WASHINGTON, Jan 15 (Reuters) – States are not alone in
racking up massive public pension bills: U.S. cities need
hundreds of billions of dollars to make good on their promises
of retirement healthcare and income to workers.
The Pew Center on the States surveyed 61 cities – the most
populous ones in each of the 50 states, along with those of
populations greater than 500,000 – and found a gap of $217
billion for all retiree promises in fiscal 2009. For pensions
alone, they were short $99 billion.
WASHINGTON, Jan 15 (Reuters) – The natural gas boom has
brought fortune to Wyoming over the last year and lifted its
revenues beyond expectations, but in his state of the state
address last week, Governor Matt Mead pressed legislators to
cut spending by 6 percent.
Almost all U.S. states, including long-suffering California,
are in a position unthinkable just a few years ago: their
revenues are growing, and some are even running surpluses. But
governors are hesitant to use their states’ windfalls for
spending sprees or massive tax cuts.
WASHINGTON (Reuters) – Local U.S. governments cut jobs for the fourth straight month in December, including 11,000 in public schools, dragging down the nation’s fragile economic recovery, jobs data showed on Friday.
Local government jobs are now at their lowest level since October 2005, with the bulk of the decline coming from layoffs of teachers and other school employees, according to the Labor Department.
WASHINGTON, Dec 21 (Reuters) – Thirteen years ago the band
The Magnetic Fields crooned that the U.S. capital city is “the
greatest place to be,” in the indie love song “Washington, D.C.”
Recently, a growing number of Americans are singing along as
they move to the District in search of jobs, economic
opportunity and cultural attractions.
WASHINGTON (Reuters) – Across the United States, the number of hungry and homeless people is growing, and budget fights at the federal level are threatening the aid many need to survive, the U.S. Conference of Mayors said on Thursday.
Amidst the holiday season of family feasts and corporate dinners, the mayors released a report that found requests for emergency food assistance rose in 21 out of the 25 cities it surveyed in 2012 and remained at the same level in three. More than half the cities said homelessness increased.
WASHINGTON (Reuters) – A recent deal with tobacco companies will distribute money to 17 states that has been tied up for years, but the funds may only provide short-term relief to underfunded tobacco bonds.
Cigarette makers including Philip Morris USA and R.J. Reynolds Tobacco Co announced this week a settlement with the states in a long-running dispute over the amount of payments they are required to make under the 1998 landmark anti-smoking agreement. On Wednesday, prices for long tobacco bonds rose following news of the settlement.
WASHINGTON, Dec 17 (Reuters) – Virginia’s governor suggested
on Monday making small changes to the state’s biennial budget,
asking the legislature to bump up spending only slightly due to
risks posed by the federal government’s “fiscal cliff.”
“While the economy has expanded for 13 consecutive quarters,
the pace of the expansion has been quite modest and slower than
traditional recoveries,” Gov. Bob McDonnell told legislators.
“We cannot predict what new tax policies or spending cuts a
federal plan will contain, and if it will even be agreed upon
before our nation goes over the cliff in 14 days.”
WASHINGTON, Dec 15 (Reuters) – A day after the Connecticut
elementary school massacre, a senior congressional Democrat on
Saturday called on U.S. lawmakers to pass sweeping new gun
control measures including banning assault weapons and
high-capacity clips, saying, “Politics be damned.”
Representative John Larson, chairman of the House of
Representatives Democratic Caucus, gave a list of specific
policies he wanted the U.S. Congress to vote on quickly after
the mass shooting in his home state of Connecticut.
WASHINGTON (Reuters) – U.S. states are coming close to the end of a three-year trek back to the financial prosperity they enjoyed before the recession, according to a survey released on Friday that found the recovery is slow and uneven.
The National Association of State Budget Officers and National Governors Association found that total state spending will likely rise 2.2 percent this fiscal year from last, while general fund revenues grow 3.9 percent to $692.8 billion.
WASHINGTON, Dec 12 (Reuters) – North Carolina lawmakers next
month will begin considering chipping away at aid for the
jobless, while squeezing more money from employers, all in the
hopes of retiring a debt to the federal government of more than
As unemployment rose during the recession, North Carolina
borrowed repeatedly from the U.S. government to pay jobless
benefits. It has the third-largest such outstanding loan in the
country, $2.4 billion, behind California and New York.