Israel’s budget deficit for 2012 was more than double the government target, coming in at 4.2 percent of Gross Domestic Product (GDP). In addition, debt is 74 percent of GDP, making economic growth in Israel difficult.
Paying for the upkeep of the Gaza Strip while its political rival actively blocks revenues flowing back is taking its toll on the deficit-racked Palestinian Authority.
U.S. President Barack Obama laid out a $447 billion jobs package of tax cuts and government spending on Thursday that will be critical to his re-election chances but he faces an uphill fight with Republicans.
The power has gone out in a typical American town. Wait -- it’s not just the electricity. The phones don’t work, either. Portable radios are dead. Cars won’t start.
The stakes for Jewish groups in the Capitol Hill budget crisis are increasing by the day as lawmakers and the administration try to figure out where to find hundreds of billions of dollars for Iraq, Afghanistan and New Orleans, without exploding an already huge federal deficit.
For many Jewish activists, the dilemma is excruciating: Congress and the administration are debating a revolution in American life, but Jewish organizations, with rare exceptions, have been struck dumb.
Stalemate has become standard operating procedure for Congress in recent years, but this year's legislative gridlock could be headed for the record books.
If you study the state budgets over the last few years as I have, you would see that we have had a deficit at the end of each year that keeps getting larger each and every year. Even when revenues were perceived to be at a peak, we were outspending those revenues. The state budget began each year in the hole that just got deeper as the months went by.