Budget | featured news

California Governor Arnold Schwarzenegger, citing a $25.4 billion budget gap over the next 19 months, declared a fiscal emergency and called lawmakers to a special session next month to begin dealing with the ...

A top California lawmaker said on Friday the state's leaders had reached a final agreement on closing a $19.1 billion deficit to balance the state budget, ending a record stalemate over a spending plan.

President Obama wants more control over the country's budget, and plans to ask Congress for it this week.

State officials are trying to maneuver between saving money through early-release programs and maintaining the public’s sense of safety.

The federal deficit through the first four months of the budget year is running at a record-breaking pace even though the deficit in January was slightly smaller than expected.

States are looking to the federal government for more help balancing their budgets, but the Senate is not heeding their call.

The mayor of Los Angeles has ordered the immediate layoff of 1,000 city employees to help to balance the city's budget.

Treasury Secretary Tim Geithner says Congress can recoup "outrageous" bonuses for AIG employees through a new bank fee in President Barack Obama's proposed budget.

Administration estimates record-setting amount will drop to $1.3 trillion in 2011; Obama's proposed $3.8 trillion budget focuses on economy.

Sen. John McCain will support President Obama's plan to freeze much of the federal budget for the next three years, but said the president must also promise to veto any bills that are stuffed with pork barrel spending items.