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spending cuts

Jan 2, 2013

Eye Opener: Congress approves ‘fiscal cliff’ deal

The U.S. House of Representatives late on New Year's Day approved a Senate plan to avoid the worst effects of the "fiscal cliff," a potentially devastating package of tax increases and spending cuts that would have struck Maryland particularly hard.

Jun 13, 2012

Panetta warns of ‘disaster’ from defense cuts

WASHINGTON — Defense Secretary Leon Panetta pleaded with Congress Wednesday to avoid the disaster of automatic defense cuts even as he criticized lawmakers’ affection for protecting aging ships and aircraft. Ramping up the pressure, Panetta and Army Gen. Martin Dempsey, the chairman of the Joint Chiefs of Staff, painted a bleak picture of the military […]

Apr 17, 2012

Assembly’s last-minute maneuvers could leave state $70M in the red

The state’s chief fiscal analyst warned Gov. Martin O’Malley on Tuesday to not sign any bills that impact state revenues or spending until Maryland’s out-of-balance “doomsday” budget is repaired. A budget containing some $500 million in cuts was enacted last week when the General Assembly failed to pass two companion bills that shifted the burden […]

Apr 17, 2012

O’Malley says consensus key to special session

ANNAPOLIS — Gov. Martin O’Malley said Tuesday he will call a special session of the General Assembly to avert about $512 million in budget cuts as soon as the House and Senate can reach consensus on how to pass a revenue package needed to make up the money. Asked when he would like to call […]

Apr 12, 2012

O’Malley in no hurry to call special session

Gov. Martin O’Malley doesn’t want legislators back in Annapolis until they’re ready to come to an agreement on revenue measures that could prevent most, or all, of the “doomsday” budget cuts enacted Monday. The Associated Press reported that the timing of a special session depends on when legislators reach consensus. O’Malley, visibly irritated in his […]

Mar 8, 2012

Committee vote on budget expected Thursday

The Senate Budget and Taxation Committee will vote Thursday afternoon on a budget bill to send to the chamber floor. Senate subcommittees are slated to report to the committee at 1 p.m. Thursday, followed by a full committee vote that would send a budget proposal back to the State House. Then, the real fun starts. […]

Jan 12, 2012

U.S. government on pace for smaller deficit in 2012

WASHINGTON — The federal deficit was lower in the first quarter of the 2012 budget year than the same period last year. Yet, the imbalance remains high by historical standards and should keep lawmakers debating tax increases and spending cuts through Election Day. The Treasury Department said Thursday the deficit was $86 billion in December. […]

Nov 21, 2011

Congressional panel set to fail to cut deficit $1.2 trillion

WASHINGTON — The imminent collapse of a special deficit-reduction supercommittee on Monday promises to set off yet another round of the Washington blame game as the panel officially admits failure in its quest to sop up at least $1.2 trillion in government red ink over the coming decade. The bipartisan 12-member panel is sputtering to […]

Aug 1, 2011

Congress moving quickly on debt and spending deal

Congress is moving quickly on an agreement to avert a potentially devastating default on U.S. obligations, with legislation that mixes a record increase in the government’s borrowing cap with the promise of more than $2 trillion in spending cuts. After a tense weekend of bargaining, President Barack Obama and congressional leaders announced the agreement Sunday […]

May 5, 2011

GOP concedes Medicare vouchers unlikely to advance

WASHINGTON — The GOP plan to replace Medicare with vouchers probably will have to wait, party leaders acknowledged Thursday as lawmakers and the White House bowed to political realities in pursuing a deal to allow more government borrowing in exchange for big spending cuts. Both sides hinted at movement and Vice President Joe Biden reported […]

Apr 12, 2011

Spending cuts not expected to dent $1.5T deficit

WASHINGTON — The $38 billion in spending cuts agreed to last week won’t prevent this year’s budget deficit from setting another record high, estimated at $1.5 trillion. The Treasury Department is reporting that the deficit already totals $829.4 billion through the first six months of the budget year — a figure that until 2009 would […]

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