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The Senate Budget Committee will meet Thursday morning to hear from several witnesses on Speaker Kevin McCarthy’s opening debt limit bid.
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#Senate #Democrats #excoriate #House #GOP #debt #bill #Budget #Committee #hearing #Thursday #morning
( With inputs from : www.politico.com )
Tag: budget
Senate Democrats will excoriate the House GOP debt bill during a Budget Committee hearing on Thursday morning.
Hochul announces ‘conceptual’ budget deal
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Hochul framed the deal as a win for affordability in the state, but recognized she didn’t get one of her top priorities: A housing deal to force municipalities to build 800,000 new homes over the next decade. The budget will include $391 million in rental assistance, which will largely help the troubled New York City Housing Authority.
“Did we accomplish what this moment called for?” she said in an evening briefing in the Capitol. “Did we make a difference in the lives of New Yorkers? We’re going to be able to answer that question yes.”
When the budget will be finalized and passed by the Legislature is unclear.; legislative leaders did not attend her briefing. Lawmakers have mostly returned to their districts, and no bills were printed at the time of Hochul’s announcement. It will thus likely be several days until the passage of the spending plan that was due to pass by March 31.
“There’s obviously fine tuning that has to be done. That’ll be worked out over the weekend,” Hochul said.
While details will not be known until the bills are printed, Hochul outlined some of the highlights, many of which have been expected and reported.
Those include the third set of changes to the state’s bail reform laws since they were enacted in 2019. This round includes language that gives judges more discretion to hold individuals accused of certain violent crimes.
But a proposal to change the laws on discovery to avoid cases being tossed on procedural grounds failed at the last minute. Hochul placed the blame on district attorneys, who have said that the requirements to quickly share evidence with arrestees is unmanageable. Instead, the courts are getting more money to increase staff and resources, she said.
“We thought we had a plan that met the needs, and the district attorneys decided that was not the path they wanted to go on despite saying so initially,” the Democratic governor said.
The budget will also include language designed to crack down on illegal marijuana retailers, which was one of the final sticking points in the budget. It will be “aggressive” and attempt to penalize those sellers who aren’t paying taxes, but there appears to be more fine-tuning required.
“We’re working on the details of that,” said Hochul’s counsel Liz Fine.
The deal will also include a plan to raise the minimum wage to $17 an hour, starting with $16 an hour next year in New York City, and then indexing it to inflation within a few years.
On transit, the budget will create a pilot program for free service on five MTA bus lines, and the city will be on the hook for $165 million to fund the transit system — rather than $500 million as Hochul originally proposed, as well as limiting a payroll mobility tax only to the city, not the suburbs.
It will also include the largest Medicaid rate increase in two decades, Hochul said, who added the budget “makes critical policy changes” in the area of mental health and funds 1,000 new in-patient psychiatric beds as well as 3,500 units of supportive housing.
The budget includes $400 million for utility relief as well as a requirement that homes constructed after 2025 meet zero emission standard.
As expected, the budget includes minimal language on housing, she noted.
“I believe major action is required to meet the scale of this crisis. The legislature saw it differently,” Hochul said.
But she promised to continue “working hard and fighting” on the topic and teased executive actions which will be announced “in the coming weeks.”
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( With inputs from : www.politico.com )Adams focuses on fiscal prudence with $106.7B budget
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“We are at a Maslow’s Hierarchy of Needs moment: food, shelter, clothing,” Adams said at a press briefing, invoking the famed psychologist’s theory of basic human requirements. “Everyone that’s saying: spend, spend, spend. We would love to, [but] we must ensure the continuation of the economic stability of the city.”
Adams outlined more than $10 billion in new costs born by his young administration over the last year-and-a-half. Some, like billions of dollars to settle labor contracts with the city’s unionized workforce, were more predictable. Others, like the $4.3 billion in expected spending on social services for asylum seekers, took the administration by surprise.
“If I had $4.3 billion, I’m able to do some great things for the city,” the mayor said. “In spite of that, this team managed a very difficult moment in New York City’s history.”
With that in mind, the mayor has proposed several rounds of budget cuts, most recently in April, that have trimmed a total of $4.7 billion over the current fiscal year and the next.
“We had to make tough choices in this budget. We had to negotiate competing needs and we realized that not everyone would be happy,” Adams said, arguing that services have not been compromised in his vacancy reduction and programs to eliminate the gap.
Adams has been unapologetic for instituting his savings plans, which he argues have not impacted services — in fact, much of the cuts have been borne of chance like less-than-anticipated spending and debt refinancing. However, in the hours before the budget was unveiled Adams announced he would be cancelling the latest rounds of cuts at public libraries, which were included in the April savings plan.
The about-face from the mayor, after a pressure campaign from the book lenders and members of the City Council, appears to be a recognition that slashing library hours would have potentially caused damage to an ideological spectrum of voters much wider than the left-leaning wing of the party that had made the library cuts a particular concern.
In addition, libraries found themselves in a unique position to push back: While they receive most of their funding from the administration, they are not city agencies. That distinction provides more leeway to mount the type of opposition — which included a letter-writing campaign and a threat of weekend closures — that would be far less likely from a commissioner working directly for the mayor.
“The Brooklyn, New York, and Queens Public Libraries are grateful to Mayor Adams, a longtime champion of libraries, for sparing us from the latest round of funding cuts announced in April,” Brooklyn Public Library President Linda Johnson, Queens Public Library President Dennis Walcott, and New York Public Library President Anthony Marx said in a joint statement. “This is an important step towards restoring library funding. Libraries make New York City stronger, and we look forward to working with Mayor Adams and the City Council to ensure we are able to continue providing the services our patrons rely on.”
The mayor’s summary of the city’s economic status seemed to exist in spit screen. While he focused most intently on the cost of asylum seekers and settling labor contracts, he also touted city jobs nearing their pre-pandemic levels and the recovery of tourism.
And some of the worst-case scenarios did not come to pass.
The mayor’s Office of Management and Budget, for example, revised its revenue projections upward after collections began coming in better than originally anticipated. In total, revenue figures rose by $2.1 billion this fiscal year and $2.3 billion in the upcoming year compared to the mayor’s last proposal in January. Those figures put the city much closer to those supplied by the Council’s budget team, which were the rosiest of all the fiscal monitors.
“The Executive Budget recognizing that the Council’s projection of an additional $5.2 billion in the budget was far from ‘overly optimistic’ but rather quite accurate,” Council Speaker Adrienne Adams and Council Member Justin Brannan, chair of the finance committee, said in a joint statement.
Because of the slightly better returns, the mayor and Budget Director Jacques Jiha also reduced the savings requirements for other agencies including the FDNY, and the departments of sanitation, social services, parks and youth and community development.
Those restorations, however, were not enough to appease lawmakers, who pointed out that city agencies have already undergone several rounds of savings initiatives.
“The Executive Budget still leaves our libraries facing significant service cuts, agencies that deliver essential services harmed, and programs that deliver solutions to the city’s most pressing challenges without the investments needed,” Speaker Adams and Brannan said in their statement. “Ultimately, New York City needs a responsible budget that effectively and efficiently prepares us for success by meeting the needs of New Yorkers and protecting against future risks.”
While the administration recognized $1 billion in asylum-seeker money expected from the state budget — which will be spent over multiple fiscal years — other hits from Albany were not accounted for as the state budget process drags on. Legislative leaders, for example, are mulling a deal that would require the city to pay $150 million to the MTA for the next two state fiscal years.
“Unfortunately, without an adopted State budget from Albany, the City is operating in the dark when it comes to the impacts of proposed assistance and potential cost shifts, and today’s Executive Budget reflects that uncertainty,” City Comptroller Brad Lander said in a statement.
And despite the better-than-expected revenues and asylum-seeker cash from Albany, other risks to the city’s fiscal health loom in the offing.
Even under current economic forecasts, the city’s outyear budget gaps could reach $10 billion by fiscal year 2027, according to State Comptroller Tom DiNapoli. Future savings programs that may be needed to close those shortfalls may eventually cut into service delivery.
“The city faces challenges in the future as outyear budget gaps have grown and projected savings from the PEG will not be enough to offset these new costs,” DiNapoli said in a statement. “This suggests it will become even more difficult for the city to find savings without affecting services over time.”
And the city’s bean counters will soon come to the precipice of several fiscal cliffs — essentially ongoing programs that have been funded with one-time injections of cash — and have offset much of their savings with new spending, according to the Citizens Budget Commission, a budget oversight organization that has urged the mayor to better prepare for turbulent economic climes.
“The executive budget lays bare the stark and potentially dark fiscal reality facing New York City. With budget gaps widening despite billions of dollars of additional revenues, the city should immediately start to prioritize essential programs, increase its operational efficiency, speed up critical hiring, and shrink lower impact programs,” the commission’s president, Andrew Rein, said in a statement. “Absent these actions, the likely alternative is to substantially cut services in the next year or two.”
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#Adams #focuses #fiscal #prudence #106.7B #budget
( With inputs from : www.politico.com )Dr Samoon reviews formulation of CAPEX budget 2023-24
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SRINAGAR, APRIL 25: Principal Secretary, Skill Development Department (SDD), Dr Asgar Hassan Samoon, held a meeting today to discuss and review formulation of CAPEX Budget 2023-24 here at Civil Secretariat.
He also reviewed progress on ongoing projects under the CAPEX Budget and CSS 2022-23
The meeting was attended by Director SDD, Chief Engineers of R&B Kashmir/Jammu, Joint Directors of DSD Jammu/Srinagar, as well as the concerned Principals and Superintendents of Government Polytechnics and ITIs Jammu/Kashmir, both in person and through virtual mode.
He discussed all the relevant issues and enquired about the requirements from the concerned regarding formulation of CAPEX Budget 2023-24.
Dr Samoon asked the Director SDD to incorporate the requirements with respect to civil works and other works so that a comprehensive CAPEX Budget is formulated.
He also reviewed the physical and financial progress on the projects besides assessing the maintenance and repairs in both the regular and ITI sectors.
During the meeting, Dr Samoon expressed satisfaction over the progress made, so far. He emphasized the need to finish the projects within the stipulated time frame.
Principal Secretary exhorted upon the officers to identify skill gaps and develop required skills in coordination with concerned departments.
Dr Samoon directed the officers to ensure that all the ongoing and new projects are completed successfully and within the time frame. He stressed that timely completion of the projects is of utmost importance to achieve the objective of the department.
Principal Secretary also instructed the officers to take strict measures to maintain quality control and ensure that the projects are executed as per the specified standards. He emphasized the importance of transparency in execution of projects and directed the officers to maintain accurate records of the progress made.
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#Samoon #reviews #formulation #CAPEX #budget( With inputs from : thegnskashmir.com )
He’s got the most thankless job in Congress — writing a GOP budget
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After throwing cold water on Arrington’s plans to move a budget, McCarthy reached out with a peace offering and consolation prize, making him chief sponsor of the 320-page fiscal measure House Republicans will push to pass this week. When the speaker called about that gesture, Arrington said in a recent interview, he did not address the private drama that escalated over the past several weeks as McCarthy spurned Arrington’s eagerness to vote on a budget and relied increasingly on his own posse of advisers.
That leaves Arrington in a touchy spot. He’s still publicly committed to drafting a budget that could lay out the GOP’s fiscal aspirations for the next decade — even as McCarthy forges ahead with his own separate plan. The chair is still meeting with his committee about advancing his budget.
“These budget resolutions are not easy,” Arrington acknowledged in an interview. “They’re complicated by the fact that you have a diverse group of members, it touches virtually every policy in every program in the federal government, and we are so deep in the debt hole.”
While Arrington wouldn’t commit to a future markup of a House GOP budget, he stressed that “we are making very good headway.” But even if he can finish writing one, a budget would promptly saddle Republicans with political liabilities galore: Including internal fights over taxes, entitlements and the desire among some conservatives to pare back Pentagon spending.
Knowing those drawbacks, President Joe Biden has spent months calling on House Republicans to release a budget as a marker in the debt talks. McCarthy has sidestepped that gambit by rallying his members instead around the package of spending cuts, deregulatory moves and a short-term debt hike that is slated for a floor vote this week.
All of that makes Arrington’s entire effort now appear fruitless, with GOP appropriators preparing to write annual spending bills based on the funding totals outlined in the McCarthy-driven package.
Still, a number of Republicans say they want to adopt a budget, even if it amounts to more of a pure party messaging exercise than in years past. Arrington said friends in the conference have flooded him with calls and texts of support amid rumors of conflict with McCarthy.
The 51-year-old chair is hardly the first budget chair who’s seen tension with House leaders. The role is often seen as undesirable, rendered feckless by an eroded federal budget process but still serving as a mouthpiece for the majority party’s fiscal goals.
Four years ago, then-Rep. John Yarmuth (D-Ky.) faced a similar quandary as Democratic Budget Committee chair. Leaders of Yarmuth’s party in 2019 wanted to lay down an opening bid as they faced off with the Trump administration over the debt limit and budget caps. After weeks of painstaking work and a nail biter of a committee vote, Democrats were forced to yank the budget from the floor amid a revolt from progressives and moderates.
“That’s the position I found myself in,” Yarmuth said in a phone interview. Arrington, he observed, is “just going to have to sit there and take the abuse.”
Yarmuth said he recommended Arrington for the Budget gavel before retiring last year “because he’s basically a reasonable person and someone I never had a problem talking to or working with.” Lately, the Kentucky Democrat sees Arrington’s predicament as even tougher than his own previous dilemma.
“He has a double-edged problem,” Yarmuth said. “One is that leadership is trying to herd more cats than we ever had to herd, and he’s got mandates to [enact] things that would be highly unpopular and can never get done.”
Arrington didn’t dispute that passing a budget would force his colleagues to make painful, potentially unpopular choices to back up their goal of massively paring back federal spending.
“These are not easy decisions. So most people, they avoid them,” the 51-year-old said in last week’s interview.
He sent confusing signals earlier this year — first promising to release a budget in April and then May, only to later walk back any definitive timeline. Arrington also told reporters that Republicans were preparing a “deal sheet” outlining the party’s debt limit demands, prompting confusion when McCarthy later said he had no knowledge of any such thing.
Arkansas Rep. Steve Womack, a former GOP budget chief and top Republican appropriator, said he has spoken to Arrington about how to navigate the “gymnastics” of writing a budget, keeping leadership happy and shepherding Republicans’ debt limit offer.
“He has advocated for some things and put some talking points out that may have ruffled a few feathers — I don’t know, that’s between Jodey and the leadership team,” Womack said. “You’re the budget chair. You need to lead your committee to do its mandated duty.”
Arrington vowed that he has “the confidence and trust of the members” in doing that job. Yet it’s undeniable that the budget chair can most effectively wield power when one party holds both chambers of Congress, thereby putting the party-line maneuver known as reconciliation into play.
Democrats used that filibuster end-around during the last Congress to pass last year’s health, climate and tax bill without a single GOP vote, in addition to Biden’s $1.9 trillion Covid relief plan. Republicans tapped the process in 2017 to pass a massive tax overhaul.
But under divided government, Arrington’s influence is limited — if still meaningful. He’s a senior lieutenant in McCarthy’s drive to force Democrats into spending concessions in exchange for lifting the debt ceiling.
And the speaker’s recent repair of their relationship underscores how crucial Arrington’s buy-in is to projecting the appearance of harmony among House Republicans, despite internal dissonance amplified by the slim margin of their majority.
Asked about McCarthy’s call to seek his chief sponsorship of the debt bill, Arrington downplayed any fractiousness with McCarthy: “No, no, no, no. Look, he and I are both focused on the mission,” he said. “And the mission is to rein in the spending, reduce our debt, grow our economy, and save this country from a debt crisis.”
“All this other stuff,” he added, “is a distraction.”
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( With inputs from : www.politico.com )KCR directs release of budget for welfare schemes
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Hyderabad: Telangana Chief Minister K Chandrasekhar Rao seems to have planned a hat-trick with effective implementation of welfare schemes. In the last two years, due to the delay in the release of the budget, the welfare schemes have come to a standstill. The Chief Minister, while reviewing the reasons for the delay, has approved the release of the budget for welfare schemes through a green channel.
According to reliable sources, the Chief Minister said that the budget for welfare schemes of weaker sections, Dalits, women, farmers and minorities should be released through a green channel so that the support of these communities is available with the government.
If the sources to be believed, the office bearers submitted a detailed report to the Chief Minister regarding non-release of the budget, in which the slowdown of various schemes was apprised. The chief minister is said to have directed the Finance Department officials not to delay the release of funds for welfare schemes and to carry out the release through the green channel.
The Chief Minister directed release of Rs 3,210 crore required for Kalyanlakshmi and Shadi Mubarak schemes. Thousands of applications for both schemes are said to be pending. The Chief Minister said that there is no shortage of funds, so steps should be taken to release the budget of welfare schemes through green channel system.
The schemes identified by the chief minister include Aasra Pension, Rythu Bima, Ritu Bandhu, free electricity supply to farmers, Arogyashree, KCR kits, Re 1 per kg rice, scholarship and Chief Minister’s Overseas Scholarship Schemes.
The chief minister is confident that welfare schemes can make the BRS successful for the third time. The state’s economic situation has been weak for two years due to Covid-19. The chief minister asked the officials to take steps to fully spend at least the current year’s welfare budget.
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#KCR #directs #release #budget #welfare #schemes( With inputs from www.siasat.com )
Increasing inflation hits Eid budget in Kashmir
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Jahangeer Ganaie
Srinagar, Apr 20: Markets in Kashmir witnessed thin footfall of shoppers ahead of Eid-ul-Fitr with many blaming inflation for hitting Eid budget.
Shopkeepers from several markets told the news agency—Kashmir News Observer (KNO) that they were expecting a good sale but said the markets lacked enthusiasm.
People were seen jostling and swarming around mutton and bakeries shops. But the overall market sentiment was low, said shopkeepers.
Jahangir Ahmad, a shopkeeper at Pulwama town told KNO despite Covid restrictions in the last two years, sales were good and whosoever was visiting shop was at least purchasing an item or two at least.
But he said that this time sales remained all time low because customers are not in a position to afford.
“Inflation and poverty due to Covid-19 lockdowns have badly hit J&K and the poor are hardly able to fill their bellies,” he said.
Javaid Ahmad, a shopkeeper dealing with readymade garments said that he used to sale lakhs on festive occasions and whosoever was visiting his shop used to buy at least an item or two. But this year very few customers are visiting his shop and one out of ten customers are able to afford an item.
He said that unemployment is at its peak, poor people have become poorer in last few years and they are hardly able to cater to the requirement of essential items.
They said that on one hand the rates of essential items like rice have doubled in last few months and on the other hand most people don’t have any are jobless.
“Most people come to markets to purchase essential items only while sales for other shopkeepers is below par,” shopkeepers said—(KNO)
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#Increasing #inflation #hits #Eid #budget #Kashmir( With inputs from : roshankashmir.net )
Increasing Inflation Hits Eid Budget In Kashmir
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SRINAGAR: Markets in Kashmir witnessed thin footfall of shoppers ahead of Eid-ul-Fitr with many blaming inflation for hitting Eid budget.
Shopkeepers from several markets said that they were expecting a good sale but said the markets lacked enthusiasm.
“People were seen jostling and swarming around mutton and bakeries shops. But the overall market sentiment was low,” said shopkeepers.
Jahangir Ahmad, a shopkeeper at Pulwama town said that despite Covid restrictions in the last two years, sales were good and whosoever was visiting shop was at least purchasing an item or two at least.
But he said that this time sales remained all time low because customers are not in a position to afford.
“Inflation and poverty due to Covid-19 lockdowns have badly hit J&K and the poor are hardly able to fill their bellies,” he said.
Javaid Ahmad, a shopkeeper dealing with readymade garments said that he used to sale lakhs on festive occasions and whosoever was visiting his shop used to buy at least an item or two. But this year very few customers are visiting his shop and one out of ten customers are able to afford an item.
He said that unemployment is at its peak, poor people have become poorer in last few years and they are hardly able to cater to the requirement of essential items.
- They said that on one hand the rates of essential items like rice have doubled in last few months and on the other hand most people don’t have any are jobs.
“Most people come to markets to purchase essential items only while sales for other shopkeepers is below par,” shopkeepers said—(KNO)
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#Increasing #Inflation #Hits #Eid #Budget #Kashmir( With inputs from : kashmirlife.net )
Shah Rukh Khan, Nayanthara’s Jawan budget is Rs…
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Mumbai: The much-anticipated film ‘Jawan’ starring Shah Rukh Khan, is attracting attention not only for its star-studded cast but also for its massive budget. The upcoming action thriller, directed by Atlee, stars SRK alongside two South Indian superstars, Nayanthara and Vijay Sethupathi.
Any guesses what’s the film budget is? According to popular Twitter page and box office expert Harminder, it is Rs 220 crore.
The massive budget of ‘Jawan’ is unsurprising given the film’s grand scale, which includes exotic locations and cutting-edge special effects. Atlee is known in the South Indian film industry for his blockbuster hits, and with SRK’s star power, the film is expected to set new standards in Indian cinema.
Despite the high price, the producers of ‘Jawan’ are optimistic about the film’s commercial success, owing to its gripping storyline, high-octane action sequences, and stellar performances. The film’s first poster displayed SRK’s unwavering dedication to pushing the boundaries of Indian cinema and would provide SRK fans with an unforgettable cinematic experience.
Finally, with its large budget, talented ensemble cast, and grand scale, “Jawan” is one of the most anticipated Indian films of the year. Fans are eager to see if it will live up to their expectations and become a box-office smash.
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#Shah #Rukh #Khan #Nayantharas #Jawan #budget( With inputs from www.siasat.com )
