Word: budgeting
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...clearly in a debt league of its own. Obama's proposed deficit, representing about 11% of gross domestic product, is part of a 10-year plan aimed at reducing the U.S. budget shortfall from its current level to a still hefty annual average of 3.6% if everything goes well. The deficit amounts may be less dizzying in Europe, but they're still a major cause of concern for fiscal purists who fear that some governments may end up drowning in red ink. Twenty of the European Union's 27 members are running deficits to ease their way through the global...
...Perhaps the worst part, however, is that deficits have risen the fastest in the euro-zone group, which requires members to limit their budget shortfalls to 3% of GDP. Many of these countries began exceeding that threshold before the financial crisis began and then went well above it after the crash. E.U. countries collectively spent $1.5 billion to save their vulnerable banking sectors and a further $200 billion in stimulus funding to revive their economies. Although the latter helped the 16-nation euro zone exit the recession in the middle of 2009, it also lifted already lofty deficit levels even...
...always be rabid - folks who love the machines, swoon over the history and long to see Americans back on the moon and flying on toward Mars. For this space-happy group, here's some good news: even in hard economic times, President Obama would actually increase NASA's budget - to more than $100 billion - over the next five years. But space junkies had better be satisfied with that positive development, because it's just about the only...
...Monday, NASA administrator Charlie Bolden unveiled both Obama's proposed space budget through 2015 and the Administration's plans for how that money should be spent. And though Bolden filled his prepared remarks with all the usual promises to "blaze a new trail," answer a "bold challenge," "spur innovation" and, of course, inspire young people, the fact of the matter is that the new plans will keep America on the ground for most of the next decade or longer. And whenever U.S. astronauts finally do return to space, they won't be going very far. (See the 40th anniversary...
...suggest they may be waiting a while, though, at least when it comes to a hard carbon cap. Although Obama called for comprehensive climate and energy legislation in his recent State of the Union address, there was one term he did not use: carbon cap. And in its proposed budget for fiscal year 2011, released on Monday, the White House did not name a specific dollar figure for revenue it expects from cap and trade. Last year's budget projected $79 billion in revenue from the auction of carbon credits...