Many states consider tax hikes, spending cuts Minnesota, with a projected budget deficit of $5 billion over the next two years, is not alone. In fact, more than 30 states face projected budget gaps, thanks to the sagging economy.7:20 a.m.
Taxpayer Beware: Bank Bailout Will Hurt
If you want a solution in which those who are most guilty for the financial crisis pay the most to fix it, think again. While experts disagree on who will bear the brunt of the pain, many say the longer the U.S. waits, the worse it will be for everyone.
Belt Tightening Leads To Artistic Expansion
Tough times can often be a springboard for creativity. When no one's job is safe, no one's house is secure and no one knows exactly what to do about it, artists get to work — and start pushing boundaries.
Congressional Reaction Mixed To Obama's Budget
President Obama unveiled his budget for 2010 on Thursday. Democrats praised the president's commitment to expanding health care coverage, education funding and clean energy. Republicans were skeptical — especially about plans to raise taxes on businesses and wealthy households.
F-22 Raptor Could Be On Chopping Block
The F-22 Raptor is the most expensive fighter jet ever built. It was designed to fight advanced Soviet planes, but President Obama has said he wants to cut "Cold War weapons systems." Cutting the F-22 would save lots of money, but it would cost thousands of jobs. The Air Force is expected to ask the White House to sign off on 60 more planes over the next three years.
Shell Sees Global Oil Demand Doubling By 2050
As oil companies plan for the future, they are expecting higher prices and demand. Oil company executives were on Capitol Hill this week to discuss offshore drilling, which they say needs to be part of America's long-term energy policy. Shell Oil Co. President Marvin Odum says he expects global demand to double by 2050.
Enemy Combatant To Move To Civilian Court
An accused enemy combatant, who has been held for more than five years at a Navy brig in South Carolina, is expected to be sent to Illinois to stand trial in a civilian courtroom. The Justice Department has not yet announced charges against Ali al-Marri. The Bush administration had claimed terror suspects caught in the U.S. could be held indefinitely without charges.
Treasury Announces Bid To Strengthen Citigroup
Citigroup and the U.S. Treasury have reached a deal that would give the government an increased stake in the struggling bank. The government will convert its preferred shares into ordinary stocks. The increase in government ownership will not require additional taxpayer money.
Denver's Rocky Mountain News Ends 150-Year Run
The final edition of the Rocky Mountain News is out on Friday. The paper lost $16 million last year, and its owner wasn't able to find a buyer. It has been a fixture in Denver since 1859.