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Spending cuts pose new threat to U.S. economy
WASHINGTON, D.C. — Just as the U.S. economy is making progress despite Europe’s turmoil, here come two new threats. A congressional panel is supposed to agree by Thanksgiving on a deficit-reduction package of at least $1.2 trillion. If it fails, federal spending would automatically be cut by that amount starting in 2013. Congress may also […]
State budget update projects deficits
ALBANY — New York budget officials are projecting a $350 million deficit in this year’s general fund, followed by a deficit ranging from $3 billion to $3.5 billion next year. In the midyear update released Monday, the Division of the Budget cites weak economic conditions around the world, volatility in financial markets and persistently disappointing […]
Questions and answers about the debt ceiling-deficit deal
WASHINGTON — The House began debate Monday on the hard-bargained plan to avert a national financial default, even as the White House and congressional leaders struggled to round up enough votes to approve it. Here is an explanation, in questions and answers ...
IMF urges US lawmakers to raise $14.3B debt limit
WASHINGTON — The International Monetary Fund urged U.S. lawmakers Wednesday to raise the nation's borrowing limit. It warned that inaction could lead to a spike in interest rates that would harm the U.S. economy and world financial markets.
Obama pivots, eyes Medicare changes, tax increases
WASHINGTON, D.C. — President Barack Obama, risking liberal anger and Republican scorn, is turning his attention to the nation's crushing debt with an anti-deficit framework that tackles politically sensitive health care programs while also increasing taxes.
White House: Obama to lay out spending plan
WASHINGTON, D.C. — President Barack Obama this week will outline a broad plan to reduce the nation's deficit, shifting from immediate budget concerns to the debate over the nation's long-term economic health. Obama is expected to call for cuts to Medicare and Medicaid and tax hikes for the wealthy.
Gov. Cuomo wields ax in 2011-12 state budget
ALBANY — Gov. Andrew Cuomo on Tuesday did what no New York governor has tried in 15 years: He unveiled a budget plan that calls for an overall reduction in spending and up to 9,800 layoffs as the state tries to get out from under crippling deficits.
Citing deficit, Obama freezing federal worker pay
WASHINGTON, D.C. — President Barack Obama announced a pay freeze for 2 million federal employees Monday and warned the American public that the move is the first of many difficult decisions that must be made to slash the nation's mounting deficits.
Hard times worsen state’s deficit, more seek Medicaid
ALBANY — New York's hard times just got harder. The administration of Gov. David Paterson on Thursday said closing the latest deficit may require cuts of perhaps 1 percent in every area including a midyear cut in school aid.
China reduces Treasury debt holdings
WASHINGTON, D.C. (AP) — China reduced its holdings of U.S. Treasury debt in May as total foreign holdings of government debt posted a slight increase.
Case Digests
- Fourth Department – Breach of contract: Hausrath Landscape Maintenance Inc. v. Caravan Facilities Management LLC
- Second Circuit – New York Child Victim’s Act: Kane v. Mount Pleasant CSD; Coe v. Eastport Union Free School
- NYS Advisory Committee on Judicial Ethics – Appointing law clerk: Opinion 22-149
- Fourth Department – Bill of particulars: Harris v. Rome Memorial Hospital, et al.
- NYS Advisory Committee on Judicial Ethics – Accusations against co-judge: Opinion 22-148
- Fourth Department – Medicaid: Washington Center for Rehabilitation and Nursing Home v. NYS Dept. of Health
- Fourth Department – Criminal possession of a firearm: People v. Wilson
- Fourth Department – Promoting prostitution: People v. Watts
- Second Circuit – Class certification: Arkansas Teachers Retirement System V. Goldman Sachs Group Inc.
- Fourth Department – Show-up identification: People v. Waggoner
- Fourth Department – Association: Victory Village Tenants Assoc. v. Evergreen Communities, et al.
- Second Circuit – In personam jurisdiction: Kaplan v. Bank Saderat PLC
Law News
- Greenlight Networks selects Buffalo-based attorney as general counsel
- Barclay Damon hires attorney Matt Smith
- Rochester man sues Geneseo police, alleging false arrest, assault
- The Daily Record’s Power List for Intellectual Property 2023
- NY ethics panel says judges can join NRA
- Harter Secrest & Emery LLP names partner-in-charge of Buffalo office
- Banned professor sues SUNY Fredonia leaders
- Hochul signs law requiring unemployment insurance information from employers
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