Moody's Investors Service cut California's credit rating Monday because a new budget, which closed a record $38 billion shortfall this year, leaves the state with a nearly $8 billion deficit in 2004-05.
British Airways today reported a smaller-than-expected quarterly loss of £50 million - but warned it still faced a record annual shortfall.
Other actuaries said that assumption was highly questionable, and that it was an important factor in the Bethlehem plan's record $3.7 billion shortfall when it failed.
In July, the government managed to keep the deficit within its target for a fourth consecutive month, after posting a record $3.84 billion shortfall last year.
As the Tribune tallied it today, the city has a record budget shortfall in the coming year, of over half a billion dollars, and it is already more than eight hundred police officers below full strength.
He cited his fiscal stewardship of Suffolk County, which he said included closing a record budget shortfall, cutting spending three of six years in office and raising the county's bond rating.
Chicago is facing a record budget shortfall -- approaching $700 million when the cost of police and fire contracts are factored in -- setting the stage for another raid on reserves generated by the parking meter and Chicago Skyway leases.
The New York Philharmonic has reported a record deficit for last season, $4.6 million, and projects a shortfall of about $4 million this season.
Financially struggling states, already facing record budget shortfalls, are now confronting the possibility of losing out on billions of dollars in federal aid that they had been counting on, if Congress does not revive a jobs bill that stalled in the Senate this week.
With states now facing record budget shortfalls, more tax increases seem likely.
States faced record budget shortfalls in 2009, but wholesale changes to the state tax framework remained rare.
