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JACKSON HOLE, Wyo. (Reuters) - The message from the world's top finance chiefs is loud and clear: rampant inflation is here to stay and taming it will take an extraordinary effort, most likely a recession with job losses and shockwaves through emerging markets. The complication is that central banks for the most part appear to have only limited control. For one, high energy prices, a function of Russia's war in Ukraine, is creating a supply shock on which monetary policy has little effect. Copious spending by governments, also outside central bank control, exacerbates the problem. One study presented at Jackson...

The way Cherylene Stritenberg says she sees it, the issue comes down to cost. A board member with the Eagle Point School District near Medford, Stritenberg is also a mom. She wants more money for school supplies and books, she said. And she’s concerned that a state law that goes into full effect in the 2022-23 school year to require public K-12 schools, community colleges and universities to provide free menstrual products in all bathrooms, including bathrooms designated for boys, is an added expense in a state that already fights to graduate much more than 80 percent of its high...

The state of the economy and inflation have reportedly forced a local law enforcement agency to issue an emergency action order. On Thursday, Ozark County Sheriff Cass Martin signed the order stating his office will not seek traffic violations, and only calls of violent misdemeanor and felony offenses will be answered. Sheriff Martin says the cost of gasoline and other goods and the decrease in revenue forced him to take action. Any crime that doesn’t fall within the guidelines will need to be taken care of over the phone or via a walk-in. The Ozark County Sheriff’s Office can be...

While Gov. Gavin Newsom has pledged to make California a sanctuary for women seeking abortions, his administration won't spend public money to help people from other states travel to California for the procedure. Newsom's decision, included in a budget agreement reached over the weekend, surprised abortion advocates who have been working with the governor for nearly a year to prepare for a potential surge of patients from other states coming to California for abortions now that the U.S. Supreme Court has overturned Roe v. Wade. California's operating budget, which is scheduled for a vote in the state Legislature on Wednesday,...

Over a third of Americans who make at least $250,000 per year say they're living paycheck to paycheck, which Bloomberg suggests underscores how inflation is 'taking a bigger bite out of Americans' budgets at all ends of the pay spectrum.'Another interpretation is that Americans makig at least $250,000 - placing them in the top 5% of earners in the country - have horrendous financial literacy.According to a survey by Pymnts.com and LendingClub, some 36% of households who make at least $250k - nearly 4x the median US salary - devote almost all their income to household expenses. Higher-income households are...

SACRAMENTO, Calif. — California is entering the next budget year with a record-smashing surplus of nearly $100 billion, Gov. Gavin Newsom said Friday. Newsom unveiled a revised budget plan of just over $300 billion for the next fiscal year, the highest in state history and fueled by surging tax revenues. The state has collected $55 billion more in taxes than officials expected in January, leaving it with an estimated $97.5 billion surplus.

California officials report that the state’s expected budget surplus has risen dramatically, and could reach $68 billion — more than twice the amount President Joe Biden requested from Congress on Thursday to fund weapons shipments to Ukraine. The Golden State is one of several that is experiencing a surplus after fears of shortfalls in the early days of the coronavirus pandemic. Massive transfers from the federal government, as well as rising tax revenues, have contributed to the excess cash.

WASHINGTON — The U.S. Army will decide whether it will further pursue a hybrid version of the Bradley Infantry Fighting Vehicle in fiscal 2023, according to budget justification documents. The service has been working to develop a hybrid Bradley for several years and will wrap up the process through a series of tests in FY22. The funding for hybrid Bradley prototyping is not broken out of a combat vehicle prototyping line item of $164 million in FY22, according to the documents. The funding includes other efforts to examine advanced combat vehicle concepts, next-generation fire control technologies, XM913 chain gun development...

Gov. J.B. Pritzker signed a $46.5 billion budget Tuesday morning that includes $1.8 billion in election-year tax relief and a $1 billion deposit into the state's rainy day fund. “The budget I’m signing into law today brings real improvements to the lives of working families and sets us up for a stronger fiscal future,” Pritzker said in a statement. “Investments in stronger schools, modernized airports and newly paved highways, hundreds of thousands of well-paying infrastructure jobs, and a better funded pension system… these are the kind of priorities we can invest in when our state is governed responsibly.”

The practical Way to go : At a minimum, frugal financial planning for preppers simply means living within your means so that you are able to build yourself a financial cushion. For beginning preppers, this is important to ensure that you can build sufficient emergency reserves of supplies and cash (cash on hand, not at the bank). In addition, you will want to gradually reduce your reliance on things that may not be available to you, such as utilities and fuel.

More than a list of numbers, President Biden's budget documents what he'd most like to accomplish this year, and it offers a glimpse into how his administration plans to confront some of the bracing political realities he faces right now. His $5.8 trillion proposal is coming up against the headwinds of a divided Congress, high inflation, low presidential approval ratings and midterm elections that threaten Democratic majorities in the House and Senate later this year.

The Biden administration doesn’t anticipate selling offshore drilling rights in the Gulf of Mexico through at least October 2023, effectively stretching a delay in that activity to a third year, according to economic projections included in its newly released budget proposal.

President Biden requested more than $11 billion to help developing countries adapt to the ravages of climate change and build greener economies in his $5.8 trillion budget plan released Monday. But it's unclear whether Congress will deliver anywhere near that amount — and failure to do so could undercut progress at the crucial next round of United Nations climate talks. Out of more than $11 billion total, approximately $1.6 billion would go to the Green Climate Fund, which finances climate mitigation and adaptation projects in developing countries, according to a White House fact sheet. If Congress fails to deliver significant...

WASHINGTON (Reuters) -U.S. President Joe Biden on Monday submitted a $5.79 trillion budget plan to Congress that calls for record peacetime military spending and further aid for Ukraine, while raising taxes for billionaires and companies and lowering government deficits. Biden told reporters his administration is “making real headway cleaning up the fiscal mess I inherited”, and will reduce the federal deficit by more than $1.3 trillion this year with $1 trillion in further cuts planned over the next decade. “For most Americans the last few years were very hard, stretching them to the breaking point. But billionaires and large corporations...

President Joe Biden’s budget request asks Congress for at least $12 billion extra to accelerate the inflow of economic migrants into Americans’ jobs and homes but minimizes the requests for anti-drug efforts, border enforcement, and deportations. The budget request “completely flips the script” for the Department of Homeland Security (DHS), said Robert Law, a former DHS official who now works at the Center for Immigration Studies.

2:45 PM ET President Biden Announces his Budget for Fiscal Year 2023 President Biden Announces his Budget for Fiscal Year 2023, Which will Reduce Deficits by More than $1 Trillion Over the Next Decade, Advance Safety and Security at Home and Around the World, and Make the Investments Needed to Build a Better America.

BOSTON (AP) — After her home flooded five times in the past year, Tilicia Owens was on edge with every impending storm and ready to leave her Detroit neighborhood behind. But then the 40-year-old quality engineer heard the city had a program that could prevent heavy rains from inundating her basement and damaging her furniture, photos and exercise equipment. The city is tapping $2.5 million in federal stimulus money as part of a $15 million effort to provide pumps and other equipment to help prevent flooding in 11 neighborhoods. Detroit has turned to the $350 billion in Coronavirus State and...

The most expensive weapons program in the world is about to experience cuts in the upcoming U.S. Defense of Department (DoD) budget. The F-35 Joint Strike Fighter, a trillion-dollar program to swap out nearly every fighter jet in the Air Force, Navy, and Marine Corps, will experience procurement cuts under DoD's upcoming "Selected Acquisition Report" (SAR), according to Bloomberg, citing people familiar with information about the weapon's program cost. DoD is expected to order 61 F-35s in the next budget, 33 less than what was planned. The reduction comes as the F-35 program is expected to exceed $770 billion since...

US Speaker of the House and American Oligarch Nancy Pelosi together with Senate Majority Oligarch Charles Schumer passed yet another massive spending bill that seemingly benefited them and not the American middle class. As part of the $1.5 trillion omnibus spending bill released Wednesday, the $5.9 billion fiscal 2022 Legislative Branch funding portion would substantially boost the office budgets of House members to pay staff more. This legislation would provide $774.4 million for the Members Representational Allowance, known as the MRA, which funds the House office budgets for lawmakers, including staffer salaries. This $134.4 million, or 21 percent, boost over...

After an 11-year drought, congressional earmarks are back with vengeance. The $1.5 trillion, 2,741-page omnibus spending package is loaded with funding for lawmaker pet projects, some of which could help incumbents in this fall’s elections. The legislation includes more than 4,000 earmarks, according to a list of projects provided to The Hill by a Senate Republican aide that spanned 367 pages. “There’s been a decade of pent-up desire to get back to earmarks and you’re seeing some of that come to fruition, particularly those people who were writing the appropriations bills, dealing with all of those type of issues and...