On Friday, the Ministry of National Defense of the People’s Republic of China has confirmed that the Chinese government plans a 6.8 percent increase (the largest gain since 2019) in the defense budget in the coming year. According to a press release issued on 5 March, China’s annual defense budget will maintain single-digit growth for a sixth consecutive year by increasing 6.8 percent in 2021. The details were given in a Friday media release also said that this year’s planned defense spending will be about 1.35 trillion yuan (about $209 billion). – ADVERTISEMENT – CONTINUE READING BELOW – China’s defense budget […]
Budget
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At least 118 officers have left the Seattle Police Department (SPD) following mass Black Lives Matter protests and city budget cuts. It currently has around 1,200 officers on its force – the lowest number in a decade. According to statistics from the mayor’s office, the month of September typically sees five to seven officers depart from the department, but this year a whopping 39 officers left, including three who were still in training. Other departures included officers who sought lateral moves to other departments or retired altogether. Making those numbers even more dire is the fact they don’t include another 14 […]
https://cdn1.img.sputniknews.com/img/107890/07/1078900792_0:15:2716:1542_1200x675_80_0_0_39d5e512bb8fbd4a172afb3b5ec704a6.jpg Sputnik International https://cdn2.img.sputniknews.com/i/logo.png Sputnik https://cdn2.img.sputniknews.com/i/logo.png https://sputniknews.com/world/202010121080751972-un-budget-for-2021-to-require-almost-3bln-guterres-says/ UNITED NATIONS (Sputnik) – The United Nations’ budget for the next year will require as much as $2.99 billion, UN Secretary-General Antonio Guterres said on Monday. In early April, Guterres informed member states about looming financial crisis that the world’s body might soon confront while providing help in fighting the novel coronavirus pandemic. “To fully implement the mandates entrusted to us, we will require a total of $2.99 billion, which represents a net reduction of 2.8 per cent compared to 2020, despite additional initiatives and mandated activities”, Guterres said at the fifth committee meeting on […]
https://cdn1.img.sputniknews.com/img/105550/74/1055507458_0:100:1920:1180_1200x675_80_0_0_f1dbc088755abcab656ac7fb6cd661b1.jpg Sputnik International https://cdn2.img.sputniknews.com/i/logo.png Oleg Burunov. Sputnik International https://sputniknews.com/us/202010091080715748-us-federal-debt-will-soon-be-larger-than-any-time-in-history-american-budget-watchdog-claims/ Last month, a US Congressional Budget Office report revealed that the country’s federal debt is expected to stand at 98% of America’s GDP by the end of this year. The Congressional Budget Office (CBO) has released a survey indicating that the 2020 fiscal year saw the US deficit hit $3.13 trillion, or 15.2% of the country’s Gross Domestic Product (GDP). The 2020 fiscal year expired on 30 September. “If the CBO’s estimates are on the mark, the country’s total debt owed to investors […] will have outpaced the size of the economy, […]
The Seattle City Council has voted to overturn Mayor Jenny Durkan’s veto on legislation that would slash millions of dollars from the local police budget, a move cheered by activist groups and reviled by some residents. The council overturned Durkan’s veto by a vote of 7-2, securing exactly the number of votes needed to put the legislation into effect. “In the wake of a racial reckoning, a $300 million budget shortfall, a pandemic, a climate crisis, a homelessness crisis… and a lack of federal leadership, our fundamental duty remains: to balance the City’s budget and meet the needs of Seattle’s most […]
With the Pentagon reportedly set to shutter the US military’s long-running newspaper, President Donald Trump has stepped in to declare Stars and Stripes safe from closure. However, that closure has been in the works for months. According to a Pentagon memo reported by several US outlets on Friday, the US military’s newspaper, Stars And Stripes, will cease operations this month, and publish its last copy by September 30. As the news broke, Trump took to Twitter to declare the newspaper – first published in 1861 – safe. “The United States of America will NOT be cutting funding to @starsandstripes magazine under […]
https://cdn1.img.sputniknews.com/img/07e4/09/02/1080351955_0:32:2950:1692_1200x675_80_0_0_90762bb6270e8b5701a314c5ebf6e85f.jpg Sputnik International https://cdn2.img.sputniknews.com/i/logo.png Sputnik https://cdn2.img.sputniknews.com/i/logo.png https://sputniknews.com/us/202009021080351986-cbo-estimates-us-2020-budget-deficit-to-reach-33tln-triple-last-years-shortfall/ WASHINGTON (Sputnik) – The US budget deficit is expected to more than triple from last year’s level to reach a record $3.3 trillion in 2020 due to COVID-19 costs and the recession forced by the pandemic, the Congressional Budget Office said Wednesday. “CBO projects a federal budget deficit of $3.3 trillion in 2020, more than triple the shortfall recorded in 2019”, the agency said. “That increase is mostly the result of the economic disruption caused by the 2020 coronavirus pandemic and the enactment of legislation in response. At 16.0 percent of gross domestic product, […]
Earlier Sunday, the Israeli cabinet scrapped its weekly meeting amid a months-long dispute over the budget, sparking fears that elections would be called automatically on Monday night in the absence of a last-minute deal in the Knesset to push back the deadline. Israeli Prime Minister Benjamin Netanyahu announced Sunday that he had accepted an offer to extend negotiations on the nation’s budget. In a televised address to the nation Sunday evening, the prime minister said that the present “is a time for unity, not elections.” Netanyahu noted that Likud would accept Blue and White parliamentary group lawmaker Zvi Hauser’s proposal to […]
Seattle police chief Carmen Best has announced her resignation following a city vote to slash law enforcement budgets, including her own salary. Best, who was on the force for 28 years, described the cuts as “punitive.” Seattle’s city council approved legislation to enact significant cuts in a 7-1 vote on Monday, which will eliminate some $4 million from the police department’s $400 million yearly budget, including a sizable reduction of $800,000 to the PD’s recruitment spending. Among other measures, the 2020 budget package will also cap Best’s salary at $275,000, reduced from $294,000. Chief Best has been vocal in her opposition […]
After spending decades bracing for massive military assaults from nearby states, Israel is now more focused on detecting low-grade assaults and terrorist threats in a timely manner, which explains a shift in financing, the former official alleged. The Israeli Mossad significantly exceeding its 1.5 billion NIS ($440 million) budget, as the Israel Defence Forces (IDF) are struggling to keep their weapons programmes running, is not as unreasonable as it might seem at the first glance, former Intelligence Minister Dan Meridor alleged in an interview with The Jerusalem Post. The former official elaborated that since the inception of the IDF, and the […]
This story is part of an NPR nationwide analysis of states’ revenue and budgets during the pandemic. California’s progressive tax structure means state revenue does well in good economic times but suffers more than most other states when there’s a downturn. In January, California was projecting a $5.6 billion surplus, but the pandemic quickly transformed that into a $54 billion deficit. The Golden State tried a little bit of everything to help stanch the fiscal bleeding: lawmakers canceled new spending, drew from the state’s rainy-day fund and limited tax breaks for large and medium-sized businesses. Democratic Gov. Gavin Newsom also is […]
WASHINGTON – The Pentagon is trying to move ahead with reforms to how it acquires space systems, even as a report outlining significant legislative changes has gotten held up by the Office of Management and Budget. Released in May, the Department of the Air Force report recommends nine specific proposals to improve contracting under the newly established U.S. Space Force. While most of the changes can be undertaken independently by the Department of Defense, three recommendations would require legislative action by Congress. But according to Deputy Assistant Secretary of the Air Force for Space Acquisition and Integration Shawn Barnes, the report […]
Protesters have vandalized the home of Oakland Mayor Libby Schaaf, splattering it with red paint and graffiti while pelting the house with fireworks. The mayor’s office said the attack was meant to “terrorize” and “intimidate.” Along with large splotches of paint thrown across Schaaf’s garage door and a nearby retaining wall, the vandals left countless graffiti messages condemning the mayor and apparently voicing support for the Black Lives Matter movement. According to police, fireworks were also set off in the street during the incident – some fired at the mayor’s house – which is believed to have occurred around 2am on […]
One of Boris Johnson’s main election pledges in December 2019 was not to raise key taxes like the income tax, VAT or National Insurance. The fiscal woes wrought by the coronavirus pandemic may change his cabinet’s stance on taxation. Chancellor of the Exchequer Rishi Sunak has called the Tory government’s low-tax promise an “ambition” as the nation is facing its biggest budget deficit in peacetime history. Sunak told the Commons Treasury Committee on Wednesday that the country needs to have a “sensible conversation” about taxation to restore finances to a “sustainable footing” following the pandemic. “Fundamentally we don’t tax our way […]
TORONTO (Sputnik) – Providing a guaranteed basic income for Canadians struggling with the economic impact of the COVID-19 pandemic could cost the government up to $72 billion, the Office of the Parliamentary Budget Officer said in a report. “The total estimated gross cost of the defined guaranteed basic income would range between $47.5 billion [$34.92 billion USD] and $98.1 billion [$72.12 billion USD] based on the three scenarios for the six-month period from October 2020 to March 2021”, the report said on Tuesday. The plan takes into consideration a phasing-out rate of 0.50, 0.25, and 0.15 Canadian dollars for each dollar […]
Three people were murdered in New York overnight into Thursday, in line with a grim trend that saw police responding to the highest number of shootings in over 20 years last month amid a leftist push to divest from the force. The murders took place in the space of 20 minutes early on July 2, as two men were shot in the back of their heads while sitting in a parked car in the Bronx, and another man was shot in Brooklyn. Also on rt.com NYPD rousts City Hall occupiers demanding $1bn defunding as critical budget vote arrives (VIDEO) Such incidents […]
https://cdn1.img.sputniknews.com/img/107959/53/1079595378_0:0:3072:1728_1200x675_80_0_0_68aaf9501ef1ef67494cde4e8e4e8d80.jpg Sputnik International https://cdn2.img.sputniknews.com/i/logo.png Sputnik https://cdn2.img.sputniknews.com/i/logo.png https://sputniknews.com/asia/202007011079765842-australia-to-boost-defense-budget-by-about-52bln-in-next-10-years—prime-minister/ MOSCOW (Sputnik) – The Australian government will increase the country’s defence budget by approximately $51.8 billion within the next 10 years due to rising strategic competition in the Indo-Pacific region, Prime Minister Scott Morrison said on Wednesday. “An updated 10-year funding model that will enable defence to deliver the strategy and the complex capabilities it requires to keep us safe. This will see capability investment grow to [AU] $270 billion [US $186.5 billion] over the next decade. Now, that’s up from [AU] $195 billion [US $134.7 billion] we committed in the decade following the […]
The US Treasury published data on Wednesday, showing that the country’s national debt total has exceeded $26 trillion for the first time in US history. The federal government budget deficit for the first eight months of the current fiscal year has reached $1.88 trillion – already higher than any full fiscal year deficit in the US ever. Tom Luongo, a geopolitical analyst and publisher of the Gold Goats ‘n Guns newsletter, reflects on the present-day economic situation in the US and gives his forecast for the global economy in relation to the demand for dollars. Sputnik: The United States’ national debt […]
Garcetti Los Angeles Mayor Garcetti announced the city will be cutting approximately $150 million from the police department and transferring the funds to communities of color. What could possibly go wrong? Downtown Los Angeles has been under siege for the last several days from rioters and looters. But Garcetti and city council officials claim cutting funding to the police department will help end racism. TRENDING: WTH? NFL Great Drew Brees Attacked for Saying: “I Will Never Agree with Anybody Disrespecting the Flag of the United States of America” …Update: Forced to Apologize Deadline reported: Garcetti said he would be making commitments […]
When budgets are tight, we pit current security needs against future security needs. That is dangerous. Source link
Congress’ unprecedented fiscal response to COVID-19 has many in the defense community wondering whether belt tightening will hit the Pentagon. Source link
India ranks behind only the US and China for military spending. With massive budget cuts coming, it needs a model that gets it more for its money – like Russia’s. Faced with an impending economic crisis, India is looking to review its military spending. Following indications by the Ministry of Defence that the military budget could be cut by up to 40 percent, India’s first Chief of Defence Staff (CDS), General Bipin Rawat, has called upon the armed forces to reduce their dependence on arms imports, rein in further spending and focus on increasing locally produced arms. “We are not expeditionary […]
Building the U.S. Space Force to be agile and lean is a worthy objective. Building the U.S. Space Force without requisite capability however, is dangerous. Source link
After giving nearly $80 Million to illegal aliens from the cornovirus emergency funds, California governor Gavin Newsom doesn’t have the funds to keep a veterans nursing home up and running in the town of Barstow, in San Bernardino county. Shuttering the home will save the state $2.6 Million, as the state government searches for ways to close a multi billion dollar budget gap. Victorville Daily Press reports: Released on Thursday, Newsom’s revised budget proposed to “initiate the closure” of the Veterans Home of California-Barstow and a one-year delay for realignment at VHC-Chula Vista and Yountville. If approved, the changes would net […]
Our pursuits to fix financial shenanigans and sow fiscal discipline into the defense budget are more important than ever. Source link
We’re Fighting COVID, Budget Cuts And ‘Murderous Racial Inequalities’ By Danny Katch, The Indypendent. May 7, 2020 We’re Fighting COVID, Budget Cuts And ‘Murderous Racial Inequalities’2020-05-072020-05-07https://popularresistance-uploads.s3.amazonaws.com/uploads/2017/12/popres-shorter.pngPopularResistance.Orghttps://popularresistance-uploads.s3.amazonaws.com/uploads/2020/05/my-skills-e1588871088930.jpg200px200px Above photo: Healthcare workers at Kingsbrook Jewish Medical Center rally for protective gear, April 15. Yoni Golijov. Sean Petty is a pediatric emergency room nurse at Jacobi Medical Center in the Bronx and the southern regional director for the New York State Nurses Association (NYSNA). In mid-March, he spoke to The Indypendent’s Danny Katch about how the coming coronavirus spike would overwhelm a public hospital system that had been decimated by budget cuts and closures. The subsequent weeks proved his predictions […]