Word: budgeting
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When earlier this year Harper unveiled his 2009 budget, he agreed to purchase an additional $50 billion in government-insured mortgages from Canada's major banks, bringing the total since the program was announced late last year to C$125 billion. Indeed the country's minority Conservative government has staked its political fortunes on the so-called Extraordinary Financing Framework (EFF), intended to counter the credit crunch by providing up to C$200 billion in credit for consumers and businesses. (Read "Canada Faces Recession - and a Political Crisis...
...government will be sidetracked by Japan's chronic legislative infighting and revolving political leadership (the country is now on its fifth finance chief and third Prime Minister in two years). Japan's parliament, the Diet, has for the past several weeks been debating legislation surrounding a supplementary budget package that includes a controversial $21.7 billion handout to the Japanese public aimed at boosting consumer spending. But DPJ politicians - smelling blood in anticipation of general elections, which must be held by September but could come before then - might choose to take advantage of Aso's weakness by blocking passage of additional...
...thirds rule to pass a budget means that fixing the yawning $42 billion gap in California's $143 billion budget requires three Republicans in both the Assembly and the state senate to join with Democrats. Because the California GOP is deeply conservative, opposes taxes on principle and holds sway in home districts gerrymandered sharply to the right, Republican moderates feel as if they are dead men walking, politically. Republican incumbents who break ranks are ferociously opposed in the primaries. And if a renegade chooses to run statewide, raising funds is as easy as a bullfrog's finding water...
...budget process dependent on political suicide is not a good system. The other alternative is for the Republican Party to stand firm on its no-tax pledge and solve the crisis by only cuts and shutdowns. George Skelton of the Los Angeles Times recently pointed out that the no-tax solution offers two dire options: fire all the state workers and shut down the University of California and the state colleges, or eliminate all state money for health care and social services - all the monies that help the blind and disabled, aged, homebound, poor, mentally ill, those on welfare, those...
...recent drop in oil prices poses the most immediate threat to the government budget in Iraq, where public-sector spending fuels almost the entire economy. With oil prices lower, Iraq expects to run a deficit this year of roughly $20 billion, which could be covered by the nation's existing cash reserves. Once that money is gone, however, Iraq will be in the same position as many countries facing a cash crisis around the world at the moment - but with added problems unique to a country rich with oil but troubled by the legacies of wars...