impacts of Trump's tariffs by bolstering rainy-day funds and reserves, warns Comptroller Brad Lander.

Italian Economy Minister warns against retaliatory tariffs on the US, advocating for de-escalation and flexibility in EU fiscal rules in response to economic downturns.

Germany's fiscal conservatism is now an asset as investors seek safety in bunds amid global market instability.

Cuts to the IRS are expected to cost the U.S. government trillions in lost revenue, adversely affecting essential services and increasing deficits.

The U.S. budget deficit reached $307 billion in February 2025, driven by record outlays despite increased receipts.

The government faces an $838 billion cash shortfall, highlighting a significant fiscal challenge that may exceed previous deficits.

Democrats oppose Trump’s proposed spending cuts, fearing they may exacerbate the federal financial crisis.

Avoid knee-jerk fiscal cuts to meet distant targets, warns ex-Bank of England deputy governor Charlie Bean.

Friedrich Merz is expected to shift from Germany's previous fiscal conservatism towards increased government spending, particularly on defense.

Britain's increase in defence spending faces challenges under current fiscal rules, with potential cuts required elsewhere.

The UK government's 2022 financial missteps serve as a warning to America about the risks of reckless fiscal policies.

The UK government might consider additional benefit cuts due to fiscal pressures from Donald Trump's tariffs.

Rachel Reeves' fiscal rules may harm vulnerable communities by prioritizing tax increases and spending cuts during economic stagnation.

Public opinion is largely negative towards Chancellor's Spring Statement, with just 12% viewing it positively, reflecting dissatisfaction amid concerns for vulnerable groups.

Chancellor Rachel Reeves announces £1.5 billion in savings from civil service budgets, focusing on administrative cuts to prioritize frontline services.

Rachel Reeves' belief in the need for spending cuts is reinforced by February's public finances data showing higher borrowing than expected.

Governor Hochul's budget plans may deepen New York's financial crisis by disregarding federal cuts and proposing excessive spending.

California's projected $363 million surplus is misleading amid significant budget shortfalls and underlying financial mismanagement.

US could default on $36 trillion debt by October without congressional action to raise debt ceiling.

House Republicans passed a funding bill reliant on assurances from Vice President Vance that the Trump administration would ignore it, revealing party divisions.

Rep. Melanie Stansbury criticizes House Republicans' plan to raise the debt ceiling amid rising inflation and neglect of economic responsibilities.

Elon Musk humorously refers to his role as 'tech support' while addressing US fiscal challenges at Trump's Cabinet meeting.

Musk controversially labeled Social Security a Ponzi scheme, sparking debate over its accuracy and implications for future funding.

Portland region is crucial to Oregon's economy, raising questions about fairness in fiscal contributions.

The Bank of England is unlikely to cut rates due to inflation concerns, despite economic stagnation.

Australia's economy has shown resilience due to effective management and external demand for minerals, consistently avoiding recession since the early 1990s.

Republicans are using budget reconciliation to pass legislation aimed at advancing Trump's agenda.

The accurate figure for the rise in defence spending is about £6 billion per year, contrary to the £13.4 billion initially stated by the PM.

Biden's economic policies have struggled, with inflation rising and manufacturing faltering, as argued by economist Jason Furman.

The Bank of England's rate cut reflects a dire economic outlook, with growth projections lowered and inflation expectations heightened.