Deficit Reduction

News & Analysis as of

Wyden’s Previous Proposals Could Signal Tax Reform Priorities

Senator Ron Wyden (D-OR) has been a strong advocate for comprehensive tax reform since he joined the Senate Finance Committee in 2005. During his tenure on the Committee, he has introduced a series of comprehensive tax reform...more

A Disconcerting Proposal from the Senate: Proposed Repeal of Section 1031

Last November, Senate Finance Committee Chairman, Max Baucus, released the third package in a series of “Staff Discussion Drafts” proposing various changes to reform the Internal Revenue Code. Of course, it is likely that any...more

Pennsylvania Commonwealth Court Holds Structured Settlement Annuity Is Transfer for Less Than Fair Market Value Under the Deficit...

The Pennsylvania Commonwealth Court’s recent decision in the matter of Sams v. Department of Public Welfare may significantly affect the structured settlement industry, and the settlement of lawsuits on behalf of certain...more

The financial crisis and a new round of deaccessioning debates

When public institutions are suffering from financial deficits, one question is usually raised: can they sell art to survive? In the museum world it is generally understood that you are to deaccession art only if the work is...more

Motor City Cruises Into Bankruptcy

On July 18, 2013, the City of Detroit, Michigan commenced a bankruptcy case under chapter 9 of the Bankruptcy Code as a result of over $18 billion dollars in accrued obligations and dwindling revenue sources. Since the...more

CalPERS Officials Travel The World Despite Executive Order

Two years ago and in light of a daunting structural budget deficit, Governor Jerry Brown issued Executive Order B-06-011. His order banned both in-state and out-of-state travel by government agencies unless it was “mission...more

July Economic Update Reports $463 million more in Revenue

Minnesota Management and Budget’s (MMB) July Economic Update reported that general fund revenues for FY 2013 have increased $463 million since the February Forecast. This revenue increase must be reconciled by MMB with any...more

Tax Law Alert: The 2nd Special Session of the 2013 Washington Legislature Adjourned on June 29

The 2nd Special Session of the 2013 Legislature adjourned sine die on June 29, 2013. The accomplishment of this session was passage of a state budget, which had eluded state legislators through the Regular Session that ended...more

Immigration Legislation Overview

On June 27, the Senate passed its bipartisan immigration bill by a vote of 68-32. If enacted, the bill is estimated to increase the national net-population by 9.6 million people and reduce the federal deficit by $158 billion...more

Currency Exchange Rate Oversight Reform Act of 2013 Introduced In The Senate

With mounting evidence that undervalued foreign currencies drive the U.S. trade deficit, a bipartisan group of U.S. senators has introduced the Currency Exchange Rate Oversight Reform Act of 2013. Reviving a 2011 bill that...more

Congressional Budget Office Report States that the Senate Immigration Bill Would Save the U.S. Nearly Nine Hundred Billion Dollars...

In a report released June 18, 2013, the nonpartisan Congressional Budget Office (CBO) estimates that by 2023, enacting The Border Security, Economic Opportunity, and Immigration Modernization Act of 2013 (S.744) could reduce...more

CMS Prevails in DSH Challenge Involving Waiver-Expansion Days

Over the years, CMS and its contractors have wrestled with how days approved under a Medicaid demonstration project should be counted, if at all, for purposes of the Medicare disproportionate share hospital (DSH) calculation....more

Significant Proposed Changes for Federal Health Care Programs in President’s Fiscal Year 2014 Budget Plan

On April 10, 2013, President Obama released his budget proposal for fiscal year (FY) 2014 (the Budget). The President reiterated his long-standing goal of reducing the deficit by $4.3 trillion over 10 years and his...more

Peru: More than Machu Picchu and Ceviche

The beginning of the twenty-first century represents a period of impressive economic growth for Peru, Latin America’s fifth largest country by population. Peru is a resource-rich country, and like its Latin American...more

Levick Weekly - February 22, 2013: The 'Ick' Factor Carnival's Long-Haul Challenge Ahead

In This Issue: - Sequestration - It Was A Wonderful Life - How Banks Can Revive Their Reputations - The 'Ick ' Factor - Carnival's Long-Haul Challenge Ahead - Blogs Worth Following - LEVICK In the News -...more

"Ontario Speech From The Throne", Focus On Public Policy, February 2013

On Tuesday, February 19th, 2013, the Honourable David Onley, Ontario's Lieutenant Governor, delivered the Wynne government’s Speech from the Throne in the Ontario legislature. Entitled The Way Forward, this speech officially...more

Investing In Georgia: Economic Development Newsletter - January 2013

Welcome to King & Spalding's economic development news bulletin, Investing in Georgia. In this edition, you will find: - Report regarding the vital importance of municipal bonds, currently threatened by deficit reduction...more

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