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FED goes all in
The Federal Open Market Committee decided today to establish a target range for the federal funds rate of 0 to 1/4 percent.
Since the Committee’s last meeting, labor market conditions have deteriorated, and the available data indicate that consumer spending, business investment, and industrial production have declined. Financial markets remain quite strained and credit conditions tight. Overall, the outlook for economic activity has weakened further.
The Federal Reserve will employ all available tools to promote the resumption of sustainable economic growth and to preserve price stability. In particular, the Committee anticipates that weak economic conditions are likely to warrant…
State Budget gaps now $97 billion
Still reeling from high gas prices this summer and plummeting retirement savings this fall, Americans will soon be feeling the pinch in other ways — from increased tuition to potentially higher taxes, as states try to close some $97 billion in budget gaps over the next two years.
States will have to find additional spending cuts of $32 billion for current budgets before even beginning to tackle $65 billion in deficits shaping up for the next fiscal year, the National Conference of State Legislatures reported Dec. 4. States have already closed a $40 billion gap since the start of the fiscal…
9Dec2008 | The Real Deal | 0 comments | ContinuedState Budgets blowup
Center on Budget and Policy Priorities:
States are facing a great fiscal crisis. At least 41 states faced or are facing shortfalls in their budgets for this and/or next year. Over half the states had already cut spending, used reserves, or raised revenues in order to adopt a balanced budget for the current fiscal year — which started July 1 in most states. Now, their budgets have fallen out of balance again. New gaps have opened up in the budgets of at least 31 states plus the District of Columbia just four months after they struggled to close the largest budget…
17Nov2008 | The Real Deal | Comments Off | Continued
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