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Budget Deficit

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OPINION
October 6, 1985
D.A. Potter (Letters, Sept. 6) suggests that the government increase taxes to do away with the budget deficit. I would like to ask Potter if he ever thought of cutting government expenditures as a more palatable means of eliminating the deficit. R.W. LILLIE Granada Hills
ARTICLES BY DATE
NATIONAL
October 11, 2013 | By Lisa Mascaro, Michael A. Memoli and Kathleen Hennessey
WASHINGTON - The impasse over government spending gave way Friday to a steady stream of negotiations, as White House officials and Republicans in Congress wrestled over the details of an agreement that would reopen government agencies and avoid a federal default. In phone calls and a White House session, President Obama and Republican lawmakers worked to hash out a plan to restore government funding and lift the debt ceiling, and also initiate a new round of budget and deficit-reduction talks.
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BUSINESS
July 19, 2013 | By Jim Puzzanghera
WASHINGTON -- The shrinking budget deficit and improving economy has led Moody's Investor Services to affirm the nation's AAA credit rating and upgrade the outlook for government debt to stable from a negative watch that could have led to a downgrade. But Moody's warned that failure to address the long-term budget deficit "could put the rating again under pressure" down the road. For the short term, however, the tax increases and automatic federal spending cuts that began this year have helped cause a "steep decline" in the budget deficit that warranted removing the negative outlook, Moody's said.
BUSINESS
July 19, 2013 | By Jim Puzzanghera
WASHINGTON -- The shrinking budget deficit and improving economy has led Moody's Investor Services to affirm the nation's AAA credit rating and upgrade the outlook for government debt to stable from a negative watch that could have led to a downgrade. But Moody's warned that failure to address the long-term budget deficit "could put the rating again under pressure" down the road. For the short term, however, the tax increases and automatic federal spending cuts that began this year have helped cause a "steep decline" in the budget deficit that warranted removing the negative outlook, Moody's said.
NEWS
August 23, 1995 | The Washington Post
The Congressional Budget Office predicted Tuesday that the federal budget deficit would be $161 billion for the fiscal year that ends Sept. 30, down from $203.2 billion last year and an all-time high of $290.4 billion only three years ago. The large improvement in the budget picture is the result of both strong economic growth that has lifted revenues and spending restraint. The CBO said revenues this year likely will be $1.357 trillion, up almost 8% from fiscal 1994.
OPINION
April 20, 2011
Kudos to The Times Re "Times awarded Pulitzers for public service, photography," April 19 Huge applause to your paper in winning the public service Pulitzer Prize for exposing widespread corruption in the city of Bell's government. Kudos also should be given for your reports on the competency of our teachers, despite a threatened boycott by their unions and your paper's liberal reputation. Perhaps the pronouncement of the death of the print media is exaggerated. Keep up the good work.
CALIFORNIA | LOCAL
November 12, 2010 | By Shane Goldmacher, Los Angeles Times
Declaring that California faces a fiscal emergency, lame-duck Gov. Arnold Schwarzenegger said Thursday he would convene a special session of the incoming Legislature to address the state's massive budget deficit. The announcement came one day after the state's chief budget analyst said the fiscal shortfall has grown to $25.4 billion over the next year and a half ? far larger than officials had estimated only days earlier. Legislative Analyst Mac Taylor estimated that the budget which Schwarzenegger had signed 35 days ago already had fallen $6.1 billion into the red because of optimistic assumptions that had proven incorrect.
NEWS
January 6, 1995 | Reuters
The Congressional Budget Office released new, higher estimates of the federal budget deficit Thursday, blaming the erosion on higher interest rates and lower-than-anticipated revenues. Since August, the deficit estimate for fiscal 1996, starting Oct. 1, has risen from $176 billion to $207 billion, and for fiscal 1997 from $193 billion to $224 billion.
NEWS
May 24, 1990 | From Reuters
President Bush today put most of the blame for the federal budget deficit on Congress and said he wouldn't lay out his proposals for cutting the red ink because that would undermine talks with Capitol Hill. "If I outlined the problem now, I'd rely on some of the fact that the Congress appropriates all the money and raises all the revenues. . . .
ENTERTAINMENT
June 12, 2013 | By Mike Boehm, Los Angeles Times
By some measures, L.A.'s Center Theatre Group is the busiest nonprofit stage company in the nation - and it's the biggest by far outside Manhattan. But now this theatrical giant is in serious need of more than a little help from its friends. The 2012-13 fiscal year that ends June 30 is expected to yield the fifth consecutive splash of red ink since mid-2008 for the company that runs the Ahmanson Theatre, Mark Taper Forum and Kirk Douglas Theatre. Artistic director Michael Ritchie and managing director Edward Rada said in a recent interview that they expect a $500,000 loss - after four years in which deficits totaled $15 million, or $3.76 million a year.
CALIFORNIA | LOCAL
June 10, 2013 | By Anna Gorman and Anthony York, Los Angeles Times
In a office decorated with Chinese art and diagrams of body parts, Dr. George Ma cares for more than 4,000 patients. Nearly three-quarters are covered by Medi-Cal, the state's public insurance program for low-income Californians, and Ma said he receives $10 a month to treat most of them. This summer, when California makes a controversial 10% cut to Medi-Cal rates, he could get paid less. Ma said he didn't go into safety net medicine for the money, but he worries that the reductions will make it even harder for his patients to get medication, medical equipment and appointments with specialists.
CALIFORNIA | LOCAL
May 14, 2013 | By Chris Megerian, Los Angeles Times
SACRAMENTO - California may finally be free of deficits, but Gov. Jerry Brown unveiled a cautious budget Tuesday, saying the state's financial condition remains treacherously unstable. Brown put lawmakers on notice that he had no desire to ratchet up spending despite a multibillion-dollar windfall of tax receipts in recent months. Saying there is no evidence that the surge will last, he reduced his revenue estimates for the budget year that begins July 1. Only schools would get a substantial boost beyond what the governor proposed in January, before state income spiked.
OPINION
April 26, 2013
Re "Time for labor to step up," Column, April 24 I sat down with Steve Lopez in 2010 to discuss the impact that "givebacks" would have on our SEIU Local 721 members who work for Los Angeles. Workers eventually agreed to help the city save money. Lopez's recent commentary is shortsighted. He acknowledges but doesn't take too seriously the fact that city politicians keep exaggerating the effects of L.A.'s budget deficit. He also ignores the city's hundreds of millions in uncollected debt and the fact that it has not considered renegotiating the more than $2 billion it pays out to private contractors.
BUSINESS
April 23, 2013 | Michael Hiltzik
Washington's tug of war over the federal budget has many wonders, but the biggest one of all must be the lengths to which politicians and pundits will go to deprive Granny and Grandpa of $30 a month. That's the amount by which benefits for the average Social Security retiree would be reduced by 2023 under a provision in President Obama's new budget. It might not sound like much to the president or fans of the proposal in both parties and the Washington commentariat. For the retiree trying to stretch an average monthly check of about $1,200 to cover housing, healthcare and every other necessity under the sun, it looms rather larger.
BUSINESS
February 22, 2013 | By Jim Puzzanghera
WASHINGTON -- A majority of Americans -- 54% -- want Congress to delay automatic spending cuts set for March 1 so the economy will have more time to heal, according to a new poll. Four in 10 respondents in the Bloomberg News poll said Congress must make steep budget cuts now to reduce the deficit before it gets out of control. The poll's findings should provide a boost to the White House as it battles with congressional Republicans over how to avoid the looming spending cuts, known as sequestration.
BUSINESS
February 15, 2013 | By Jim Puzzanghera
WASHINGTON -- Former Federal Reserve Chairman Alan Greenspan said the stock market reaction to the large federal budget cuts slated for March 1 will determine how much they affect economic growth. The $85 billion in cuts this fiscal year, part of a nearly $1.2-trillion spending reduction over the next decade, will have a negative effect, he told CNBC on Friday. And he believes the White House and Congress will not come together to prevent them. "I think the odds of it occurring are very high," Greenspan said of the cuts, known as sequestration.
NATIONAL
February 9, 2013 | By Jim Puzzanghera and Richard Simon, Washington Bureau
WASHINGTON - In less than a month, a budget ax is set to fall on the federal government, indiscriminately chopping funding for the military and slicing money for various programs, including preschools and national parks. The $85 billion in cuts that would take effect from March 1 through September - the first installment of $1.2 trillion in reductions over the next decade - would strike just about every agency and service in an attempt to ease the budget deficit. The slashing, part of an automatic process known as sequestration, would affect the economy, government workers and average Americans in ways big and small.
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