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Seattle City Council passes Mayor Jenny Durkan’s $5.9 billion budget, with minor changes

“The Seattle City Council passed a budget plan Monday that calls for $5.9 billion in annual spending in 2019 and 2020, up from $5.6 billion this year” writes Daniel Beekman for seattletimes.com. Councilmember Sally Bagshaw, who chaired the council’s budget work, said the plan would make Seattle “a safer and more welcoming place.” The council made only minor changes to the plan Mayor Jenny Durkan proposed in September.In 2019, Seattle’s budget will total $300 million more than it did this year and $2 billion more than it did in 2012.The…

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Budget surgery: 7 things to know about the Seattle City Council’s maneuvers

“Some council members popped Durkan for using $5.7 million in larger-than-expected soda-tax proceeds to balance her overall budget” writes Daniel Beekman for seattletimes.com. Undoing the swap would have required the council members to plug a $5.7 million hole in the mayor’s budget.This year’s budget talks were less explosive than in 2017, when some council members pushed to adopt a per-employee tax on large businesses.Seattle will get a new budget Monday, after two months of City Council debate over Mayor Jenny Durkan’s proposal. Source: seattletimes.com Share This:

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Chicago’s focus turns to pensions after budget approval

“The big liability, along with years of budget deficits, led to downgrades of Chicago’s general obligation credit ratings and higher borrowing costs” writes Midwest Communications Inc for 95kqds.com. The spending plan for the fiscal year that begins on Jan. 1 includes a $3.82 billion operating budget, but no new tax increases.CHICAGO (Reuters) – The Chicago City Council on Wednesday gave overwhelming approval to the final budget proposed by Mayor Rahm Emanuel, who leaves office next year, and who said he will address looming pension funding challenges in December. Source: 95kqds.com Share…

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Schumer to Trump: Stay out of budget talks

“Trump and his Republican allies want the spending bill to include a substantial funding increase for border security, with Senate Republicans asking for $5 billion” writes Carla Marinucci for politico.com. Senate Minority Leader Chuck Schumer (D-N.Y.) said Wednesday that budget negotiations are set to move forward so long as President Donald Trump doesn’t interfere with them. “We believe that if President Trump stays out of the appropriations process we can have a good bipartisan agreement and the government can move smoothly forward,” Schumer said at a press conference shortly after…

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Italy sticks to its budget targets, defying the EU

“The Italian government said Wednesday it would stick with its high-spending budget plan, in a rejection of calls by the European Union to revised its fiscal targets” writes Ryan Browne for cnbc.com. Rome clung onto its contested budget deficit figure of 2.4 percent of gross domestic product (GDP), a move which is likely to send tremors into domestic and European capital markets Wednesday.The 2.4 percent proposed deficit dwarfs the previous Italian administration’s deficit goal of 0.8 percent of GDP. Italy also kept its growth assumptions for 2019, 2020 and 2021…

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Italy gets support from Germany over budget spending plan

“Germany’s finance minister has told CNBC that he can understand some of the reforms that Italy says it wants to spend its budget on” writes David Reid for cnbc.com. The finance minister cautioned however that in doing this, Italy would also be expected to be very cautious with its budget.Italy is expected to resubmit its budget on Tuesday but CNBC has learned that the Italian Finance Minister, Giovanni Tria, won’t be meeting with the country’s Prime Minister Giuseppe Conte until late in the evening. Source: cnbc.com Share This:

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U.S. budget deficit widens to $100 billion in October

“The numbers: The U.S. ran a $100 billion deficit in October, the Treasury Department announced Tuesday” writes D C for marketwatch.com. That’s wider than the $63 billion deficit recorded in October 2017 as spending rose 18% while receipts increased by 7%.Adjusted for timing shifts, the deficit was nearly equal at $110 billion vs. $111 billion in October 2017, the Treasury said. Source: marketwatch.com Share This:

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Money for homeless, gang unit, orca study in King County budget set for vote

“The Metropolitan King County Council is set to vote Tuesday on a two-year budget that would direct money to homeless shelters, a gang unit, a bail-reform project and a study on how wastewater is affecting orcas, among other allocations” writes Daniel Beekman for seattletimes.com. The move could save the county money on jail services while starting to address the inequities of the bail system, Upthegrove said.The proposed budget directs millions of dollars to homeless shelters, from Seattle to the Eastside to Federal way.The budget would require a study on what…

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What a serious budget deal could look like

“The defense deal would work like this: Spending bills Trump signed raised the fiscal 2019 defense budget about $70 billion from 2017” writes Tim Mullaney for marketwatch.com. If there’s money left over, you can pay for that tax cut Trump dangled before audiences in the weeks before the election.No one has officially costed out a 10% middle-class tax cut, but my colleague Steve Goldstein’s back-of-the-envelope estimate was $90 billion a year.If there’s not — and there won’t be much — a tax cut could be financed mostly by a reversion…

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Dollar on track for 4th weekly gain in a row after Fed policy update, Navarro comments

“Comments from White House trade advisor, Peter Navarro, in which he called out Wall Street for pushing President Donald Trump toward a trade deal with China, pushed the dollar higher still” writes Markets Reporter for marketwatch.com. Elsewhere in Europe, the conflict between the European Commission and Italy about the latter’s budget proposal remains in focus.Brussels wants Rome to resubmit its budget proposal, which was deemed in conflict with EU budget rules. Source: marketwatch.com Share This:

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