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Content Tagged As budget_deficit

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  • How big is Louisiana's deficit? Figure expected next month

    September 27, 2016 8:16 PM

    BATON ROUGE - A dollar figure for Louisiana's budget deficit will be released next month, after the state's financial analysts finish reconciling the accounting books. Louisiana leaders expect the state spent more than it brought into the treasury in the budget year that ended June 30. Gov. John Bel Edwards'... more »
  • Governor's budget chief: Deficit from last year 'inevitable'

    August 8, 2016 3:05 PM

    BATON ROUGE - Gov. John Bel Edwards' top financial adviser says it's "inevitable" Louisiana will have a deficit to close from the last budget year, though it's too soon to say how large the gap will be. Commissioner of Administration Jay Dardenne said Monday there's one more week of tax... more »
  • Sales tax 'cleanup' bills to be delayed by Louisiana Senate

    June 13, 2016 2:09 PM

    BATON ROUGE - Senators intend to stall efforts to clean up sales taxes unintentionally charged on items like school lunches and Girl Scout cookies, until House lawmakers agree to more taxes for next year's budget than they've supported so far. Sales tax increases passed in the chaotic final moments... more »
  • Meet the legislative players preparing to tackle state's budget holes

    June 6, 2016 12:47 PM

    BATON ROUGE - Governor John Bel Edwards often says Louisiana is in the worst budget crisis of a generation facing the largest state deficit in all its history. Simply put, the state does not have enough money to pay for critical and popular services like hospitals and the TOPS college... more »
  • Louisiana legislative session ending, as another one begins Play Video

    June 6, 2016 10:48 AM

    BATON ROUGE - Lawmakers are in the final hours of their regular legislative session, wrapping up a handful of outstanding disagreements over bills. But they'll get no reprieve when the session ends at 6 p.m. Monday. Instead, they'll get a half-hour break before they start another session, this... more »
  • House wants to divert fee money to help pay for TOPS

    May 16, 2016 1:29 PM

    BATON ROUGE - To come up with another $100 million to help pay for the TOPS college tuition program next year, House leaders decided to divert money that people pay for services away from the agencies providing them. Gov. John Bel Edwards' administration and state senators are raising concerns about... more »
  • Edwards rejects calls to revise special session timeline

    May 5, 2016 4:51 PM

    BATON ROUGE - Gov. John Bel Edwards says calls to delay a special session on taxes would be irresponsible, allowing damaging cuts to take hold across state services. The Democratic governor is planning a June special session for lawmakers, to consider tax changes that could help stave off deep... more »
  • Bills aimed at cutting state consulting contracts advance to House

    April 29, 2016 10:22 AM

    BATON ROUGE - Bills aimed at cutting consulting contracts were advanced by the House Appropriations Committee this week, according to State Treasurer John Kennedy. "We had $12.23 billion in contracts last year. State agencies will tell you every one of those contracts is necessary. I disagree," said Treasurer Kennedy.... more »
  • Gov. John Bel Edwards looks back on first 100 days in office

    April 19, 2016 3:20 PM

    BATON ROUGE - With 100 days in office now under his belt, Governor John Bel Edwards took Tuesday morning to reflect on the challenges he has faced since he took office. Among those challenges, Gov. Edwards has inherited the largest state budget deficit in the history of the state... more »
  • New legislative session, same budget problems

    March 14, 2016 6:55 AM

    BATON ROUGE- Louisiana's lawmakers are kicking off a new legislative session, with the same financial problems that have kept the state staggering from one budget crisis to the next. The House and Senate were unable to fully dig out of the budget gaps in a contentious special session on taxes... more »
  • Critical bills up for consideration as session deadline closes in

    March 9, 2016 12:18 PM

    BATON ROUGE - Wednesday marks the final day of the special legislative session, and it’s time for state lawmakers to agree to a tax plan or let critical services get cut. Lawmakers are meeting now behind closed doors, and a number of conference committees are hard at work on... more »
  • Sentencing day in 'Hollywood South' tax credit trial

    March 9, 2016 6:13 AM

    NEW ORLEANS- Sentencing time is near for two people convicted last year in a fraud case stemming from the state tax credit program often touted for turning Louisiana into "Hollywood South." Husband-and-wife film producers Peter Hoffman and Susan Hoffman face sentencing Wednesday. Prosecutors said the Hoffmans were part of a... more »
  • Who could pay? Another look at tax bills approved by lawmakers Play Video

    March 8, 2016 7:41 PM

    BATON ROUGE - Lawmakers in the state House and Senate have supported varying measures to change Louisiana's tax laws. Several have made it to final passage in a special legislative session that must end Wednesday. But the Legislature remains short of enough revenue to rebalance the budget without steep cuts.... more »
  • Out of office, Jindal looms over Louisiana budget crisis

    March 7, 2016 11:02 AM

    BATON ROUGE, La.- Bobby Jindal left the governor's office nearly two months ago, but his legacy permeates a special legislative session aimed at digging Louisiana out of deep financial troubles. Louisiana's worst budget crisis in nearly 30 years is threatening public colleges with cuts that could shutter campuses mid-semester and... more »
  • Who could pay? A look at tax bills approved by lawmakers Play Video

    March 5, 2016 4:02 PM

    BATON ROUGE - Lawmakers in the state House and Senate have supported varying measures to change Louisiana's tax laws. Only a few have made it to final passage in a special legislative session that must end Wednesday. Here's a look of what some of the proposals would do and... more »
  • Smokers to pay more: Cigarette tax hike wins final passage

    March 5, 2016 3:33 PM

    BATON ROUGE - Smoking cigarettes in Louisiana will cost more money starting April 1. The state Senate voted 33-2 Saturday for a 22-cent per pack cigarette tax hike. That gave the House-approved bill final legislative passage. Gov. John Bel Edwards supports the tax increase sponsored by New Orleans... more »
  • Senators outline budget balancing plan, calls for more taxes

    March 3, 2016 2:14 PM

    BATON ROUGE - State senators have unveiled their plan to rebalance Louisiana's short-term budget gap, seeking to lessen cuts proposed by the House and largely shield public colleges and health services from steep reductions. But the plan requires the House to back $83 million more in taxes than the... more »
  • GOP lawmakers in House strike at state government contracts

    February 22, 2016 2:50 PM

    BATON ROUGE - Republicans in the Louisiana House have started shaping their response to state budget problems, taking aim at consulting and professional services contracts. The Appropriations Committee backed bills Monday that would force state contract cuts and require more reporting before deals are struck. The measures, which... more »
  • Students rally at capitol Play Video

    February 19, 2016 6:39 PM

    BATON ROUGE - A small group of college students rallied at the capitol Friday protesting higher education cuts. They demanded state lawmakers take action in the current special session. The rally was completely organized by students, about fifty attended. "I think this is amazing that we were able to turn... more »
  • Lawmakers have yet to settle on budget rebalancing approach

    February 19, 2016 2:46 PM

    BATON ROUGE - As Louisiana's special legislative session nears the end of its first week, no consensus has emerged for how to rebalance the budget. The Senate is in a holding pattern, because most budget and tax bills must begin in the House. And the House hasn't settled on... more »
  • Sin tax likely to increase Play Video

    February 17, 2016 8:00 PM

    BATON ROUGE- Smokers and drinkers could soon pay more for their vices. A number of tax increases were debated at the state capitol Wednesday. These "sin" taxes are on Governor Edwards wish list for tackling the states budget deficit. The increases could come as soon as April. The proposed increases... more »
  • Income tax overhaul proposed Play Video

    February 15, 2016 8:35 PM

    BATON ROUGE- A number of proposals for a revised income tax system are on the table at the state capitol. It's part of an effort to solve the state's budget crisis. Governor Edwards' administration wants to lower to income taxes for everyone while reducing deductions. In one plan,... more »
  • LOSFA to resume partial TOPS scholarship payments Play Video

    February 12, 2016 12:40 PM

    BATON ROUGE - Louisiana students worried that budget cuts might result in increased tuition bills this semester can breathe a sigh of relief for now as LOSFA says the office will resume payments of TOPS, at least in part, next Thursday. A Friday release from LOSFA marks a turnabout... more »
  • Lawmakers urged to raise state sales tax Play Video

    January 13, 2016 7:51 PM

    BATON ROUGE - State lawmakers were told to face the music and raise the sales tax Wednesday. LSU professor Jim Richardson said it's one of the only ways to raise money immediately. Lawmakers have till June to raise $700-$750 million. Otherwise Medicaid, public schools and state colleges could run out... more »
  • US budget deficit rose in December

    January 13, 2016 2:10 PM

    WASHINGTON - The federal budget deficit increased in December and for the third month is running ahead of last year's pace. The Treasury Department says the deficit totaled $14.4 billion in December. That compares to a small surplus of $1.9 billion in December 2014. For the first three months of... more »
  • Governor-elect's adviser warns of 'more dire' budget woes

    December 30, 2015 12:40 PM

    BATON ROUGE - Gov.-elect John Bel Edwards' administration is warning that Louisiana's budget woes are even worse than it had anticipated, with an estimated shortfall of up to $750 million that needs to be closed by the end of June. Jay Dardenne, Edwards' chief financial adviser, told reporters on... more »
  • Senators seek plan to expand Louisiana's Medicaid program

    December 7, 2015 1:23 PM

    BATON ROUGE- State senators are asking Louisiana's health department to draw up a Medicaid expansion proposal within weeks, as they ready for a new governor who wants to tap into that provision of the federal health care law. Lawmakers have repeatedly rejected Medicaid expansion plans, siding with Republican Gov.... more »
  • Credit agency says La. deficit plan was only 'stop-gap' fix

    December 4, 2015 5:02 AM

    BATON ROUGE- A national credit rating agency says the maneuvers used by Gov. Bobby Jindal and lawmakers to close a $487 million midyear budget gap were only temporary fixes. Fitch Ratings released its analysis Thursday of the work recently done to rebalance this year's $25 billion budget. The assessment was... more »
  • Jindal plan to close $487M budget deficit wins approval

    November 20, 2015 1:16 PM

    BATON ROUGE - Lawmakers have agreed to Gov. Bobby Jindal's plan to rebalance the state's budget and close a $487 million deficit. Though members of the joint House and Senate budget committee raised concerns that the patchwork plan would leave a slew of financial problems for a new governor taking... more »
  • More budget cuts coming: New $370M state deficit emerges Play Video

    November 16, 2015 1:14 PM

    BATON ROUGE - The budget hits keep on coming in Louisiana. The state has a $370 million midyear budget deficit, amid oil and gas price drops and lower-than-expected business tax collections. A downgrade of the state's income projections was approved Monday by the Revenue Estimating Conference. Gov.... more »
  • US government records $136.5 billion October budget deficit

    November 12, 2015 2:13 PM

    WASHINGTON - The U.S. government started its new budget year with a deficit in October, although the imbalance was made worse by a calendar quirk. The Treasury Department says the October deficit totaled $136.5 billion, up 12.2 percent from October 2014. In both years, Nov. 1 fell on... more »
  • Budget deficit lowest in 8 years

    October 15, 2015 9:05 PM

    WASHINGTON- Tax revenue is out pacing U.S. Government spending and the budget deficit for 2015 dropped to its lowest level in 8 years. The Treasury Department says the deficit fell to $439 billion in the just-completed budget year. That is equal to 2.5 percent of the economy and is... more »
  • Louisiana ended most recent budget year with a deficit

    September 23, 2015 3:47 PM

    BATON ROUGE - Gov. Bobby Jindal's administration is quietly notifying legislative leaders that Louisiana closed the books on the last budget year with a deficit, but the administration isn't saying publicly how deep the problem is. The announcement of the deficit's size is expected in mid-October, when details are... more »
  • State sales tax expansion possible

    September 16, 2015 7:51 PM

    BATON ROUGE - There's talk around the Capitol of expanding a state sales tax for everyday items. Under the Louisiana's constitution things like groceries, gasoline, prescription drugs, and residential electric bills are exempt from a state sales tax. "Those are some of the most stable and consistent purchases consumers make,"... more »
  • US budget deficit drops to $64.4 billion in August

    September 11, 2015 2:05 PM

    WASHINGTON - The federal government ran up a much smaller budget deficit in August than a year ago, remaining on track to record the smallest annual deficit in eight years. The Treasury Department says the deficit in August totaled $64.4 billion, a drop of 50 percent from the same... more »
  • US budget deficit drops to $82.4 billion in May

    June 10, 2015 2:04 PM

    WASHINGTON - The U.S. budget deficit for May dropped sharply from the level a year ago but much of the improvement reflected a calendar quirk. The Treasury Department says the deficit dropped to $82.4 billion in May, down from a deficit of $130 billion in May 2014. But last year's... more »
  • 'Snakes' in the Capitol Play Video

    June 9, 2015 8:06 PM

    BATON ROUGE- The session is nearly over which means special groups known as conference committees begin to form. Those are special committees where important bills go to get hashed out, but can also be the catalyst for legislative mischief. "This is the time of the year when the 'snakes'... more »
  • Louisiana House to complete budget work on Thursday

    May 21, 2015 8:35 AM

    BATON ROUGE- The Louisiana House is expected to finish its work on next year's $24 billion budget Thursday. Lawmakers have spent the last few days deciding what programs to cut. Healthcare is likely to take the brunt of the reductions, as lawmakers hurry to protect public colleges and universities.... more »
  • Analysis: Jindal's presidential motivations

    May 15, 2015 9:15 PM

    BATON ROUGE- Almost anyone who follows politics assumes Governor Jindal will run for president. Some are calling it "the worst kept secret in Louisiana." Jindal's staff has said the governor will announce whether or not he's running after Louisiana's legislative session ends in June. However, his chances of winning... more »
  • Analysis: Jindal's presidential motivations

    May 15, 2015 7:22 PM

    BATON ROUGE- Almost anyone who follows politics assumes Governor Jindal will run for president. Some are calling it "the worst kept secret in Louisiana." Jindal's staff has said the governor will announce whether or not he's running after Louisiana's legislative session ends in June. However, his chances of winning... more »
  • Film makers: no tax credit, no movie business Play Video

    February 16, 2015 7:11 PM

    BATON ROUGE- Louisiana movie makers say rolling-back the film industry's tax credit could kill the business. The Jindal administration wants to reduce tax exemptions to help with next years $1.6 billion budget deficit, and it's focusing on film makers. Higher education and health care are expected to take big... more »
  • Lawmakers back Jindal plan to close $170M deficit

    December 18, 2014 4:11 PM

    BATON ROUGE - Louisiana lawmakers have agreed to Gov. Bobby Jindal's plan to use a mix of patchwork financing and modest cuts to close a budget deficit of more than $170 million. The House and Senate budget committees backed the proposal without objection Thursday, only days before the budget had... more »
  • Job cuts, fund sweep used to close budget gap Play Video

    November 21, 2014 3:06 AM

    BATON ROUGE - Governor Bobby Jindal's administration plans to use a combination of hiring freezes, open position cuts and extra funds such as TOPS money to fill a $180 million gap in the state's budget. Commissioner of Administration Kristy Nichols said the plan reduces costs across state agencies while... more »
  • La. tax amnesty program estimates raising $169M

    November 20, 2014 2:53 PM

    BATON ROUGE - Louisiana's latest amnesty program for delinquent taxpayers is expected to bring in $169 million. That's more than lawmakers included in this year's budget, but not enough to close a midyear deficit that has emerged since then. The Department of Revenue announced the tax amnesty program's projected haul... more »
  • Report: Federal budget deficit falls to $486B

    October 8, 2014 10:21 AM

    WASHINGTON - A new report says the federal government's budget deficit has fallen to $486 billion, the smallest pool of red ink of President Barack Obama's six-year span in office. The Congressional Budget Office estimate shows better results than earlier projections by both CBO and the White House budget Office.... more »
  • US budget deficit running 24.2 percent below 2013

    August 12, 2014 1:08 PM

    WASHINGTON - The federal government ran a lower deficit this July than a year ago, keeping it on course to record the lowest deficit in six years. The Treasury Department says that the July deficit was $94.6 billion, an improvement of 3.1 percent from a year ago. For the first... more »
  • Budget cuts push cops to look for new jobs

    May 30, 2014 10:16 PM

    BAKER - Baker police officers have applied for new jobs with citywide budget cuts possibly coming soon. Two full-time patrol officers have already been cut from the Baker Police Department, and Baker Police Chief Mike Knaps believes more cuts are on the horizon. The department's questionable future has some... more »
  • US on track for narrowest budget gap since 2008

    May 12, 2014 1:28 PM

    WASHINGTON - The U.S. government ran a big surplus in April, thanks to a flood of tax payments that helped keep the budget on track for the lowest annual deficit in six years. The Treasury Department says April's surplus totaled $106.9 billion, down slightly from last April's $112.9 billion surplus.... more »
  • Budget deficit shrinks

    February 12, 2014 7:41 PM

    WASHINGTON- The government's budget deficit is predicted to shrink to its lowest level in six years if trends continue. It's down more than 36% from a year ago which signals more improvement in the U.S. economy. From October to January, the deficit was $184-billion, down $106-billion from the... more »
  • Lawmakers use amnesty to offset budget deficit

    January 24, 2014 12:51 PM

    BATON ROUGE - The state's operating budget is back in balance, after lawmakers agreed to use nearly $32 million from Louisiana's recent tax amnesty period to plug a deficit. The shortfall stemmed from a revision in the state's income estimates, because of worse-than-expected tax collections in the current fiscal year... more »
  • Lowest budget deficit in 5 years

    October 30, 2013 7:50 PM

    WASHINGTON- The U.S. government has run a budget deficit below $1 trillion for the first time in five years. The deficit is the gap between what the government takes in and spends. The deficit has an imbalance of $680-billion, down from more than a trillion last year. ... more »
  • Budget deficit on track below $1 trillion

    June 12, 2013 7:56 PM

    WASHINGTON- The government says the budget deficit is on track to finish below $1 trillion for the firs time since 2008 even though it widened last month by $139 billion. Steady economic growth and higher tax rates boosted the government's revenue by 15% this year while government spending barely increased.... more »
  • Obama: Budget shrinks deficits and expands economy

    April 10, 2013 10:18 AM

    WASHINGTON - President Barack Obama is sending Congress a $3.8 trillion spending blueprint that strives to achieve a "grand bargain" to tame runaway deficits. It would raise taxes on the wealthy and trim popular benefit programs including as Social Security and Medicare. The president's budget projects deficit reductions of $1.8... more »
  • Growth in budget deficit slows

    February 12, 2013 7:13 PM

    The federal government reports a rare surplus for January and the Treasury Department says its on track for the smallest budget deficit since President Obama took office. The surplus was almost $3 billion dollars. It lowered the deficit through the first four months of the budget year to $290 billion,... more »
  • Moody's pressures Congress to deal with deficit

    January 2, 2013 3:42 PM

    WASHINGTON- Moody's Investors Service says Congress must go beyond its deal this week and come up with a plan to shrink the budget deficit if it wants to keep the U.S. government's top credit rating. The credit rating agency says in a statement that it expects lawmakers in the coming... more »

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