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Fiscal Discipline

July 20, 1992
Your July 9 editorial criticizing the Taxpayers Protection Act initiative (Proposition 165) on the November ballot is very wide of the mark. You attack the initiative as giving the governor "usual emergency powers," yet precisely the opposite is true: Virtually every other state gives its governor authority to close up unplanned budget deficit. California is almost alone in hamstringing its own chief executive in dealing with a fiscal crisis, and the unfortunate results are plain to see. The Office of Planning and Research recently carried out an exhaustive survey of the 50 states.
August 4, 2004 | Michael Finnegan and James Rainey, Times Staff Writers
With the country facing a record $445-billion federal deficit, Democratic presidential nominee John F. Kerry and running mate John Edwards stepped up efforts Tuesday to cast themselves as more fiscally responsible than President Bush. In separate campaign stops -- Kerry in Wisconsin, Edwards in Louisiana -- the senators embraced the traditionally Republican theme of fiscal discipline that President Clinton succeeded in co-opting for Democrats in the 1990s.
At a time when President Bush is urging members of Congress to curb their appetite for big spending on hometown projects, a surprising figure is bellying up to the bar: Rep. Tom DeLay (R-Texas), one of the House's staunchest fiscal conservatives. DeLay, who as House Majority Whip also is one of Congress' premier power brokers, managed to add to a budget bill $1.
February 4, 2001 | ADAM SCHIFF, Rep. Adam Schiff (D-Burbank) represents Burbank, Glendale and Pasadena
The last eight years have brought enormous prosperity to this country. We have had some of the lowest unemployment in decades, the highest rate of home ownership, the longest period of uninterrupted growth--the list of superlatives goes on and on. The benefits of this economy did not reach everyone, but they nearly did.
November 19, 2011
California's budget is almost never adopted by the legal deadline, but it was this year — in part because of a new simple-majority-vote requirement that left quarrelsome Republicans out of the discussion, and in part because daydreaming Democrats relied on a vaporous wish that the economy was going to improve and that the state would recoup $3.7 billion more in tax revenues than now seems likely. The shortfall is expected to trigger $2 billion in spending cuts, and Californians who think that's a good thing — that the cuts will impose needed fiscal discipline, or will force the state to make more responsible decisions, or will punish lazy freeloaders or greedy state workers — should wake up and smell the future.
October 1, 2012 | By Michael J. Mishak and Anthony York, Los Angeles Times
SACRAMENTO - The message was in the vetoes. With a deadline approaching, Gov. Jerry Brown had hundreds of bills heaped on his desk, but just one key point to get across to voters: Sacramento had to take the tough medicine on fiscal discipline. "California faces fiscal challenges unparalleled since the Great Depression," Brown wrote in rejecting a bill that would have made it easier for the survivors of public safety workers to collect death benefits. "While much progress has been made to reduce our structural deficit, balance our budget, reform workers' compensation and rein in spiraling pension costs - much work remains.
August 30, 2008 | JAMES RAINEY
John McCain, you sly dog, you did it. You kept political reporters and cable television chatterers in the dark for weeks. Most awoke Friday morning still weary from the Democratic National Convention, only to be sent scrambling when you picked Alaska Gov. Sarah Palin as your running mate. You gave the media what it always claims it wants: Surprises. Original thinking. News. What a mistake. In trying to reclaim your maverick brand, you appear to have pushed an unknown, unformed and under-vetted politician onto the world's biggest political stage.
December 14, 2011 | By Kathleen Hennessey
The Senate on Wednesday rejected two different versions of a balanced budget amendment to the Constitution, unceremoniously dispensing with the final task of this summer's hard-fought debt ceiling and deficit reduction deal. The votes represent another piece of the debt deal that came and went without action this year. The deal's centerpiece, a bipartisan "super committee" of Congress, fizzled last month without outlining a proposal for long-term deficit reduction. The failure will trigger a set of automatic budget cuts next year, although many in Congress are working to prevent those from kicking in. As the year winds down, the price tag for raising the debt limit and avoiding default appears to have been an agreement to cut $1.2 trillion in spending over 10 years, far less than Republicans had aimed for. The votes on a balanced budget amendment were inserted in the deal to appease reluctant conservatives in the House.
April 10, 2012 | By Kim Geiger
Reporting from Washington -- Former President George W. Bush doesn't miss being in office, and he wishes the “Bush tax cuts” of the early 2000s didn't carry his name - at least that's according to a series of quips made by Bush during a rare public appearance on Tuesday. Bush, who has stayed out of the spotlight in his post-presidential years, was addressing the Tax Policies for Growth conference, an event dedicated to discussing a Bush Institute project to promote policies aimed at achieving sustainable annual growth of 4%. That goal is the topic of a new book published by the institute.
February 12, 2010 | By Henry Chu
European leaders lent their moral support but no hard cash to the Greek government Thursday in its struggle to tackle a debt crisis that has called the stability of the euro into question. Financial markets responded with little enthusiasm to the expression of solidarity, pushing the euro down to one of its lowest rates against the dollar -- about $1.36 -- since last spring. The currency had staged a small rally this week on the strength of investor belief that the 27-nation European Union would unveil a rescue package for Athens at an economic summit Thursday in Brussels.
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