Minnesota lawmakers agreed to spend an additional $17.9 billion on top of the base budget of $52.4 billion, likely depleting the state’s current $17.2 billion surplus.
The target includes $3 billion in tax breaks but doesn’t specify how relief will be delivered.
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Gov. Josh Shapiro’s first state budget proposal perpetuates unsustainable spending and fails to address the most promising ideas he put forward during his campaign. For starters, his budget calls for $45.9 billion in ongoing General Fund spending – but the state has only $43 billion in net revenues, so the governor is positioning us for a nearly $3 billion annual deficit.
Spending that exceeds revenue is unsustainable and fiscally irresponsible for individuals, businesses, and certainly for government.
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Monday morning on The Tennessee Star Report, host Leahy welcomed Tennessee House Speaker Cameron Sexton to the newsmaker line to comment on federal education funding, charter schools, choice lanes, Randy McNally’s social media snafu, and the top priority before the session ends.
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U.S. Sen. Chuck Grassley (R-IA) on Thursday grilled Treasury Secretary Janet Yellen on whether she still believes inflation is a positive for Americans and the economy.
During the Senate Finance Committee hearing on President Joe Biden’s $6.9 trillion budget proposal, Grassley also asked Yellen whether her boss has it in him to rise about politics and lead on shoring up a troubled Social Security system headed down the road to insolvency.
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Republican Sen. Bill Cassidy of Louisiana accused the Biden administration of lying about its commitment to working with Congress to protect seniors’ social security benefits at a hearing of the Senate Finance Committee Thursday.
Cassidy asked Treasury Secretary Janet Yellen, who was testifying about President Joe Biden’s proposed budget for the fiscal year 2024, if the president was aware that “when [Social Security] goes broke in nine years” there would be a 24% cut in benefits for current recipients.
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The White House Office of Management and Budget (OMB) in the now-released President’s Budget is projecting just 0.6 percent in inflation-adjusted real growth of the U.S. economy in 2023 as the unemployment rate is expected to rise to 4.3 percent in 2023 and peak at 4.6 percent in 2024 after the economy is finished overheating from the continued, elevated inflation, consumers max out on credit and spending falls off a cliff.
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President Joe Biden on Thursday announced a $6.8 trillion budget for Fiscal Year 2024, which is $1 trillion more than his budget proposal last year.
Biden proposed increasing taxes in order to fund the budget.
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The politically-divided Virginia General Assembly agreed on a “stopgap” budget bill before lawmakers adjourned the legislative session Saturday, with lawmakers indicating work remains to reach a final deal on amendments to the state’s two-year state spending plan.
Without an agreement reached on key aspects of proposed amendments to the state’s budget – including $1 billion in tax cuts proposed by Gov. Glenn Youngkin – the legislature agreed to pass what House Appropriations Committee Chair Del. Barry Knight described as a “stopgap” budget with just a few items.
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A final budget proposal for how the new Tennessee Titans football stadium will be funded has been submitted to the Nashville Metro Council by Nashville Mayor John Cooper and the football team.
The legislation will be subject to three readings, beginning at the council’s next meeting on March 7th. April 4th is the earliest possible date for the agreement to be finalized.
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The Tennessee Advisory Commission on Intergovernmental Relations (TACIR) announced last week the release of its 21st annual report on the public infrastructure needs across the state during the five-year period of July 2021 to June 2026.
The latest report, “Building Tennessee’s Tomorrow: Anticipating the State’s Infrastructure Needs,” indicates there is $1.2 billion or 2 percent increase over the year before. And while the costs have increased for the seven straight reporting period, they decreased when adjusted for inflation and population.
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GALLATIN, Tennessee – The Sumner County Election Commission (SCEC), on a 3 to 2 voice vote, decided in its regularly scheduled meeting Tuesday to engage the services of legal counsel to represent them against the County Commission. The attorney specifically named in the motion is a principal with the law firm’s lobbying affiliate that represents MicroVote General Corporation, makers of the voting machines used in Sumner County elections.
In his motion, Republican-appointed SCEC member Mike Fussell made the unusual move of specifically naming attorney Tom Lee to provide the legal services as one “who is very familiar with the workings of Sumner County government.”
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State tax revenues for the month of January exceeded budgeted estimates by $212.9 million, according to the monthly revenue announcement released Wednesday by Department of Finance and Administration Commissioner Jim Bryson.
The state’s surplus in year-to-date tax collections is $1.17 billion through six months.
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Friday morning on The Tennessee Star Report, host Leahy welcomed the original all-star panelist Crom Carmichael to the studio for another edition of Crom’s Crommentary.
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Forget the ax, the Legislature’s budget-writing committee is about to take dynamite to Governor Tony Evers’ record $104 billion budget proposal.
The Democrat’s 2023-25 budget blueprint seeks a 24 percent spending increase over the biennium, funding a long list of liberal policy initiatives and grow government agenda items.
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Billing it a “breakthrough budget,” Governor Tony Evers rolled out a massive two-year spending plan on Wednesday that would dump billions more taxpayer dollars into a host of new programs, raise taxes by $1 billion-plus on businesses, deliver a sweetheart deal to the Milwaukee Brewers, and gobble up much of the state’s historic $7.1 billion surplus.
At approximately $104 billion, Evers’ budget proposal is the first to break the $100 billion mark and comes in at about $13 billion more than his 2021-23 plan and more than $16 billion higher than the current budget he signed into law in June 2021.
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Governor Tony Evers is getting pushback again for his latest plan to freeze out Wisconsin’s popular parental school choice program.
The Democrat, as he did in his last budget plan, is proposing to freeze enrollment in schools participating in private school choice program beginning in the 2024-25 school year at 2023-24 levels.
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Friday morning on The Tennessee Star Report, host Leahy welcomed Nashville mayoral candidate Natisha Brooks in studio to discuss her stance on the Titans Stadium deal, reduction of Metro Council members, police support, education, and fixing the budget.
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Florida Governor Ron DeSantis held a news conference in Tallahassee Wednesday to discuss his “Framework for Freedom” budget.
DeSantis’ proposed $114.8 billion budget contains some tax relief measures as the economy in the Sunshine State has performed far better than other states. Last year the state surplus was over $20 billion, and DeSantis stated that this money needs to go back to the people.
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A new proposed bill in the Tennessee not only proposes cutting some of the state tax funding to pay debt on the Music City Center, but it also calls into question plans to build a new $2.2 billion Tennessee Titans stadium.
Senate Bill 648, filed Thursday by Sen. Jack Johnson, R-Franklin, on behalf of Lt. Gov. Randy McNally, R-Oak Ridge, would change the way taxes flow to Metro Nashville to pay debt from the Music City Center, which opened in 2013. The bill does not yet have a House sponsor.
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The fiscal hawks are sticking to their guns.
On Friday, Sens. Ron Johnson (R-WI) and J.D. Vance (R-OH) joined 22 of their fellow Republican senators in a letter warning President Joe Biden that they will not vote for increasing the debt ceiling without structural reforms to the federal government’s budget and debt problems.
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On this National School Choice Week, a new study by the Wisconsin Institute for Law & Liberty shows parental choice programs continuing to outperform public schools, particularly in the state’s largest city.
“Apples to Apples: Accessing Wisconsin State of Education”, accesses Badger State educational performance across public, charter, and private voucher schools.
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In his fifth State of the State address Tuesday evening, Gov. Tony Evers began laying out how he plans to use Wisconsin’s $6.6 billion surplus, pitching a spending bender of big government initiatives already with a price tag to date of around $1.3 billion. But there’s more to come. Evers is still constructing his biennial budget plan, set for release in a few weeks.
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Tennessee U.S. Representative Chuck Fleischmann (R-TN-03) was recently named the Chairman of the House Appropriations Energy and Water Development Subcommittee for the 118th Congress.
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Senate Majority Leader Devin LeMahieu (R-Oostburg) and state Representative Rob Brooks (R-Saukville) are set to introduce a tax reform proposal this week that would ultimately phase in a 3.25 percent flat income tax rate by tax year 2026. The measure would make Wisconsin part of a recent “flat tax revolution”, according to a national tax expert.
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by Benjamin Yount Wisconsin’s Senate majority leader says there is plenty of money available to reconfigure the state’s personal income tax rates. State Sen. Devin LeMahieu, R-Oostburg, on Friday said Wisconsin’s record $6.6 billion surplus will help get the state over the hump. “So, for sure in the first two years of the budget we’ll have plenty of revenue,” LeMahieu said. His proposal would move Wisconsin from a top personal income tax rate of 7.65% to a flat rate of 3.25% for everyone by 2026. LeMahieu estimates that his plan will save taxpayers $5 billion. “It maybe looks a little daunting in years three and four,” Lemahieu said of the impact on state coffers. “When other states have done this, sales tax revenue goes up, and other revenue goes up because there’s more money in the system. It changes people’s spending habits.” LeMahieu said Wisconsin’s economy has grown over the past several years, and he expects that to continue. He also said lowering the tax rate to 3.25% would make Wisconsin the lowest among its neighbors. Minnesota’s income tax rates start at 5.35%, while Illinois, Iowa and Michigan all have flat taxes that are or would be higher than…
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Tennessee revenues for December were $217.2 million more than budgeted and represented growth of nearly five percent over December 2021, according to Friday’s announcement by the state’s Commissioner of Finance and Administration Jim Bryson.
December is the fifth month, on an accrual basis, of the 2022-2023 fiscal year, and the year-to-date revenues are $959.9 billion in excess of what was budgeted and $655 million over the same time last fiscal year.
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The gridlock that paralyzed House Republicans over the past week in their quest to elect a new Speaker could be a foretaste of more to come, with party moderates and conservatives set to tangle in the months to come over raising the debt ceiling and reining in reckless government spending.
Although newly elected Speaker of the House Kevin McCarthy ultimately prevailed in his bid for the office over a small but determined band of House Freedom Caucus members, his slim GOP majority in the House will be vulnerable if and when conservatives rebel again down the road, as some are predicting, in an effort to reassert debt reduction as a top priority for the party.
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The Republicans who will write Wisconsin’s next state budget say Gov. Tony Evers shouldn’t get excited about the latest surplus numbers.
The Department of Administration on Monday said Wisconsin’s budget surplus could top $6.6 billion by the time the current state budget ends in June.
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An Arizona lawmaker wants the state Attorney General’s office to investigate an action taken by the City of Tucson.
Arizona House Speaker-elect Ben Toma, R-Peoria, filed an SB 1487 complaint with the Arizona Attorney General on Wednesday, asking the office to investigate Tucson’s policy forbidding landlords from considering people’s sources of income on rental housing applications. Toma wants the Attorney General’s office to investigate whether this violates state law.
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An optimistic Penny Schwinn, Tennessee’s Commissioner of Education, presented the department’s2023/2024 proposed budget to Governor Lee and his advisors. For his part, the Governor was cordial, congratulatory, and to the point – often raising questions during the 30-minute presentation.
With confidence in his re-election bid running high, Governor Lee scheduled state departmental budget hearings for November 9th. A day after Tuesday’s statewide election that awarded him four more years as Governor. In the wake of securing his job for another term, Governor Lee indicated that education would remain a top priority going forth.
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Thursday morning on The Tennessee Star Report, host Leahy welcomed all-star panelist Clint Brewer in the studio to handicap the new deal for a new Titans’ Stadium involving Mayor John Cooper’s office, and Nashville Metro City Council.
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The Cato Institute released its 2022 Fiscal Policy Report Card on America’s Governors on Wednesday, which grades the governors of all 50 U.S. states on their fiscal policies from a limited-government perspective.
According to its website, the Cato Institute is an American libertarian think tank that “promotes an American public policy based on individual liberty, limited government, free markets and peaceful international relations.”
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President Joe Biden sparked controversy for pushing through Congress increased federal funding for 87,000 new IRS employees to audit Americans, but Republican leadership has pledged to overturn that expansion if they win the majority.
House Republican Minority Leader Kevin McCarthy, R-Calif., pledged at a Pennsylvania event to “repeal” the IRS expansion.
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“Our expectation has been we would begin to see inflation come down, largely because of supply side healing. We haven’t. We have seen some supply side healing but inflation has not really come down.”
That was Federal Reserve Chairman Jerome Powell on Sept. 21, speaking to reporters following the central bank’s meeting where the Federal Funds Rate was once again increased 0.75 percent to its current range of 3 percent to 3.25 percent in a bid to combat sticky 8.3 percent consumer inflation the past year.
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Pennsylvania’s latest budget deal increased spending, and a good chunk favored private businesses, according to critics.
A new analysis from the Commonwealth Foundation says the budget carried $1.3 billion in corporate welfare spending.
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The Tennessee Department of Finance and Administration announced Friday that overall June state tax revenues exceeded budgeted estimates. On an accrual basis, June is the 11th month in the 2021-2022 fiscal year.
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Gov. Gretchen Whitmer is touting the $77 billion 2023 fiscal year budget that she says will improve Michigan’s economy and workforce.
Whitmer bragged that the budget negotiated with Republicans doesn’t raise taxes. However, it also keeps $7 billion of taxpayer money locked in state coffers while spending another $7 billion more than the prior budget.
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After missing the June 30 deadline for a budget deal, an agreement has been made.
The $45.2 billion budget was approved by the Senate on Friday after the House approved it Thursday. It awaits the signature of Democratic Gov. Tom Wolf to become official.
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U.S. Treasury Secretary Janet Yellen will testify before the Senate Finance Committee Tuesday, just days after she admitted she was wrong about inflation earlier in President Joe Biden’s term.
The hearing, which is on “the president’s fiscal year 2023 budget” will only feature testimony from Yellen, according to the committee’s website.
Biden’s budget likely will be under extra scrutiny as gas prices continue to hit record highs and inflation rises at the fastest level in decades.
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After months of debate about Virginia’s biennium budget, lawmakers reached a deal to provide an income tax cut for the middle class, a reduction in the grocery tax and a pay raise for teachers.
The deal earned approval from Republicans and Democrats in a joint conference committee, but still needs to pass the House of Delegates and the Senate and be signed by Gov. Glenn Youngkin. Republicans narrowly control the House and Democrats narrowly control the Senate.
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Nashville Metro Council considered the first reading of the Fiscal Year 2023 budget and issues like grant acceptances at its latest meeting.
BL2022-1248, a bill on first reading, was the ordinance setting the Fiscal Year 2023 budget and is on the agenda. The full proposal can be viewed on the Metro Council website. It was referred to the Budget and Finance Committee.
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The Metro Nashville Council agenda for the May 17 meeting is highlighted by the first reading of the budget as well as resolutions accepting grants from various agencies to address mental health, drug overdose, and tobacco issues.
The Tennessee Star previously reported that BL2022-1248, a bill on first reading, is the ordinance setting the Fiscal Year 2023 budget and is on the agenda.
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The FY2023 budget is on the Nashville Metro Council agenda for their Tuesday, May 17 meeting.
BL2022-1248, a bill on first reading, is the ordinance setting the Fiscal Year 2023 budget.
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Officials in Connecticut have even more funds to use than originally expected, according to a new Consensus Revenue Forecast from the Office of Policy and Management.
The report projects more than $22 billion in General Fund revenue, a stark increase from estimated funds with the budget passed last year.
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Tennessee Governor Bill Lee marked the close of the 2022 legislative session Friday, which included the passage of his $52.8 billion budget and full agenda as outlined during his State of the State address in February.
“Tennessee is America at Its Best, and we’ve made strategic investments to cut taxes, strengthen infrastructure and invest in education at every level to prepare our state for future growth,” Governor Lee said in a statement. “I thank Leader Johnson and Leader Lamberth for carrying key legislation, and commend the General Assembly for passing measures that will benefit Tennesseans and continue our state’s reputation for conservative fiscal management.”
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Knoxville Mayor Indya Kincannon proposed her 2022-23 budget on Friday at the State of the City Address, according to a press release by the city.
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Tennessee tax revenues for the month of March exceeded budgeted estimates by $348.8 million, putting the fiscal year surplus at $2.5 billion, reported Department of Finance and Administration Commissioner Butch Eley in a statement Thursday.
March tax revenues totaling $1.6 billion were $286.8 million or 22.78 percent higher than the state received in March 2021.
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Georgia lawmakers capped off the 2022 legislative session by approving the state’s fiscal 2023 budget.
The state Senate voted 53-0 in favor of House Bill 911, while the state House voted 160-5.
The $30.2 billion budget, which starts July 1, represents a 10.8 percent increase over last year’s budget and includes a $5,000 pay increase for state employees. Coupled with more than $17.6 billion in federal money, the state’s budget exceeds $57.9 billion.
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Inflation is running rampant, federal spending is out of control, gas prices are at an all-time high and Americans are pessimistic on the future outlook of the economy. So what is President Joe Biden’s solution?
He has released a budget proposal that includes 36 tax increases on families and businesses totaling $2.5 trillion over the next decade. Alarmingly, this includes 11 tax increases on the oil and gas industry, taxes that will put a burden on households.
The budget doesn’t even include all the tax increases being pushed by Democrats because the budget omits the cost of tax increases within their stalled multi-trillion dollar Build Back Better Act. Instead of detailing these tax increases, the Biden budget includes a placeholder asserting that any new spending will be fully offset.
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Live from Virginia Wednesday morning on The John Fredericks Show – weekdays on WNTW AM 820 / FM 92.7 – Richmond; WJFN FM 100.5 – Central Virginia; WMPH AM 1010 / FM 100.1 / FM 96.9 (7-9 p.m.) Hampton Roads; WBRG AM 1050 / FM 105.1 – Lynchburg/Roanoke; and weekdays 6-10 a.m. and 24/7 stream – host Fredericks welcomed State Senator of Petersburg, (D) Joe Morrissey to discuss Governor Glenn Youngkin’s pressure on Virginia House and Senate members to pass a budget.
Fredericks: Joining us now is State Senator, Petersburg Democrat Joe Morrissey. Joe, great to have you with us.
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