Word: deficits
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News of the steep reduction came Monday, as final budgeting announcements were made across the Faculty of Arts and Sciences, Wilkinson said. FAS is currently planning a major internal restructuring to help it cope with what is projected to be a $220 million deficit over the next two years. The University announced on Tuesday that it would be eliminating 275 staff positions over the next few days to help reduce compensation costs...
...meant for green initiatives: $2 billion to support lithium-ion batteries and hybrid electric systems, $800 million for a biomass program, $400 million to add electric technologies to vehicles and $400 million for geothermal technologies. But with public debt now equal to 82% of GDP and the budget deficit forecast to hit $1.4 trillion next year, the U.S. is in no position to spend more...
...like Paris Hilton on a shopping spree, it revealed weaknesses in Labour's orthodoxy about wealth creation as the means to social justice. After years of boom, the gap between rich and poor in Britain has actually widened, while higher earners face swingeing future taxes to plug a widening deficit. And some of the things Brown does not do so well are the things that have made him vulnerable to leadership challenges. A serious man, a well-meaning man, he's a hopeless communicator in an age of remorseless, ceaseless communication. He's also tribal and factional. Faultlines between...
...example for other states to follow. A nightmare scenario: the Federal Government backs California's loans, which leads to a downgrading of the Treasury's credit rating and the unnerving of the global credit markets. Spooked, the Chinese government, which currently bankrolls a large portion of the U.S. deficit, decides to take its money elsewhere. The ripples from California's crisis would then extend far beyond the Sandovals and other families on the wrong end of the budget ax. (See TIME's gallery of Businesses Bucking the Recession...
...addition to its multibillion-dollar deficit, California faces a severe cash-flow crisis and state controller John Chiang warns that the state could run out of money in July. California has the worst credit rating among the 50 states, so its leaders have pressed the Obama Administration and Congress to act as a co-signer on the state's borrowing. As with AIG, California officials argued, the state is too big to fail. "A fiscal meltdown by California ... would surely destabilize the U.S., if not worldwide financial markets," state treasurer Bill Lockyer wrote U.S. Treasury Secretary Timothy Geithner...