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When President-elect Barack Obama met with America's governors earlier this week, he got an earful about the recession-induced budget crisis they face. On Thursday those words of woe were backed up by a fresh report on the rapidly deteriorating condition of state finances. Revenues are dropping so fast that state budget cutters can't keep up, according to a report released by the National Conference of State Legislatures (NCSL). States that collectively cut $40 billion in spending to balance their budgets over the summer are now facing an additional $32 billion shortfall as tax receipts come...

Author: /time Magazine | Title: States' Financial Outlook: Getting Worse Fast | 12/5/2008 | See Source »

...objective unanimously shared in Islamabad. The terrorists and their patrons clearly wish to derail any moves in the direction of harmony between the two countries, which would thwart their destructive Islamist agenda. They enjoy the sympathy of elements in the military, whose disproportionate share of the country's national budget would be threatened by peace with India. And the country's civilian government dares not cross the red lines drawn by the military for fear of being toppled. Every civilian Pakistani government, without exception, has been overthrown before the end of its elective term of office...

Author: /time Magazine | Title: Opportunity in Crisis | 12/4/2008 | See Source »

...objective unanimously shared in Islamabad. The terrorists and their patrons clearly wish to derail any moves toward harmony between the two countries, as it would thwart their destructive Islamist agenda. They enjoy the sympathy of elements in the military, whose disproportionate share of Pakistan's national budget would be threatened by peace with India. And Islamabad's civilian government dares not cross the red lines drawn by the military for fear of being toppled. Every civilian Pakistani government, without exception, has been overthrown before the end of its elective term of office. (See pictures of terror in Mumbai...

Author: /time Magazine | Title: After the Horror | 12/4/2008 | See Source »

...slogan urges us, “Save money. Live better.” What is this motto other than a consumerist reworking of “have your cake and eat it, too”? As long as we seek out goods produced on a shoestring budget halfway around the world—with all the waste and human exploitation that entails—there can be no thought of “living well...

Author: By Sabrina G. Lee | Title: The Casualties of Consumerism | 12/4/2008 | See Source »

...should be less emphasis on military power and more on using diplomacy and foreign aid to bend other nations toward U.S. interests. One thorny question at a time of economic crisis will be how much of the money for that reorientation will have to come from the Pentagon's budget...

Author: /time Magazine | Title: Obama's New World Order | 12/4/2008 | See Source »

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