Several states are struggling to find solutions for deep budget gaps as a new fiscal year begins. Jeffrey Brown examines the budget picture across the country.
Question: I live in California and own California State Bonds. What happens to state bonds if the state goes bankrupt? Paul Solman: They stop paying, both interest and principal. That’s what a default IS. Last September 15, Lehman Brothers…
Question: How much revenue would a 1 percent federal tax on the buying and selling of stocks produce? We have federal taxes on gasoline, so why not the selling of stocks? Surely, someone who is spending $1,000 can afford a…
Question/Comment: Allowing for the current reduction in home valuations and thus reduced property tax revenues generated to local governments in general, what combination of revenue(s) would most likely restore city, county and state governments to fiscal solvency? I understand the…
National Public Radio announced Wednesday that it will cancel two programs and lay off 64 staff members -- its first staff cuts in 25 years. Ellen Weiss, NPR's senior vice president for news, discusses the cuts and the recession's worsening…
Beset by poverty, corruption, violent political agitation and rampant lawlessness, the Niger Delta region continues to languish, despite being one of the most oil-rich regions in the world.
Kurdish officials and Iraq's central government reached an agreement on conditions for sharing oil revenue Wednesday, clearing one obstacle for an oil law anxiously awaited by the U.S. government.
The government continues to grapple with an estimated $290 billion gap between the amount of tax revenue it is supposed to receive and what it actually collects. Tax experts explain why the gap exists and what should be done to…
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