Tag Archives | budget crisis

Down to the wire on the Omnibus spending bill

There are two outcomes I can see for the House and Senate budget fight: (1) Compromise; (2) Punt. “Compromise” would involve significant budget cuts. For example, the IRS budget shows that the House and Senate have agreed to an overall ~ 5% cut — they just need to agree what to cut. The House has […]

On breaking unions, states filing bankruptcy, and public pension underfunding

During the Great Depression, Congress passed an act saying states and municipalities could file for bankruptcy. The law was challenged and part of it was overturned by the Supreme Court in 1936 in Ashton v. Cameron County Water Imp. Dist. Congress then rewrote the law so that municipalities could file bankruptcy. However, the Supreme Court […]

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