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...dropping so fast that state budget cutters can't keep up, according to a report released by the National Conference of State Legislatures (NCSL). States that collectively cut $40 billion in spending to balance their budgets over the summer are now facing an additional $32 billion shortfall as tax receipts come in below estimates, the report said. And the fiscal year after that - running from July 2009 through June 2010 - could be even worse, with a projected $65 billion gap between legislated spending and incoming revenue, a figure calculated with only half the states providing an estimate. "Even states that...

Author: /time Magazine | Title: States' Financial Outlook: Getting Worse Fast | 12/5/2008 | See Source »

Healthy Prescription Re O for obesity, in your "The Year in Medicine: From A to Z issue [Dec. 1]: One way to fight rising obesity rates would be to tax fat. If I had to pay $10 for every pound I am overweight, I would quickly lose my 25 excess pounds. With a "fat tax," we could pay off our $10 trillion national debt in no time. David Thiessen, Woodstock, Illinois...

Author: /time Magazine | Title: Inbox | 12/4/2008 | See Source »

Ponnuru's party has been repudiated because Americans have finally realized that Republicans have long gone out of their way to take money from the poor and give it to the rich through tax breaks, deregulation and Executive Orders. Some Republicans shouldn't be worried about reforming the party; they should be worried about staying out of jail. Guy Falcone, REDWOOD CITY, CALIF...

Author: /time Magazine | Title: Inbox | 12/4/2008 | See Source »

...agreed. The minute president-elect Barack Obama takes office, if not sooner, we must have a gigantic stimulus package of federal spending or tax cuts to get the country moving again. Wait. Better make that a humongous stimulus package. In fact, what's bigger than humongous? We'd better have a gargantuan stimulus package. Ordering up solutions to this economic crisis is getting to be like ordering a latte from Starbucks: On second thought, we'll take the bigger...

Author: /time Magazine | Title: Stimulus Nation: Pump It Up | 12/4/2008 | See Source »

...gesture symbolized his remarkable campaign: a validation of the idea that anyone can be President, even a Baptist pastor with crooked teeth, no personal fortune but an amazing ability to communicate. His sixth book is part memoir and part political treatise, full of policy proposals, like a national sales tax, and harsh words for foes, including "left of center" Mitt Romney and the libertarian "faux-cons" of the Republican Party. But its emotional heart is a portrait of what might be called Huckabee's America, a place where long-haul truckers lead campaign rallies, Chuck Norris is a political kingmaker...

Author: /time Magazine | Title: Do the Right Thing | 12/4/2008 | See Source »

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