Latest news with #budgetdeficit
CBS News
19 hours ago
- Business
- CBS News
Chicago Public Schools interim CEO says district's deficit is over $200 million more than reported
Chicago Public Schools CEO says district's deficit is over $200 million more than reported Chicago Public Schools CEO says district's deficit is over $200 million more than reported Chicago Public Schools CEO says district's deficit is over $200 million more than reported The interim CEO of Chicago Public Schools said the district's budget deficit is $734 million, more than $200 million more than previously reported. Macqueline King made the announcement at a Thursday school board meeting. Officials said the increase of $205 million from the previously reported $529 million is due to a $175 million payment to a city pension fund that covers some district staff. CPS has yet to finalize a budget, which is typically released at this time of year. The board has 60 days to finalize a budget or face major cuts. Chicago Teachers Union President Stacy Davis Gates recently called on the district to take out a loan to address the shortfall and avoid cuts. She also said the district needs to do more to persuade Illinois lawmakers to provide CPS more money in the annual budget, arguing the state's education funding formula calls for the district to receive $1.2 billion more each year.
Bloomberg
20 hours ago
- Business
- Bloomberg
Romania Plans Higher Property, Dividend Taxes to Curb Budget Gap
Romania's premier outlined fresh measures to cut the ballooning budget deficit as the new government seeks to safeguard the country's investment-grade rating and ease investor concern. The Black Sea nation plans to raise dividend and property taxes from next year, as well as put more emphasis on the performance of state-owned companies, according to Prime Minister Ilie Bolojan. These steps will be in addition to previously announced moves, including a temporary levy on 'excessive' bank profits, higher excise duties and ending some exemptions to value-added tax.
Washington Post
a day ago
- Business
- Washington Post
Deficit-financed tax cuts aren't real tax cuts
Everyone is glad to see the waiter when he brings the appetizers. No one is excited to see him when he comes around with the bill. What is true of waiters is also true of the politicians who serve us: Cheers greet those who announce new benefits, while those who suggest raising taxes to pay for them meet with voter fury. This is why the United States has a persistent budget deficit exceeding 6 percent of the economy.
Bloomberg
2 days ago
- Business
- Bloomberg
Philadelphia Transit System Votes to Cut Service by 45%, Hike Fares
Philadelphia's largest transit system approved sweeping service cuts and fare hikes as it struggles to deal with a gaping budget deficit. Officials at the Southeastern Pennsylvania Transportation Authority voted Thursday to approve a fiscal 2026 budget that slashes service by 45% and raises fares by 21.5%. The system has been warning about a $213 million operating deficit for months.
CBS News
2 days ago
- Business
- CBS News
SEPTA board votes to cut service, raise fares amid massive budget deficit
The SEPTA board voted Thursday to dramatically cut service and raise fares by more than 20% to deal with a major budget deficit. SEPTA faces a $213 million budget deficit starting July 1, the Philadelphia-based transit authority says. Advocates and residents say the cuts will be devastating, especially for communities like Strawberry Mansion that rely on public transit. Nine routes through that neighborhood could be discontinued or reduced by up to 20%. SEPTA officials have been warning for months that without help from the state, these cuts are the agency's only option. Scott Sauer, SEPTA's general manager, has acknowledged that the changes could lead people to avoid public transit altogether, exacerbating the problem. "Given the dramatic impact that these measures will have on ridership, the reality is that we would start the dismantlement of public transit for our city and region as we know it today," Sauer said in April. Declining ridership would add to the "death spiral" affecting SEPTA, in which cuts and price increases lead to fewer customers and creates a cycle that makes problems worse. Earlier this month, the Pennsylvania House of Representatives passed a bill that would provide nearly $300 million to fund mass transit in the state. The state Senate has not yet voted on that legislation. According to SEPTA's website, the proposal will: Eliminate 50 bus routes Cut five Regional Rail lines Reduce all remaining service by 20% Add a 9 p.m. curfew on metro and Regional Rail service Cancel special service such as sports express trains Close 66 stations Raise fares by 21.5% The new fare would be $2.90 for bus, metro and ParaTransit rides. These are the new prices for Regional Rail monthly passes: Zone 1: $116 Zone 2: $180 Zone 3: $217.50 Anywhere: $255 This is a developing story and will be updated.
