Comparison of Debt Approval by Presidents Trump and Biden

Analysis by the Committee for a Responsible Federal Budget shows that President Trump approved more new debt during his term compared to President Biden. Both candidates have different plans to tackle the deficit, with Trump focusing on tax cuts and immigration policies, while Biden aims to raise taxes on corporations and high-income earners. Experts are concerned about the impact of the growing federal deficits on the economy and the ability to absorb new federal borrowing.

California Gov. Gavin Newsom’s proposed budget cuts

California Gov. Gavin Newsom has proposed cuts to the state’s Department of Justice and Department of Corrections and Rehabilitation due to a massive deficit, despite a previous $100 billion surplus. The proposed budget includes cuts to trial court operations, the Department of Justice’s Division of Law Enforcement, and the Department of Corrections and Rehabilitation.

California's Financial Problems and Gov. Newsom's Response

California Gov. Gavin Newsom attributes the state's $28 billion deficit to climate change, stock market downturn, high inflation, and tech industry changes. Newsom and Legislature took early action to reduce the deficit, criticized by Republicans for being 'gimmicky.' Newsom will speak at the Vatican on climate change despite traveling contributing to carbon emissions. No established link between climate change and winter storms experienced in California. Newsom was on vacation in Mexico during the worst snowstorms.

California State Budget Cuts and Deficit

Gov. Gavin Newsom of California announced a proposed $288 billion state budget to address a $27.6 billion deficit, involving cuts to vacant state jobs and funding for over 200 state programs to achieve accountability and responsibility. The budget aims to make government leaner without imposing new taxes on Californians.

Houston's Financial Crisis

The Mayor of Houston says the city is 'broke' after overspending for decades, with a $160 million deficit. Former Mayor Turner falsely claimed a $420 million surplus. A tax hike through a bond is expected in November. Houston's population is growing and is expected to rival Tokyo's by 2100.

President Joe Biden's Budget Plan and National Debt

President Joe Biden's budget plan involves hiking taxes, increasing federal spending, and maintaining high budget deficits, all under the guise of fiscal restraint. The plan includes borrowing significant amounts of money over the next decade, with little actual reduction in debt. Critics argue that the level of borrowing proposed is unprecedented and unsustainable, especially given the current economic conditions.

Biden's Economic Plan and Tax Proposals

US President Joe Biden is expected to advocate for higher corporate taxes and taxes on the wealthy in his State of the Union speech as part of his economic plan, aiming to lower the federal deficit and provide tax cuts for lower-income citizens.

Increase in Out-of-State Hunting License Fees in Wisconsin

Gov. Tony Evers signed a bill raising the cost of bow and crossbow deer hunting licenses for out-of-state residents in Wisconsin to generate additional revenue for the state's fish and wildlife account.

Minnesota Budget Outlook

Minnesota's budget outlook has improved with a bigger surplus forecast for the current budget, giving the Legislature more breathing room. Corporate tax revenues are up, and a smaller potential deficit is projected for the next two-year budget.