The California State Capitol is pictured in Sacramento. As a slowing economy cools tax revenue, some state states, like California, are feeling the pinch.
After two years of record tax collections, budget writers in some states are starting to feel a revenue pinch created by a slumping stock market, banking and tech layoffs, slower consumer spending and lower energy prices.
Buoyed by higher revenues and federal aid during the pandemic, officials in many states promised to cut taxes and expand services next fiscal year. That could all come crashing down as high-flying revenue expectations collide with the new economic reality, which shrunk some state projections for income and sales taxes.
The California State Capitol is pictured in Sacramento. As a slowing economy cools tax revenue, some state states, like California, are feeling the pinch.
It has been two months since Doug Burgum, President Donald Trump’s new secretary of the interior and former governor of North Dakota, ordered his staff to review protected federal lands with an eye toward increasing extractive activities such as oil, gas and uranium production. Read moreTrump administration threats hang over northern Arizona’s newest national monument
DOGE says it has saved $55 billion in federal spending so far, but its website only accounts for $16.6 billion of that. And that’s before factoring in an error in the data published on DOGE’s website that mislabels a contract as $8 billion, which was later corrected in the federal database to only be $8 million. Read moreDOGE says it’s saved $55 billion, but data show much less
JESSIE HELLMANN and LIA DEGROOT
CQ-Roll Call (TNS)
The panel voted 14-13 along party lines, with Sen. Bill Cassidy, R-La., voting in favor of Kennedy despite expressing concerns last week about Kennedy’s history of anti-vaccine advocacy. Read moreSenate panel approves RFK Jr. nomination
As the confusion sparked by President Donald Trump’s attempt to freeze temporarily all federal grants continues, the City of Flagstaff released a statement emphasizing the importance of stable… Read moreCity of Flagstaff responds to federal funding freeze
President Donald Trump said he would impose tariffs on a wide range of imports, including oil and metals, in the coming months, expanding his plans to enact sweeping trade levies well beyond those set to hit China, Canada and Mexico on Saturday. Read moreTrump vows tariffs to hit Saturday with more in coming months
